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Tradersway arrived in the global Forex Industry in 2010 with a clear focus to offer traders with small and large capital a wide range of investment opportunities, thus promoting financial inclusion across the globe. Its headquarters are in the Commonwealth of Dominica, an island country located in the Caribbean Sea. The location of Tradersway in Dominica allows it to take advantage of the Companies (IBC) Act that was passed in 1996. In essence, the act makes Dominica high attractive for the offshore establishment, but regulation the country has no Forex regulations.
It offers social trading through the MyFXBook and FxStat.Tradersway also gives traders access to the MetaTrader 4 and the cTrader Suite of Forex trading software. The two most traded products on this platform include CFDs and lots of currency pairs.
The brand offers clients a variety of account types depending on their skill level and trading preferences. Its 2 ECN accounts have low commissions attached along with competitive spreads. It is also one of the few trading platforms that offer traders a zero commission MT4 platform.
What’s more? There is no minimum deposit on the MT4 accounts. All you have to do is choose between the two types of accounts: fixed spreads account and Variable spreads accounts.
The conditions for trading on Tradersway are fair with several trading tools that make the experience better.
Commissions and Fees
Unlike most UK and US-based Forex brokers, Tradersway does not require one to make a minimum deposit to start using the platform. This makes the platform highly attractive to both new and seasoned traders from across the globe. The no minimum deposit policy also puts it ahead compared to other offshore Forex Brokers such as LiteForex which requires a minimum deposit of $10. The company offers both fixed and variable spreads.
Security, Trust, and Safety of Tradersway
Tradersway is registered in the Commonwealth of Dominica as an offshore broker which means its entirely unregulated. This is a red flag because regulations help provide traders with an additional layer of protection. For example, the high capital requirements and money rules for exchanges in the United States and the UK help keep brokers in check. Financial laws in the two countries also require brokers to have insurance policies or compensation schemes that protect their customer’s funds in case of insolvency.
Note that although the exchange is unregulated, there are no verifiable reports of fraudulent activities. The exchange has built an excellent reputation over the years as one of the secure and reliable exchanges. According to the website, company money is kept separate from client funds, and both are protected by KYC and AML policies.
Overall, due to the lack of regulations, we cannot recommend this Forex Broker. Unless you are specifically looking for an offshore Forex broker and you fully understand the risk associated with lack of regulation, we do not endorse Tradersway.
Deposits and Withdrawals
One of the most attractive features of Tradersway is that there is no initial minimum deposit. This makes it ideal for new traders who want to start with small capital and increase their portfolio slowly. There are different options for making deposits and withdrawals, depending on your location. These include but are not limited to wire transfer, credit cards, Neteller, e-wallets, WebMoney, Perfect Money, and EasyPay. The platform offers a 100% bonus on first deposits as long as it is $5000 or lower.
Tradersway Trading Platforms
There are two platforms on Tradersway. One is the MetaTrader 4 (MT4), and the other is the cTrader suite. Both platforms are the most common in the forex trading circles.
- MetaTrader 4 – MetaTrader 4 platform is the preferred platform among traders. It is available in Tradersway in web, desktop, and mobile versions. It has advanced charting options that make trading amazing for experienced traders but may be difficult for new traders to understand. It has several technical indicators, extensive back-testing, and an expert advisor system. Meta Trader 4 has a social trading service and trading signals that allow traders to copy deals from other traders without exiting their terminals.
- cTrader – cTrader is a popular, multi-asset platform that is explicitly meant for ECN trading. The platform has scooped multiple gongs, thanks to its superfast execution speeds, ability to place orders directly on the charts, and level II pricing. Just like MT4, cTrader is available in mobile, web and desktop versions on Tradersway. It allows social trading with the capability for users to copy trades from other traders as long as they are on the Ctrader platform. The cTrader suite comes with cAlgo, a feature that facilitates automated trading, so you can earn on the go whether you’re paying attention to your trades or not. There are other auto trading options available on Tradersway thanks to its partnership with FxStat and Fxbook.
Both the MT4 and cTrader are fully protected from interruptions by the VPS Hosting Service.
Education, Tools, and Resources
The platform has several resources available for traders, including webinars and blogs on how to make the most out of trading.
Opening an Tradersway Account
Opening an account with Tradersway is easy. All you have to do is visit the official Tradersway website and click on open an account icon. A form will pop-up; fill your name, email address, phone number, account type (personal or business), and currency type.
Decide if you want to create a demo account for testing or a live account for actual trading. Don’t forget to read the terms and conditions. In addition to the four types of accounts mentioned above, Tradersway recently launched new types accounts for its recently released MetaTrader 5 platform and account that allow traders to deposit Bitcoins.
As far as scandals are concerned, Tradersway is clean. The brokerage offers the most advanced trading platforms at this time and is ideal for new and experienced traders. The fact that it gives special consideration to Islamic people is a bonus that makes it appealing to the Islamic community.
So far, the only major disadvantage of the platform is that it isn’t regulated. For traders looking for an offshore broker, going for a regulated exchange is always a smarter choice, and Tradersway is a top choice in this niche.
Is this your final decision?
We suggest you visit one of the popular trading platforms instead!
- MT4 trading platform which can be accessed with as little as $10 during promotions.
- Commission-free trading for some accounts
- Interest-free trading for Islamic traders who don’t want to earn any interest for religious reasons
- No initial minimum deposit for commission-free accounts.
- Bonuses are available.
- It is not regulated.
- There isn’t enough information about the founders on the website.
- Some clients have complained of slow customer care response time.
7 Binary Options review: Tradersway: 3 stars