IC Markets is a regulated forex broker while Tradersway is not. Our experts compare Trader’s way vs IC Markets using criteria like spreads, trading platforms, and if one should go down the path with an unregulated trading broker or not.
The head-to-head comparison of Tradersway vs IC Markets shows that FX traders can enjoy lower spreads if they choose IC Markets. A comparison of spreads for each broker’s STP/ECN or Pro style trading accounts shows IC Markets offer online trading of 0.1 pips for EUR/USD, which is superior to Tradersway’s average spread of 0.5 pips. This constitutes an average saving of $4 for each standard lot each time a position is opened and closed ($8 in total). If you are a frequent trader, this will be a significant saving over time.
Tradersway and IC Markets offer two STP or ECN pricing models: commission-based models and spread based models
Each brokers Standard model uses a spread-only pricing model or no commission model. When Trader’s Way and IC Markets are compared, IC Markets is clearly the lowest spread forex broker. In the spread comparison table below, IC Markets consistently offer superior spreads to Trader’s Way for all the most popular currency pairs and CFDs.
On average, IC Markets spreads are 0.9 pips tighter than Tradersway spreads. The largest forex spread difference was noted on AUD/USD (1.3 pips spread difference). Spreads with IC Markets for AUD/USD was 1.2 pips compare to 2.5 pips spread with Trader’s Way.
The commission-based pricing model uses STP/ECN trading execution to deliver the lowest spreads and overall better trading conditions. When placed side-by-side, the raw spreads offered by the two forex brokers, IC Markets beats Tradersway.
Note: Our list of best brokers ranks IC Markets as the best forex broker with low spreads. The second place was secured by the Australian based broker Pepperstone.
On average, IC Markets spreads are 0.3 pips tighter than Trader’s Way spreads. The largest forex spread difference was noted on AUD/USD which has an average 0.5 pips spread difference. The AUD/USD spread on IC Markets RAW spread account was 0.2 pips compare to 0.7 pips spread found with Tradersway.
Both forex brokers use a Straight-Through-Processing (STP) / Electronic Communication Network (ECN) pricing model designed to deliver more competitive spreads. IC Market’s model can deliver tighter spreads compared to Tradersway for major and minor currency pairs due to:
When compared side-by-side Tradersway vs IC Markets, the forex broker that offers the lowest spreads is IC Markets. As an STP/ECN style forex broker, IC Markets is very good at keeping the spreads tight. In the long run, one of the biggest forex account killers is big spreads. The spread represents the basic transaction cost of doing business in the financial markets.
Tradersway disappoints in terms of its trading services and overall higher spreads. Tradersway wasn’t able to offer lower forex spreads on any of its range of currency pairs so fared poorly when compared to IC Markets.
In forex trading, paying the spread is unavoidable, that’s why it’s important to choose a broker with low spreads.
We compared the forex account types available for forex trading and CFD trading for IC Markets and Trader’s Way.
IC Markets offers 3 different account types + an Islamic account compared to Tradersway’s 4 account types.
With IC Markets, retail clients can open a Standard account which is 100% commission-free. Trader’s Way also offers a standard account, but they call it MT4.VAR account.
The IC Markets Standard account allows access to Raw pricing with an all-inclusive spread. Forex traders can take advantage of the following features:
Note: IC Markets applies a 1 pip mark up for all currency pairs over the Interbank spread in order to offer commission-free trading.
Trader’s Way MT4.VAR account allows CFD and Forex trading on MetaTrader 4 with no commissions. Compared to IC Markets, Trader’s Way only has minimal advantages, including:
IC Markets Raw Spread Account (STP/ECN pricing) allows FX trading with the lowest possible spreads (starting from 0.0 pips), with the average spread on EUR/USD being 0.1 pips. Retail clients can enjoy the following advantages:
Due to deep liquidity and fast order execution, the Raw Spread Account suits trading styles such as Scalping, Day Trading and Automated Trading. IC Markets will charge a small commission of $7.0 per round turn for 1 Standard Lot traded. The Raw Spread Account supports 10 base currencies, including EUR, USD, AUD, GBP, SGD, NZD, JPY, CHF, HKD and CAD.
Tradersway offers 2 dedicated trading accounts that support low spreads:
Both live trading accounts allow direct market access to Interbank liquidity on the MT4 and MT5 trading platforms with an average EUR/USD spread of 0.5 pips. More, retail clients can enjoy the following advantages:
Both IC Markets and offshore broker TradersWay support cTrader-based trading accounts. The IC Markets cTrader account was designed for professional traders with more trading experience.
The cTrader Raw Spread Account allows Forex trading with the lowest possible spreads (starting from 0.0 pips), with the average spread on EUR/USD being 0.1 pips 24/5. IC Markets sources its FX quotes from 25 different liquidity providers.
IC Markets will charge an even lower commission of only $3.0 per side ($6.0 per round turn) for every 1 Standard Lot traded.
By comparison, Tradersway’s CT.ECN account allows direct market access to liquidity on the cTrader platform, with the USD being the only base currency supported. Clients will have access to the Level ll depth of market. Trading Forex and Metals on this ECN account type will incur a small commission – $3.0 for a turnover of $100,000.
IC Markets clients of Islamic faith are able to open a swap-free account, with no interest fees being credited or debited. Note that all three main account types include the Islamic account option. No swap or interest will be earned or paid on trades in major and minor currency pairs, Metals and Stock Indices.
The only exception is exotic currency pairs, which incur a small overnight financing charge. Any positions in exotic pairs that are active for more than a day will incur a flat financing fee. Some of the pairs and the respective charges are presented in the table below.
Tradersway Islamic clients can take advantage of a swap-free MT4.VAR. account. Note that the other three account types do not include the Islamic account option.
Overall, both forex brokers offer a good selection of account types, but IC Markets account features surpass Tradersway features. Both FX brokers also offer a free demo account, which mirrors the trading conditions that can be experienced on a live account. Clients can use the demo to familiarize themselves with the broker’s trading platforms as well as to test trading strategies with no risk of losing real money.
Another important feature we took into our reviewing process was the range of trading platforms. Online trading requires using a platform that acts as the interface between you, the trader, and the foreign exchange market. The best forex trading platforms need to be able to satisfy all your trading needs and to cope with all market conditions.
Both forex brokers, Tradersway and IC Markets offer some of the most popular trading platforms in the FX space, including:
All FX trading platforms are available across multiple devices (desktop version, WebTrader and mobile version).
The MT4 is the most popular trading platform, which has already become a standard for Forex trading. IC Markets MT4 offers a set of distinctive features:
In an attempt to improve the overall trading experience for clients, IC Markets offers 20 exclusive trading tools, which previously were not featured in the MT4 trading software. Our favourite trading tools include the Correlation Trader, Sentiment Trader and Alarm Manager.
In addition, clients can make use of 17 more technical indicators on the MT4. Our favourite MT4 indicators include the candle countdown indicator, gravity indicator, and period converter indicator.
Trader’s Way MT4 platform only comes with one distinctive feature. The QuickDeal 2.0 feature brings Market Depth Level II pricing and One-Click Trading to the MetaTrader software.
The MetaTrader 5 software solution offers advanced charting technology and sophisticated tools for order management, allowing better control of trading positions. IC Markets MT5 offers a set of distinctive features:
Trader’s Way MetaTrader 5 platform offers advanced Market Depth feature, a separate accounting of orders and trades and supports all types of trading orders and execution modes. Additionally, TradersWay’s MT5 software allows for professional technical analysis, with its:
The broker’s cTrader software solution offers high-speed performance combined with deep liquidity in 64 currency pairs and 16 major Stock Indices. The IC Markets cTrader platform offers a set of distinctive features:
Trader’s Way cTrader platform has ECN access to financial markets and offers Level II Pricing, three chart presentation modes (Single-Chart, Multi-Chart and Detached Chart) with three different layouts.
The cAlgo algorithmic trading platform allows clients to build Expert Advisors and custom technical indicators of their own by using the C# programming language. cAlgo also features Developer’s Network, where clients can download, share or discuss Expert Advisors and indicators.
All clients of IC Markets have access to add-on trading tools from third-party companies. The most notable add-on feature includes the social trading networks Myfxbook AutoTrade and ZuluTrade for copy trading. By comparison, clients of Tradersway with less trading experience can’t access social trading platforms.
Some key features that come with IC Markets’ social trading software include:
Regardless of the fact TradersWay also offers three popular trading platforms equipped with a suite of features and tools, overall, the broker can hardly compete with IC Markets on this front. Test IC Markets trading platforms for free by clicking the button below.
View IC Markets Review >>Visit IC Markets >>
Both brokers are CFD providers give traders access to hundreds of global markets. CFDs are versatile trading instruments that can be traded not just on forex currency pairs, but also on indices, stocks, commodities, futures, cryptocurrencies, etc. We evaluated the CFD instruments offered by Tradersway and IC Markets and found that the Australian-based broker offers more tradable instruments in all categories.
The CFD markets available for trading with both brokers include:
The major disadvantage of forex trading with Tradersway is that you can’t access some minor FX pairs or the exotic pairs (GBP/TRY, AUD/SGD). At Tradersway, traders are limited trading only some of the most popular currency pairs. However, Tradersway offers up to 1000:1 maximum forex leverage compared to IC Markets maximum forex leverage of 30:1.
Additionally, IC Markets offer access to 5 other CFD markets that you can’t find with Trader’s Way:
The head-to-head CFD market comparison will demonstrate why IC Markets is superior to Trader’s Way.
IC Markets offer a total of 232 CFD instruments compared to 55 CFD instruments offered by Tradersway. Besides the available FX pairs, Tradersway only offers 2 metals,2 energies and 9 cryptocurrencies, which is a small selection and diversity of CFD instruments. If you want to have access to a variety of CFD markets, IC Markets can satisfy all your needs.
Another metric we use in our forex brokers reviews is financial regulation. Since the Forex industry has become rife with cases of scam over the past two decades, Forex regulation is another key aspect in our review. The foreign exchange market is a decentralized market with no central exchange like the stock market. This is the reason why there are jurisdictions that lack regulatory oversight.
IC Markets is an Australian brokerage that complies with strict regulatory standards upheld by two of the most reputable regulatory bodies worldwide:
With more than 100,000 active clients across the globe, IC Markets is among the largest FX CFD providers in terms of Forex volume.
When it comes to client security, IC Markets assures that client funds are kept in Segregated Client Trust Accounts at AA-rated financial institutions such as:
IC Markets complies with the Securities (Conduct of Business) Regulations, 2018 and employs strict policies and procedures regarding the maintenance and operation of these accounts.
In other words, client funds cannot be used for any operational expenses or purposes.
In addition, all electronic payments are processed by using Secure Socket Layer (SSL) technology and are encrypted, which also guarantees security.
However, we should point out that IC Markets does not follow a negative balance protection policy. This means retail investor accounts can potentially lose greater amounts than initial deposits when operating with high-risk derivative instruments (CFDs) on leverage. Therefore, to minimize risk, clients will have to employ strict money management when placing orders through the broker’s trading platforms.
TradersWay is a Forex and CFD broker conducting business only with offshore Dominica registration and is authorized by the Financial Service Unit of the Commonwealth of Dominica. The local financial authority doesn’t oversee the forex trading services offered by FX brokers.
Note: Trading with unregulated broker carries a high-risk factor.
TradersWay is not authorized by tier-one regulatory bodies like the NFA, CFTC, FCA or ASIC. The regulatory framework ensures fair trading conditions for all market participants. Trader’s Way claims it has.
an optimized and effective business model with a high factor of sustainability in various market conditions.
It also states it has a “range of internal policies and procedures to ensure high standards in relation to our business processes and staff activity”, including stringent Anti-Money Laundering and Know Your Customer policies and an “extremely conservative” risk management policy.
Last but not least, TradersWay assures that it keeps client funds completely segregated from its own corporate accounts.
As Trader’s Way is not a regulated broker, the Compare Forex Brokers team can only award this category to IC Markets. While it is possible Trader’s Way operate with integrity and have processes in place to keep your funds safe, we will only recommend brokers that are regulated by tier-1 regulators as we want you to feel your funds are secure with your chosen brokers.
The forex customer support service is the first-hand interaction between the FX trader and the broker. We have tested to see if the broker’s support team can deliver high-quality service. Our tests were conducted using 4 factors:
Customer support is another broker aspect we took into consideration. IC Markets offers a 24/7 support service via live chat, email, and over the phone. Clients can reach the broker’s dedicated support team by dialling +61 (0)2 8014 4280 (global phone number) or by using one of the following toll-free numbers:
Additionally, various inquiries can be made by using some of the following emails:
The broker also has a Chinese Support Center, which can be reached 24/5 via the live chat option, or email – email@example.com.
In comparison, TradersWay offers support service via a live chat as well as via email 24 hours per day, 5 days a week. The live chat support is not available over the weekend, which leaves clients with the email option only.
The broker’s customer service department can be reached at firstname.lastname@example.org, while its technical support team – at email@example.com. The brokerage company claims that it strives to process all inquiries within 24 hours on business days.
Another way for clients to contact Trader’s Way is over the phone by dialling +1 849 9370815.
Another metric our team of FX experts used to rank the best forex brokers is the customer services that come in the form of education and market analysis. When we compared the two brokers, we discovered that only IC Markets helps their clients with education and analytical sections.
The IC Markets team of experts will cover the following items:
On the other hand, Trader’s Way lacks these important features. The only resources found with Tradersway are the live daily webinars conducted by their in-house expert Wayne McDonell.
IC Markets can be reached for support at any time of the day throughout the week across a range of tools and supplements this with a comprehensive range of tools so you can resolve issues yourself without need to contact their support such ‘how-to’ videos, FAQ and glossary sections. A solid suite of free education and market analysis features ensures clients get a well-rounded experience when it comes to customer support and services.
Trader’s Way by comparisons is limited. Mostly revolving around customer support such as live chat, email and phone. Clients won’t find free features like self-help videos, education and market analysis.
For this reason, IC Markets win this category.
Forex traders need to have straightforward access to their profits. This is the reason why when choosing an FX broker it’s important to check what withdrawal methods are available.
Both Forex brokers offer a variety of funding methods, but IC Markets stands out as it will not charge any additional fees on deposits and withdrawals. Still, clients may be charged fees on payments to and from some international banks.
IC Markets and Tradersway common payment option includes:
In total, IC Markets offer “15 flexible funding options.” Alternatively, IC Markets also allow account funding via PayPal, Neteller VIP, UnionPay, BPay, Broker to Broker, POLI and Thai Internet Banking.
At the same time, TradersWay allows account funding via additional payment options that can’t be found with IC Markets:
This category is a tough one to award a winner. IC Markets offers a larger range of ‘traditional’ funding methods and include credit and debit cards which Trader’s Way doesn’t allow unless using an intermediary funding provider such as vLoad or Abra. Clients using Trader’s Way shouldn’t feel limited by this, as use of vLoad and Abra means you can fund your account using just about any time of funding medium. In addition to this Trader’s Way have a large number of crypto funding methods which IC Markets do not offer. For this reason, we are giving this category to Trader’s Way.
View Trader’s Way >>Visit Trader’s Way >>
Since 2012, Compare Forex Brokers is the number one destination for reviewing the most important broker features. Our team of experts weighed the pros and cons of trading with IC Markets and Trader’s Way, to find which one is the best broker.
All in all, IC Markets turns out to be the better choice, as it offers more competitive trading conditions, more sophisticated trading tools and better features on its trading platforms, 24/7 professional customer service and charges no fees on deposits and withdrawals for all payment options. Last but not least, IC Markets complies with strict regulatory standards of some of the most reputable Forex authorities worldwide.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.