✅ Variety of trading terminals
✅ A solid list of funding methods
✅ Competitive trading conditions
❌ No regulation
Traders Way broker was founded in 2008 and has a head office in the Commonwealth of Dominica. The company claims itself as a Full NDD/STP broker, with transparent prices, low spreads, and low commissions.
The broker offers for trading Forex pairs, Metals, Energies, and Cryptocurrencies. For trading, there are available several trading platforms and various account types could be opened as well.
Being registered in Dominica, which is considered an offshore, Traders Way does not provide any information about its regulation. The company does not even publish information about its Dominica location in Traders Way login area and it was discovered using third-party sources.
We are kindly reminding that regulation adds a certain level of security for the funds of clients, especially in strict jurisdictions like the UK, Cyprus, or USA that is why staying with an offshore unregulated broker might be dangerous.
|Publicly Traded on Exchange||❌|
Traders Way allows its customers to get access to 230 instruments including forex, CFD indices and shares, commodities, and cryptocurrencies. This is a set of symbols that will suit the majority of traders. In the list of forex, there are all the required currency pairs, including major, minor, and exotic. Among the shares, there are only ones, that are traded on US exchanges like NYSE or NASDAQ.
|Major forex pairs||✅|
|Minor forex pairs||✅|
|Exotic forex pairs||✅|
Traders Way has a definitely solid set of trading terminals available. At first, the broker offers its clients the MetaTrader 4 and MetaTrader 5 terminals that have become an industry standard. MetaTrader 4 is well-known to forex traders for more than 10 years and plenty of expert advisors, indicators, and scripts have been developed for this trading terminal.
MetaTrader 5 is a platform that was built for 64-bit systems and is working fairly quicker and has a wider range of features, native support of cryptocurrencies, and more. The execution speed is one of the main benefits of MT5 and it is very suitable for ECN accounts of Traders Way with NDD execution.
For MetaTrader platforms, Traders Way also offers the so-called MT QuickDeal 2.0 plugin which allows getting access to Market Depth Level 2 pricing being a popular scalping trading strategy. The tool is easy to set up, has a nice design, and could certainly become a trading edge as far as the vast majority of brokers do not offer Level 2 data to its customers.
The broker as well offers MetaTrader WebTerminal for the users who are not willing to install terminals on PC, prefer to execute trades in browser versions of a trading terminal, or are using macOS. The WebTerminals are similar in comparison to the entities of other brokers and differ only in terms of instruments.
MetaTrader 4 and MetaTrader 5 are offered for mobile iOS and Android operating systems also. As well as the WebTerminals, the difference if compared to MT4 and MT5 of other brokers, is only in the number of available symbols.
What is more important, Traders Way allows customers to use the cTrader terminal, being a very rare case among the brokers. cTrader is a trading platform with feature-rich functionality, user-friendly and modern design, built-in C# language support, and the ability to connect algorithmic trading systems using FIX API. The platform also has its own Mobile and WebTerminal versions so users have the same wide choice of options.
|MetaTrader 4/5 iOS/Android||✅|
|Proprietary Mobile Application||❌|
|MetaTrader Web Terminal||✅|
Traders Way offers several account types that vary on the set of instruments, execution types, applied terminals, and some more:
MT4.VAR which is also considered as standard is an account type with variable spreads. No commission is charged on this account though the spreads are slightly higher. Maximum leverage on this account type is equal to 1:1000 and also Swap-free (Islamic accounts) are possible to be opened.
Another type of accounts offered by the broker is ECN that is available on MetaTrader 4 (MT4.ECN), MetaTrader 5 (MT5.ECN), and the cTrader platforms (CT.ECN). In comparison to the VAR account, the spreads are the lowest possible and start from zero, as stated by the company. Moreover, the broker offers an unusual CashBack option for ECN accounts where users can get refunds for paid trading commissions depending on the turnover made during last month.
It should be also noted, that on cTrader ECN accounts the leverage is limited up to 1:500 and the assets classed available are Forex and Metals. Swap-free accounts on cTrader ECN is unavailable.
As stated above, on MT4.VAR accounts the commissions are not charged and are mostly included in the spread. On other accounts, the commissions differ depending on the account type and asset class.
MT4.ECN, MT5.ECN and CT.ECN accounts have commissions on currencies for a turnover of $100,000 equal to $3.0 and it is the same as on metals. On energies, the commission is included in the spread, while it should be noted once again that on CT.ECN energies are not available for trading.
Spreads on MT4.VAR accounts start from 0.7 pips while all other ECN accounts spreads might start from zero.
It should be mentioned that the broker charged an inactivity fee.
The users will not feel a lack of funding methods that are available in Traders Way. There are provided both fiat and cryptocurrency deposit and withdrawal options that offer a wide choice range for customers.
Among the conventional methods, there are wire transfers, debit/credit cards, TC Pay payment system, Skrill, Neteller, FasaPay, and Perfect Money.
For cryptocurrencies, there is popular Bitcoin, Ethereum, Ripple, Litecoin and stable coins, USDt, USDC, TUSD also.
The customer support service is available via these three following methods:
The Live Chat is a standard looking widget that is similar to the ones offered by other companies. There you will get a response within minutes during business days though during weekends it is not working.
The e-mail support is fairly qualified and has a response time on an average of 1 business day. As well as the Live Chat support, it is not available during weekends.
Phone support could be accessed only during business hours of business days and is available only in the English language.
Overall, Traders Way could be considered a good broker. It offers a wide range of trading terminals, including MetaTrader 4, MetaTrader 5, cTrader, and several versions of mobile platforms and web terminals.
The broker has several account types with various options in terms of commissions and spreads so every trader can find a suitable account type.
The only negative part is the absence of the regulation through the broker exists so far for more than 10 years that could be considered as a positive factor when talking about the broker’s trustworthiness.