Jul 17 2020 0
Tradersway is a pretty new forex broker in the market (founded in 2020). Recently there are many followers asking us about this forex broker, so we take some time and look at this broker more thoroughly. Here we have the full Tradersway review, including regulation, trading cost, and trading platform.
After research, we have found that Tradersway has not obtained any top-tier forex regulations in the last 10 years. It is a really bad sign for this broker. Forex regulation is the top thing people look for when talking about a broker’s reliability.
Tradersway trading cost
The spread of this broker is around 2 pips. This is pretty high compared to other top regulated forex brokers around the world. The lowest spread of reliable forex brokers in the market is 0.7 to 1 pip. So Tradersway is not that good in terms of spread.
The minimum deposit of Tradersway is $1 for regular accounts and $50 for ECN account. This rate is considered low compared to the top brokers. Exness minimum deposit with $1
The maximum leverage of this broker is 1:1000, an average rate in the market.
Tradersway trading platform
Tradersway provides clients with the standard MetaTrader platform (MT4 and MT5). Well, they only added MT5 platform recently (2019). However, Tradersway customers can only trade with USD, EUR, GBP, and CAD.
For deposit/withdrawal methods, they only have bank wire transactions and credit/debit cards. They also have payments through cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Tradersway doesn’t have e-wallet options, which can make things difficult and inconvenient for their traders.
So in conclusion, after this Tradersway review, I would not recommend you to trade with Tradersway. The biggest drawback of this broker is that it is not regulated by any big regulators. You should not trade with a broker like that because it is highly risky and unsafe.
If you want a reliable forex broker
The reliability of a forex broker is defined by the regulations it obtained. Forex regulation makes sure that brokers can keep traders safe and protected. Here are some of the world’s top forex regulations:
|Australian Securities and Investment Commission (ASIC)||Australia|
|The Financial Services and Markets Authority (FSMA)||Belgium|
|International Financial Services Commission (IFSC)||Belize|
|Investment Industry Regulatory Organization of Canada (IIROC)||Canada|
|Cyprus Securities and Exchange Commission (CySEC)||Cyprus|
|Danish Financial Supervisory Authority (Danish FSA)||Denmark|
|Dubai Financial Services Authority (DFSA)||Dubai|
|Autorite des marches financiers (AMF)||France|
|Financial Services Agency of Japan (FSA Japan)||Japan|
|Monetary Authority of Singapore (MAS)||Singapore|
|The Financial Conduct Authority (FCA)||England|
|Commodities and Futures Trading Commission (CFTC)||America|
Here are some top regulated forex brokers in the world that you should consider:
- Exness.com: FCA, CySEC
- XM.com: ASIC, CySEC, IFSC
- HotForex.com: FCA, DFSA, FSCA, FSA
- Forex.com: FCA, FSCA
- CMCMarkets.com: FCA, ASIC, IIROC, MAS
If you want a low cost forex broker
The Tradersway’s spread rate of 2 pips is too much. You should not trade with a broker who has high cost like that. Here are some brokers who offer lower spreads in the market:
- Exness.com – 0.7 pip.
- XM.com – about 0.8 pip.
- Hotforex.com – about 1 pip.
- FXTM.com – about 0.8 pip.
- SaxoBank.com – about 0.7 pip.
The brokers I listed out above are the one you should be trading with. Tradersway is not a safe broker for you and it is very risky to invest money in such a broker. Read this Tradersway review carefully in order to understand why you should not trade with this broker.