How did I first hear about Trader’s Way?
I actually came across Trader’s Way on Facebook during a time when Hugo’s Way were being mentioned a lot, and among the great volume of ‘Hugo’s Way’ mentions, I saw some comments regarding ‘Trader’s Way’. The similarity in name got my attention, so I thought I would research them and see how they compare, for no other reason than the fact their names are similar. Also, I did notice as well the fact there were many people mentioning that they offer a 100% deposit bonus when asked about it on forums and social media. In addition, I did see a fair amount of IB affiliate links being posted about on social media.
What was my first impression of them as a broker?
Firstly, I checked multiple review sites as well as Twitter and Facebook, and on the whole, they seemed to have more clients speaking positively about them rather than negatively. I did see a fair amount of IB affiliate links, but that is not necessarily a negative; it is a positive that this is part of their offerings, should you want to become an affiliate.
How easy is it to navigate the broker website?
The website itself is not particularly easy to navigate, and seems somewhat outdated. The tabs are located on the far right rather than horizontally along the top, for example, as you see with most brokers. I found it took some time to navigate and locate what I wanted to check out. For example, I had questions regarding account types offered, but there was not a clearly labelled tab, instead, I eventually found this under the tab ‘Trading Conditions’ which is not an obvious link to what I was looking for. I find that if you want to find a specific part of their website, you must do guesswork to figure out the relevant links to click on, and when you do, you must still go via additional links to get to the answer, which is unnecessarily very time consuming.
Do they offer a good variety of tradable assets?
The website only states they offer Forex currencies, metals and oil, but does not state how many tradable assets of each are available, so I had to speak to their live chat to find out. I asked if they offer cryptocurrencies to trade, but I was informed they only offer BTC USD. What I did notice which is frustrating is how information I was needing like commissions, spreads, affiliate payments structures etc seemed to only be obtained from contacting live chat. They provide links but it’s difficult to locate them myself from just browsing the website.
Do they offer different Account types and what are the benefits?
Yes, there are 5 accounts to choose form however the titles are very confusing and it is not clear what each means: MT4.FIX, MT4.VAR, MT4.ECN, CT.ECN and MT5.ECN. They do offer a comparison table so you can compare ‘benefits’ of each account, but there did not seem to be ground-breaking differences between them, as you can see below. What really stood out to me is the ‘’spread type’’ and ‘’execution type’’ sections. I found it odd that the MT4.FIX. account has ‘fixed’ spreads, which to me indicated this to be a market maker. Also, the same MT4.FIX. account has ‘instant’ execution whereas all other accounts have a ‘market’ execution type, which does not hold any clarity as to what real difference this makes. The fact that the ‘FIX’ account offers fixed spreads coupled with the ‘instant’ execution really dislodged my confidence in this broker, as I feel they are making their money through not particularly ‘clean’ means. My conversation with the live chat agent as you can see below further adds to my concern regarding my suspicions that they are not using a Liquidity Provider as they were reluctant to disclose this.
How competitive are their spreads?
One very odd thing about Trader’s Way is that they offer Fixed spreads on one account (MT4.FIX), whereas the other 4 accounts have variable spreads. Overall, looking at the account type comparison table, it is very difficult to understand what accounts hold benefits, if any, therefore it is difficult to choose one account, as there seem to be no logical explanations as to why they have put limitations on one out of 5 accounts (CT4.ECN and restrictions on leverage of 1:500 rather than 1:1000 on all other accounts, which also limits you to having an account in USD only, whereas all the others offer a variety of currencies. Furthermore, you are also limited to just trading Forex and metals, and excluding energies. Their choices of trading conditions seem almost illogical, making it very confusing as to which is the best and most attractive account.
What is their commission charge?
Trade commission is charged on only 3 out of 5 account types offered. However as per the account comparison table shown above, it just states so, but does not say what the amount actually is, so once again I had to speak with their live chat to find out. The trade commission charge is $6 per lot, per trade, as stated on the live chat below. This charge is quite high for an unregulated broker; however, it is not unreasonable.
What is the maximum leverage they offer?
As you can see in the account comparison table, all accounts bar one (CT.ECN) offer a maximum leverage of 1:1000, which is very generous. The CT.ECN account offers a maximum of 1:500 leverage, and the account is in USD only, and also limited to trading Forex and metals, but excludes the ability to trade oil. There does not seem to be any logical reasoning behind the limitations on this account. The maximum leverage they offer on their accounts is very amicable but standard for an unregulated broker, and granted, does allows a lot of freedom for traders.
What do I need to open a verified account?
The requirements to open a live account are not stated on the website, so I spoke with a live chat agent, who did not seem to understand my simple question, so I found myself repeating the same thing 3 times. Opening a live account is however straightforward- you must select the account type you wish, provide general personal information and submit one document of identification and one document as form of proof of address dated within 3 months.
How long does it take to open a live account?
The account verification process can take up to 48 hours but I was advised (live chat) typically this will be complete within a few hours after submitting documentation, and this was the case with me- it took 3 hours until I received my confirmation email and was able to log in to my MT4 account.
Are desktop/mobile/web trader versions all available?
Again, this information was not displayed on the website as far as I could see, so I asked on live chat and I was advised that ALL versions are available to their clients. Trader’s Way also offer Ctrader platform, should you prefer this as an alternative. This was very forward thinking of Trader’s way to consider their client preferences in terms of platform to use.
Do they have a minimum/maximum deposit requirement?
As per the account comparison table shown above, the minimum deposit requirement depends on the type of account you opt for. MT4.FIX and MT4.VAR do not have a minimum requirement, whereas the MT4.ECN and MT5.ECN accounts require a minimum deposit amount of $100, while the CT.ECN account require a minimum of $50. For all accounts, there is no set maximum limit.
What deposit and withdrawal methods are available?
Trader’s Way offer a very wide variety of methods to choose from; the deposit and withdrawal options are stated on the website under ‘Payments’ tab as being: Debit/credit card via Vload, Wire Transfer, Bank transfer (Abra), Bitcoin, Ether, Litecoin, Ripple, UPayCard, Skrill, Neteller, Perfect Money, FasaPay and Prepaid Card. It does not, however, state the timescales, so I asked their live chat about this. I was advised that all deposit methods, apart from cryptocurrencies, are instant, and all withdrawal methods are PROCESSED within 48 hours during 8am-8pm GMT, Monday- Friday. Of course, once the withdrawals are processed, the timescales can depend on the method used. As you can see on the transcript, I asked more than 5 times, the same simple question, but EVENTUALLY got the answer.
What countries’ residents are restricted from trading with this broker?
I had a scout around the website for this information but could not see this information available so I asked their customer support on live chat. I was advised that their jurisdiction does not apply any restrictions so I double checked to clarify, and was assured that Trader’s Way allow clients from anywhere in the world.
Do they offer a deposit bonus scheme?
Yes, Trader’s Way offer a 100% deposit bonus scheme up to $5,000 per account at a time which is cashed to your account at the end of every day. This is a revolving product whereby you can keep requesting this with each new deposit. This is available should you opt for the following account types: MT4.FIX, MT4.VAR and MT4.ECN. The bonus cannot be withdrawn or used for news trading.
Offering a deposit bonus is notoriously a ply to hoodwink the clients into thinking it will be an extra leg up on the ladder, and by having a larger amount to trade with, will naturally enable you to earn more profit, however this is rarely the case, and as the terms and conditions state (which really ought to be read carefully), the bonus cannot be withdrawn. I had this confirmed to me by a live chat agent also. I think also, the lure with a deposit bonus is to sway the trader client into a confident mindset, which then could cause them to trade more aggressively, and place larger lot sizes, just because in numbers on their screen, they can. However, what needs to be remembered, is that the bonus given by the broker can NEVER actually be withdrawn.
Do they sell additional products/services/managed accounts?
As far as I could see, Trader’s Way have no advertisements on social media offering any such signal or EA services. I double checked this with the live chat team and had this confirmed; they do not provide signals, EAs or Managed accounts. I feel that this is rather refreshing as it means they leave you to your own devices when it comes to trading with them, which is exactly what I expect from a broker.
If assistance is required, how can you get in touch?
The customer service avenues are phone, email or live chat, however, the availability is limited to 24/5 on GMT+3 time zone although, you can email in at any time, but note that it will be responded to with an answer during their office hours.
What is the quality of customer service?
Due to the fact that Trader’s Way do not have an FAQ page, I had to retrieve answers from the live chat team for a multitude of reasons, as not a lot of relative information is readily available on the website. As you can see throughout this review, I have documented screenshots of the occasions that I had to speak with the broker through live chat, and it is plain to see, that on multiple occasions, it seemed the agent was not fully understanding me and what I was asking. As a result, I had to repeat myself even on the most basic of questions, which was highly time consuming and very off putting, especially for new traders just wanting to inquire about basic services that can or cannot be provided by the broker.
Do they offer an IB affiliate program?
Yes, you can become an affiliate of Trader’s Way. The affiliate program seemed to be very confusing to understand and this information is very vaguely displayed on their website, so I did enquire further via their live chat.
I was advised that the affiliate commission actually varied from account type that the client of the affiliate would open. For example,
if you are an affiliate, and the client holds an ECN account, for every 1 lot of currencies traded, the affiliate earns $2.50, however when I asked if commission varied from account type, so essentially an affiliate can mark up their commission as they wish, which is evident from the conversation I had with their agent on live chat, below:
What is my overall opinion of Trader’s Way?
Overall, I feel this broker is one of the most confusing, and deceptive brokers I have come across. They are not entirely transparent with their trading conditions and the service they offer, as a whole. An example of this is the fact not a lot of basic information is shown on the website, and you really have to dig deep to gain a response, and even when you do, some answers do not appear to be totally logical. Per example, I found the ‘account type’ comparison table highly confusing to narrow down the benefits of each account to choose the one most suitable for me.
I find their customer service rather time consuming, as you can see, on multiple occasions I had to ask the same question multiple times. This made me think that the agents working for this broker are not native English. I do not mean to exert pompousness here, however this being an international broker, I would expect a moderate level of competence when it comes to communication with the customer support team. This led me to ask an agent where they are based, I found out they are based in the Dominican Republic, which for me was a strong reflection on the broker and how they operate as a whole in the sense that they pay cheap labor in order to operate their business whilst they make great profits off client losses. It is clear to me that they b book some if not the majority of their client’s trades.
Overall, I would not recommend this broker to a new or even moderately experienced trader, as their trading conditions seem to be full of traps to profit off the client with great ease. I would only suggest this broker to someone who really understands how these ploys work, and only if you are brave enough to challenge them.