Trader’s Way is an online STP/NDD forex broker, operating since 2010, that is based in the Commonwealth of Dominica. Read our full review for its main features, advantages, and disadvantages.
Trader’s Way Regulation
When it comes to the forex brokerage industry, strength of regulation is something that can really set a broker apart from the crowd. The reason behind this is simple; most forex brokers are weakly regulated at best, meaning little or no legal recourse for disgruntled traders. This is also the reason why forex brokers don’t really have a good reputation in the financial industry.
Unfortunately, when it comes to the issue of regulation, Trader’s Way is just part of the weakly regulated masses. Actually, Trader’s Way can be considered to be completely unregulated as while financial companies in the Commonwealth of Dominica are covered by the International Business Companies act.
On the other hand, offshore forex brokers are not covered at all. Hence, Trader’s Way is an unregulated broker and this is definitely a major disadvantage that traders should be aware of before opening an account with them.
Trader’s Way Account Types and Minimum Deposits
Trader’s Way currently offers four different type of accounts on two different trading platforms. Below you will find their salient features as well as minimum deposit requirements.
- MetaTrader 4 Fixed: This is Trader’s Way’s standard account on the MetaTrader 4 platform that charges a fixed spread. Denominated in either USD or EUR with no minimum balance requirement.
- Instant Execution Basis: Traders can trade in forex, metals, stock indices, energies, and commodities using this account. Swap free account also available to be compliant with Islamic law.
- MetaTrader 4 Variable: The other standard account on the MetaTrader 4 platform, but charging a variable instead of a fixed spread. Everything else is exactly the same as the above account except that traders have the option of also denominating the account in CAD or GBP and the execution is on a market instead of instant basis.
- MetaTrader 4 ECN: The MetaTrader 4 ECN account which gives traders market execution. Can be denominated in either USD, EUR, GBP, or CAD and has a $100 minimum deposit. Charges variable spread and commissions. Tradable instruments are the same as the above.
- cTrader ECN: The ECN account that uses the cTrader platform and charges a variable spread plus commissions on a market execution basis. Account can only be denominated in USD with a minimum deposit of $50. However traders will only be able to trade forex and metals using this platform.
Trader’s Way also offers demo accounts which correspond to each account type above. Each demo account contains $100,000 in virtual funds and should be used to practice trading strategies and familiarize yourself with the various trading platforms with no fear of real money on the line.
Trader’s Way Trading Platforms
As mentioned above, Trader’s Way currently only offers access to two trading platforms; MetaTrader 4 and cTrader. MetaTrader 4 is the forex brokerage industry’s leading trading platform with features such as one click trading, automated trading (the Expert Advisors feature).
Trader’s Way also has a QuickDeal feature which allows traders using the MetaTrader 4 platform to enjoy level II market depth. There is also a built in social trading service known as Trading Signals which allows traders to automatically copy all trades from a selected signals provider. The MetaTrader 4 platform is also available on mobile.
Trader’s Way also offers a completely free Virtual Private Server (“VPS”) hosting service to all MetaTrader 4 account holders which enables traders using the Expert Advisors feature to ensure that all their robots and scripts run continuously without interruption even if their computer is switched off.
The basic package is offered to all traders with a minimum balance of $1,000 while the pro package is offered to those with minimum balances of $10,000.
The cTrader platform is the market’s leading ECN trading platform. Noted for its fast entry and execution plus its market depth, traders on this platform can also create their own robots using the cAlgo feature.
Other features include inbuilt technical analysis features, 14 time frames and 6 different zoom levels plus quick trade and custom indicator features. cTrader is also available on mobile.
In 2017, many if not most forex brokers are also offering the latest incarnation of the MetaTrader 4 platform; MetaTrader 5. Trader’s Way does not offer this platform, stating that because of the lack of hedging transactions.
However this does not preclude offering the MetaTrader 5 platform on top of the MetaTrader 4 platform which most brokers do anyway. Nevertheless Trader’s Way does state that it hopes to begin offering demo accounts on the MetaTrader 5 platform soon with a decision on real trading accounts to be made at a later date.
Trader’s Way, like most forex brokers, also offers leveraged trading, with some of the highest maximum leverage ratios in the industry; 1000:1 for the MetaTrader 4 platform and 500:1 for the cTrader platform.
Traders, especially inexperienced ones, should be wary when using such highly leveraged trading, especially considering the fact that Trader’s Way does not offer any negative balance protections.
Trader’s Way Spreads and Commissions
As mentioned above Trader’s Way charges spread markups and commissions depending on the account. Minimum spread starts at 0.7 pips on the MetaTrader 4 variable account and 2.0 pips on the MetaTrader 4 fixed account.
Unfortunately, Trader’s Way does not state its applicable commissions on its website, which is a definite negative. On ECN accounts, Trader’s Way also implements cash back rebates on higher trading volumes although they did not specifically state the amount.
Trader’s Way Deposits and Withdrawals
Trader’s Way has a myriad of options available for deposits and withdrawals. They are: credit/debit cards, Perfect Money, UPayCard, Payza, Bitcoin, wire transfer, WebMoney, Neteller, FasaPay, Skrill, Moneybookers, and prepaid card.
Withdrawals are processed within 48 hours. Depending on payment method used, fees are applicable on both deposits and withdrawals.
Trader’s Way Trader’s Education
Trader’s Way trader’s education section is basic at best, consisting of five long form articles on the basics of forex, CFD trading, risks, and demo accounts.
While this is better than nothing, we can definitely say that the trader education section on the Trader’s Way website pales in comparison to many of its competitors.
Trader’s Way Bonuses and Promotions
Trader’s Way has two main promotions that it currently runs. The first promotion allows traders to try a MetaTrader 4 ECN account with a $10 minimum deposit only (normal minimum deposit is $100).
The second promotion is its 100% deposit bonus in which Trader’s Way will credit your account with a bonus that is equivalent to your deposit amount, applicable for MetaTrader 4 accounts only. It should be noted that this bonus is purely to increased trading volume only and cannot be withdrawn under any circumstances.
Trader’s Way at the end of the day is just a regular forex broker. Its main advantages are its wide variety of payment options and its relatively low spreads and commissions, including rebates for higher volume traders.
However traders should be wary of its main disadvantage which is the fact that Trader’s Way is an unregulated broker, meaning zero legal recourse, with no negative balance protection. Trade at your own risk.
- Low spreads and commissions.
- Wide variety of payment options.
- Unregulated broker.
- No negative balance protection.
7 Binary Options review: Trader’s Way: 3 stars