Traders Way Review
Richard Montana | November 17, 2022
Traders Way is an online CFD broker that provides very good trading conditions to clients all over the globe. I have been aware of them since I first began trading online and have held an account with them for a few years now without any issues. You can trade an excellent selection of financial instruments on professional yet very user-friendly trading platforms for your computer, laptop and mobile phone. I like that they have tight spreads from as low as 0.0 pips, low commission fees and fast trade execution speeds using ECN technology. You can choose from a generous range of trading account options depending on your strategy and fund your account with a great variety of payment options. If you are a beginner, you will be pleased with the vast educational content such as trading guides and videos. I was also impressed with the additional trading tools provided that can help ensure in-depth market analysis and enhance the overall trading experience. For those who do not have the time or knowledge to trade manually, you can also get access to free trading signals. I found the account opening process to be quick with a low minimum deposit requirement of just $10. You can even start on a demo account if you want to practice trading risk free to begin with. This is all backed up by a responsive 24-hour customer support team.
Pros & Cons
- Powerful yet easy to use trading platforms
- Good selection of trading instruments
- Tight spreads from 0.0 pips and low commission fees
- Electronic communication network (ECN) for quick execution speeds and superior pricing
- Fixed and variable spread accounts
- Commission free trading accounts
- Great variety of account funding options
- Copy trading signals
- QuickDeal Tool for efficient trading
- Informative FxWire Pro Newsfeed
- Host frequent webinars that are also available on demand
- Free VPS for those who qualify
- Free demo trading accounts
- Islamic accounts that are swap-free for Muslim traders
- Minimum deposit of just $10 to open an account
- Excellent 24-hour customer support
- Could expand on educational content
- No managed accounts
- No CFDs on stocks
- Not regulated
Founded in 2011, Traders Way is an online trading broker that provides you with seamless access to trade a range of markets including Forex, Commodities, Cryptocurrency, Metals, Energies & CFDs. You will find a range of intuitive trading platforms including the popular MetaTrader and cTrader platforms. I like how there are flexible account types to suit individual trader needs and levels of expertise. The modern and intuitive trading apps and web trading platforms make trading on the go possible. There is also an abundance of innovative tools to assist with your market analysis and to increase your overall trading efficiency.
Traders Way use an electronic communication network (ECN) model which ensures transparent pricing direct from liquidity providers (LPs), interbank market access, good execution speeds and the tightest spreads possible. There is no dealing desk (NDD) to ensure no conflict of interest between broker and clients. I would also prefer to use an ECN broker with NDD as I don’t need to worry that the broker will be trading against me. They also tend to have the best possible market prices at all times for my experience. This is especially important if you are using scalping strategies but can also save on costs in the long-term whatever strategy you are using. I would compare the trading conditions to those over at FXPIG.
The minimum deposit starts from just $5 with flexible leverage of up to 1:1000 available. They are one of a few brokers I have seen who have leverage this high, along with the likes of LMFX. You can choose from variable spreads starting from just 0.0 pips with competitive commissions or you can opt for a fixed spread account with spreads starting from 2 pips and no commission charged as it is included within the spread. There are no restrictions on trading, whatever your initial deposit or account type, scalping, hedging and expert advisors are allowed. There are multiple funding options including digital wallets for fast payments and cryptos for anonymity. It is great that they support Muslim traders with swap free Islamic accounts that comply with Sharia law available.
The Traders Way philosophy is to offer clients maximum opportunities and freedom through trading. This is achieved by the trading technologies and services provided to all clients. Regardless of experience or account size, each client is treated with the upmost respect. Since I have been with them, I haven’t had any problems and would quite happily use them for my day trading activities.
Traders Way is a broker that is legally registered in Dominica and registered under the name TW Corp. Whilst they are not regulated by any authority, this means that they are able to provide traders with certain products, services and features that a regulated broker cannot due to regulatory restrictions. If you would prefer a regulated broker, then you might want to see what TD365 have to offer.
Traders Way keep client funds in banks segregated from their own funds. This means that client funds should not be used for any other purpose and must be available for withdrawal at any time. Cash flows are organized in a way that ensures company expenditure cannot be processed from accounts that are holding clients money. Larger ECN account funds are partially kept with liquidity providers so withdrawal time may be longer according to the safety of funds statement on the website.
The broker implements strict internal policies and procedures to ensure they maintain high business standards. Stringent AML & KYC policies are in place to combat against money laundering and inappropriate usage of funds. They also comply with the highest standard of security in relation to finance handling and technology. There is a risk management policy in place based on years of market experience and knowledge. By providing maximum transparency and security they aim to build long lasting relationships with clients, despite the lack of regulation from a government authority.
The broker can accept clients from all over the world, excluding some countries where restrictions apply. If you find that they do not accept your country, please feel free to browse our broker reviews for an alternative option.
I am really impressed with the great selection of trading platforms to suit all levels of trader skills and expertise. They have the hugely popular MetaTrader 4/5 platforms, the powerful and advanced cTrader platform as well as trading apps and web platforms. There is also the QuickDeal tool which brings market depth level 2 pricing and one-click trading to MetaTrader. This tool along with the STP/ECN trading engine transforms the standard MetaTrader into a more advanced STP/ECN trading platform. The broker is one of a few you can find that have both of the MetaTrader and cTrader platforms, Pepperstone being one of the others.
MetaTrader 4 (MT4)
MT4 is one of the most widely used trading platforms and is offered by Trader’s Way with Direct Market Access (DMA). DMA is a type of trade execution where you are offered direct access to the interbank, enabling you to place trading orders with liquidity providers (LPs). Trading with a DMA account is ideal for forex traders looking for maximum transparency and control. Information exchanged between the MT4 terminal and servers is protected by a 128-bit key for safety of trading transactions.
The MT4 platform is very easy to use with an intuitive interface and ton of features for a fully customisable trading environment. There is a great range of 50 built in technical indicators for chart analysis, drawing objects, 9 timeframes, multiple order types, alerts, real-time price quotes in the market watch and a MetaEditor for creating your own custom indicators or automated strategies in the MQL4 programming language. There is also a strategy tester for back testing expert advisors (EAs) over historical data which can be downloaded from the MT4 server from within the platform. MT4 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
I am an avid MT4 user and have been for many years. It was the first platform that I mastered and have never felt the need to switch to anything else as it does everything that I need it to. My favourite feature is that it can support automated trading with expert advisors. You can find thousands of free and paid EAs from the platforms market place and even develop your own using the MQL4 programming language. The strategy tester is a great way to back test EAs over historical data to get a rough idea how they may have performed in the past. Just keep in mind, you will need the desktop version of MT4 to use automated systems.
MetaTrader 5 (MT5)
MT5 is the successor to MT4 and next generation of trading terminal. The interface is very similar to MT4 although there are a few added features such as more order/execution types, 21 timeframes, 80 technical indicators and a strategy tester capable of back testing multiple currencies. The implemented financial news and economic calendar can be used to keep up to date with the latest market happenings and for fundamental analysis. The Depth of Market (DOM) displays bids and asks for a particular instrument at the best prices (closest to the market) at the moment. The DOM window also shows the volume of each order. Just like MT4, the MT5 platform is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
I personally still prefer to use MT4 even though MT5 is the latest version of the MetaTrader platforms. I think if you just want to trade forex, then MT4 should be more than sufficient. However, if you are looking to diversify into trading stocks, then you may want to consider MT5 instead. Regardless, both platforms are excellent and can meet the demands of all traders. There are lots of built-in tools and plenty more that you can add. The broker Hankotrade also have both platforms if you want to check them out.
MetaTrader Web Terminal
The MetaTrader web terminal has most of the same functionality and interface as the desktop platforms without needing to install or run any software. You simply launch the platform within your browser and you will have the latest version of the platform running. This is great as it means you can access your account from any device. For example, if your phone battery dies and you need to borrow a relative or friends’ computer to check your traders. Any transmitted information is securely encrypted. I don’t like how you can’t run expert advisors in the web version of the platform so I would prefer the desktop version as this is one of the features that I use the most.
MetaTrader Mobile Platform
The MetaTrader mobile apps allow you to access and manage your trading account on the go from any portable device such as a mobile phone or tablet. This is useful if you want to keep up to date with the markets and your positions but do not have access to your desktop computer. You can use the trading apps from anywhere in the world with an internet connection. Mobile platforms are available for download on both Android and iOS. I find myself often checking the app to see how my trades are progressing. I like to be able to take the markets with me in my pocket at all times so that I can see what is going on from my sofa, bed or whilst travelling around.
cTrader is another very sophistiocated platform that is packed full of features and designed for ECN/STP trading. It makes the advantages that the institutional traders have available to retail traders including superior execution speeds (milliseconds) and level 2 pricing. Your trades are routed through ECNs direct to liquidity providers such as global banks, thus giving a transparent live trading environment with no broker dealing desk to interfere and a level playing field.
cTrader supports manual trading with advanced charting capabilities and one click functionality. There are multiple indicators for technical analysis, multiple timeframes, detachable charts, templates and more. Fully automated trading is also possible via the cAlgo proprietary algorithmic platform. cTrader’s depth of market shows the full range of executable prices coming from liquidity providers. Orders are executed against the full order book using Volume Weighted Average Price (VWAP).
cTrader Web Terminal
The cTrader web terminal has the same features as the desktop platform without the need for installing or running any additional software. You can trade from any computer with an internet connection and gain access to transparent pricing, fast speeds, and all the features of cTrader directly in your browser. I found the platforms interface very modern, sleek and intuitive. I like how it can be customised according to the needs of each user.
The cTrader mobile applications are available on Android and iOS so that you can trade whilst on the go using any compatible mobile device. The core functionality of cTrader remains. You simply install the cTrader mobile app and log in with your Trader’s Way account number and password. Just as with the MetaTrader app, I think this app is ideal for taking the markets with you wherever you are. Just keep in mind, that some functionality is limited compared to the other versions of the platform. That being said, you can still analyse the markets, place and manage traders with relative ease.
I like how the broker provides us with a variety of trading tools that can be used to improve trading efficiency, market analysis and for trading signals. The majority of traders could probably get by with the huge number of tools already implemented within the platforms. However, I think it is always nice to have the option of using additional tools as it shows the broker goes above and beyond to make sure clients can make informed trading decisions. BlackBull Markets also have a great selection of tools if you like to experiment.
The QuickDeal tool is an addon for MT4 & MT5 that enables market depth level 2 pricing and one-click trading in the platforms. Market depth gives you a more detailed insight into the market to help with trading decisions whereas one-click trading allows you to quickly and conveniently place, manage and close trades.
The cMirror application allows you to copy (mirror) the trades of other signal providers or offer your own signals. Providers charge a commission for using their signal service. Signals are opened and closed fully automated whilst you can set your own customised risk management settings and stop the mirroring process at any time. Signal providers trading history and current positions are available to view to see if they are a suitable option. I found there to be a good variety of different trading systems that you can copy, although some of them too risky for my personal preference. I like to maintain control over my own trading activity. It must be noted that past performance is by no means any guarantee of future performance.
MetaTrader Trading Signals
The MetaTrader platforms have a built-in social trading service where you can copy other traders signals directly into your terminal for free or a monthly fee. You can browse the signal providers and review their performance then choose to subscribe to any signals that appeal to you. You may also offer your own signals. I have used this many times in the past and actually prefer to do my own market analysis and trading. This is because I like to know when and why a trade was executed. However, I do understand that this can be an attractive proposition for those of you who do not have the time to or experience to trade manually. Again, always remember that historical performance is absolutely no guarantee of future performance.
VPS Hosting Service
A VPS enables you to always run your trading platform without needing your computer switch on and can be accessed remotely. This is often seen as a solution for those who wish to run expert advisors (EA) around the clock. Trader’s Way offer eligible clients a high-quality virtual private server (VPS) with a 24/7 connection. To qualify for a free VPS, you will need a minimum deposit of at least $1,000, minimum 5 trades and 10 lots in volume monthly. If you get the VPS but do not meet the minimum requirements you may be charged the monthly cost. There are some other brokers who provide a free VPS, including Blueberry Markets.
The VPS’s are hosted in close proximity to the brokers main server, for maximum uptime whatever your own internet connection. VPS’s come with MetaTrader preinstalled and are capable of running several trading terminals simultaneously. This is a great feature and something that I would certainly take advantage of. I use my own VPS to run multple platforms as it is a perfect way for me to try out different trading systems and brokers without needing my own computer rtunning all of the time.
FxWire Pro Newsfeed
FxWirePro by IBTimes is a professional grade real-time financial market newsfeed that is integrated into the brokers MetaTrader platforms. It provides traders with a comprehensive overview and insight of global markets which can be used for fundamental analysis. IBTimes is a global network of journalists from over 13 countries that convey the most important markets news in an easy to digest format, saving time reading through multiple news releases from various sources. 600 items of news are covered every day with alerts for economic releases, round the clock news covering all market trading hours, reviews of daily events and overview of upcoming events.
FxStat help traders around the world get off the ground and connect with other successful traders and investors. They do this by creating great technology and by making it accessible to traders that previously wouldn’t have been able to find other traders globally. You can connect your Traders Way account with FxStat to copy trading signals of other traders. Just keep in mind, there can be no guarantee on how well these trading signals will perform and past performance is by no means an indication of future results.
Trader’s Way have an integrated economic calendar on their website that is provided by MetaQuotes, the developer of MetaTrader. This calendar displays recent and upcoming news releases, the markets impacted along with the forecasted and actual results. This calendar can be useful to stay in the loop with the latest market news and for fundamental analysis. I think that this is a vital tool for trading and try to always check it before making any decisions. You can also get an economic calendar built-in the MT5 platform which is more convenient to access compared to switching tabs all of the time.
The broker has sections scattered sporadically across their website that cover some of the basic trading principles that would be useful to novice traders. Other than that, educational material in terms of video tutorials and trading guides are limited although they do provide weekly market outlooks and webinars that can help improve understanding of the financial markets. I think they could improve by adding some more educational content like Admirals. However, there is the option of a free demo account which is a great way to get a hands-on feel for trading.
This section of the brokers website has weekly market outlooks that cover technical and fundamental analysis in detail. These can be used to inspire trading ideas. I found them to be very informative and actually made me aware of some market events that could impact my trading for the week ahead. It is nice to have everything all in one place.
Trader’s Way provide you with free live webinars that can help improve trading knowledge and skills. They are conducted by veteran market expert and Chief FX Strategist for Traders Way, Wayne McDonell who has over 10 years of experience and shares his market outlook. Topics include fundamental/technical analysis, market sentiment, support/resistance, trading strategies, Q&A and more. Previous webinars are available to watch on the brokers YouTube channel at your leisure. If you like the idea of webinars, FXChoice also host them on a frequent basis.
Traders Way give you access to trade 3 main markets, Forex, Precious Metals & Energies. All markets can be traded on all platforms and accounts which is fantastic. You may want to check the trading hours for different trading instruments and take it into account when planning your trading activity.
The foreign exchange (forex) market is the biggest and the most liquid market in the world with an average daily trading volume of around $4 trillion. Currencies are exchanged for another at a specific rate with fluctuating global demand and supply determining the rates.
The broker has a good selection of 45+ major, minor and exotic FX currency pairs for trading forex on fixed or floating spread accounts. Minimum transaction value is 0.01 lots and leverage up to 1:1000 is available. The ECN accounts give direct access to interbank liquidity with spreads from 0 pips and competitive commission fees. The more volume you trade, the more you can negotiate a lower commission.
Often regarded as safe havens and used for diversifying a portfolio, gold and silver can be traded as CFDs (Contract for differences) without needing to own the physical underlying asset. Profit or loss is determined by the change in the value of the asset.
Constantly changing gas and oil prices make these popular instruments to trade. Traders Way offer CFD trading on crude light oil and natural gas.
Cryptocurrency is a decentralised digital currency based on complex mathematical algorithms. Cryptos based on Bitcoin can be traded on the Traders Way MT4 Crypto account.
This is another area in which I feel the broker really excels. There are several account types, each with different trading conditions to cater for individual needs. This is good as it means you can choose an account which works best for your experience level and trading strategies. You can find 5 accounts available with variable and fixed spreads, with or without commission, standard and ECN, and different platforms. There are no restrictions on trades for all account types. Islamic swap free accounts are available upon request. Demo accounts are also available if you wish to test the different trading platforms and conditions before opening a real account. KOT4X also have a good choice of account types.
This is a standard MT4 account with fixed spreads starting from 2 pips and no commission charged. It was designed for traders who prefer to know the spread they will pay on each trading instrument. There is no minimum deposit required, minimum lot size is 0.01 and flexible leverage of up to 1:1000 on currency pairs. Maximum leverage on non-FX instruments is 1/2 of your leverage for metals and 1/8 of your leverage for other instruments.
This account type is similar to the standard but has variable spreads starting from 0.7 pips. This is more for traders who prefer real market conditions and want to step into an ECN/STP environment without paying any commission on trades.
This account offers true ECN trading with direct access to interbank liquidity on the MT4 platform. Spreads on this account are as tight as possible starting from just 0 pips. There is a very competitive commission charge of $3 with a minimum deposit requirement of $100. Minimum lot size is 0.01 and flexible leverage of up to 1:1000 on currency pairs. Maximum leverage on non-FX instruments is 1/2 of your leverage for metals and 1/8 of your leverage for other instruments.
This account provides the same conditions as the MT4 ECN account with the MT5 platform instead.
This is an ECN account for using the intuitive and convenient cTrader platform designed especially for ECN trading. The minimum deposit is slightly lower at $50 as is the leverage going up to 1:500 rather than 1:1000 as per the other accounts. Leverage is also lower on metals and energies.
As the name suggests, this account gives you access to trade cryptocurrencies with leverage and via the MT4 platform. Minimum lot size is 0.01 with 1:2 maximum leverage.
Traders Way have an Islamic account that complies with Sharia law and makes them a Muslim friendly broker. You can send a request to the broker if you require one.
You can open a Traders Way demo account which will enable you to practice trading online risk free with virtual funds. This can be a useful way to become familiar with the brokers trading platform whist developing your trading skills and knowledge. Once you are having consistent success on a demo account, you may feel confident enough to open a real live trading account.
There is a short online form to complete in order to apply for a Traders Way account. Once done, you will need to verify your email and submit documents for KYC checks. These can be passport and utility bill scans for proof of identification and residential address. Once the accounts department have verified your account, you will be able to fund it and commence trading. I managed to complete it and receive my login details in just a few minutes. I have had the account for a few years and have yet to run into any issues.
Customer support is provided via online chat, telephone and email. There is a US telephone number and they state that they aim to answer support requests within 24 hours on working days.
In terms of account funding, I haven’t found many brokers to provide as many options as Traders Way do. You can choose from a generous variety of deposit and withdrawal methods. I like how they are frequently introducing new payment options to improve their service and stay up to date with the latest trends. They offer bank transfers, credit cards, online payment processors such as Skrill & Neteller, Cryptocurrencies (Bitcoin and Ethereum) and more. PaxForex are another broker that also have lots of funding methods if this is important to you.
If you want to use a payment option that is not currently available, you can contact the support team and they will listen to your feedback. I personally prefer the digital wallet payment options as I find this to be one of the fastest ways to get access to my funds. This is important to me as there may be some market news that I need to act quickly on. In this instance, I wouldn’t want to be waiting around days for a bank transfer to clear.
You can make a transaction by logging into your private client area, choosing your preferred payment option and following the instructions. Support can be reached if you have any questions regarding deposits or withdrawals. Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear whilst some methods such as card payments can be instant. Accounts can be opened in a decent range of currencies which are USD, EUR, CAD, GBP. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I am really impressed with many aspects of Traders Way. I like how they have some of the best trading platforms and an excellent selection of trading tools for all types of trader. You can trade plenty of financial instruments with very good trading conditions. This includes tight spreads from as low as 0.0 pips, quick execution speeds at the best available prices and commission free accounts. They have a great selection of account funding options including digital wallets and cryptos. You can choose from flexible leverage all the way up to 1:1000. For beginners, there is a reasonable range of educational materials and demo accounts to practice your trading strategies with virtual funds. The broker facilities copy trading solutions and signals via third-party tools. They also have an inhouse team who deliver market analysis, insights and webinars. This is all topped off with a responsive customer support team available to help you around the clock. The only downside for me would be the lack of regulation, but this is why they are able to provide such trading services that a regulated broker may not be able to. I would compare them to Hugos Way if you are looking to check some other options before proceeding.