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TradersWay.com Review MT4 - MetaTrader Platform

Overall Rating: (3.326)
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Total Reviews: 50
Last Updated: 2014-11-16
Description: TradersWay is an online forex broker. Traders Way offers the MetaTrader 4, MT Mobile, and cTrader trading currency top platforms. TradersWay.com offers over 10 currency pairs, metals, indices, energies, and commodities for your personal investment and trading options.
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FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2011-10-14
Review: We haven't tried a forex trading account with TradersWay.com. If you've traded forex with this broker, please leave a review here.

Chris J, Los Angeles, USA

Rating: No Rating
Date of Post:2014-11-15
Review: Hello, I usually don't give reviews, but this is an important subject to me and apparently to a lot of others. :)

I am a new Forex trader and I decided to try Tradersway for a trial period of 1 week with 100 dollars. Overall is has been a good experience. The customer support over Email is pretty good. They usually get back to me in about 1 day. Phone support is really bad though. I could only make out a few words here and there because of the terrible connection and I have no other phone issues with calls all over the world. So I'm not sure what the issue is.

The 3.9% charge for credit card deposits seems high, but understandable. So 100 automatically became 96 and after 1 week of trading EUR/USD with .01 and .02 lots at 1:25 leverage (if I am saying that correctly) I am up to almost 101. I feel very good about this as I only was on for a couple hours a day. The trades seemed to be very fast and generally accurate.

I do still have a question about commission. I was unaware that if I was trading a .01 lot, it is .07 commission. .02 was .15 and on and on. This seems like a lot but I am using the ECN and not Fixed which I think makes a difference from what they said and I also see online. So my question is still, if I was to change to a fixed account, would I still be able to trade the same way I am trading, but with less commission? This trial week would have ended up with around 150 points/pips more. Would the trades go through immediately or is it a different process with a Fixed account? With all the different info online, I get overwhelmed. I just need a straight answer, as simple as possible, if possible. I understand that I need to learn more to make sure I know more of what I am asking as well.

But again, overall it has been a good experience. I have not withdrawn any money so I don't have anything to say about that. I am looking for a company where I can grow and not have any problems in the future with making money and withdrawing money each week. At this point, I will continue moving forward with them until I find the answers to my questions and feel comfortable depositing more money.
 
Comment: Added by Max Pross on 2014-11-19 01:17
  We just reached out to you earlier today. There was a poor connection at the time of your first phone call but today you were able to have a clear and constructive telephone call with our representative, Joe Carney, and were able to discuss all of your concerns with the above.

You can create a demo account in the Private Office for each of the account types to see which one you would prefer. As we discussed, the spreads on the ECN account are lower (and sometimes go to zero) while we charge a small commission on the side. We calculate the commission based on the nominal volume of the base currency (first currency) of the currency pair. For EURUSD, 1 lot is actually $125,000 in USD at the current rate. For GBPUSD, the commission will be higher as 1 lot of GBPUSD is over $156,000. For AUDUSD and NZDUSD, you will find that these commissions are even lower (~ $5 per lot). Place some test trades on your demo accounts on various currency pairs so you have a better idea of the conditions prior to trading live.

Thank you for your fair and honest review. We are happy that we were able to get in touch with you to get everything sorted out.

Scott Foster, Idaho, USA

Rating:
Date of Post:2014-11-14
Review: I honestly have to say that reading the neg reviews of some of these others on here is laughable. I have been with TW for nearly two years and am very happy with them. No I don't use a high frequency trading system; and I prudently don't play trading roulette with news, either. FX has enough volatility as it is for any smart trader to make decent trades consistently without the need of exposing one’s self to volatility on steroids (news).

Have not had any issues with Traders Way. They’ve always been helpful when I’ve had to contact them and are easy to deposit and withdrawal funds from. I suppose the only peeve I would have is if it was a little less expensive to deposit and withdrawal. But, that may be due to covering cost with overseas transactions.

The one fella threatening TW with neg social media is not surprising--given that when people can't get their way--even after a reasonable explanation is given--they feel the need to bash a company. I should know this full well, I run a business online myself--and have for nearly 10 years. And it's scary that many do not read your terms of service. When there is money involved, your terms of service are irrelevant to such people.
 
Comment: Added by Max Pross on 2014-11-19 01:16
  The unfortunate reality of sending and receiving money to and from overseas is the amount of fees involved in the process. We are charged a fixed rate by our various payment processors; we cover a portion of these fees ourselves and only the rest we pass to our clients.

We appreciate your kind words regarding our services. Thank you.

JOHN H., Jacksonville, FL, USA

Rating:
Date of Post:2014-10-29
Review: I'm writing this review for their NEW binary options service provided thru TradersWay.com

Their BO is not provided thru a MT4 plugin; allowing BO trades on the MT4 platform like other brokers I've seen. BO trades can only occur on their separate website.

Trade execution is horrible, its slow to process. By the time it's processed, price action kicked in giving you a different price to accept but you can approve it or not, to prevent entry slippage. Sometimes you get a server error when placing a trade. The trading platform NEEDS a lot of work.

All profit/losses will affect your MT4 account. As they are tied together. Trading forex and BO simultaneously IS NOT recommended. You can risk into getting into a margin call, or worse, a stop out. Unless you make two separate accounts.

The BO price feed ARE NOT the same as in their MT4 price feed. Major bad advantage for short term BO trades.

I know its still new, but don't risk your forex earnings on their new BO platform unless you're doing LONG TERM BO trades of 30min+

My opinion: I stay away from their BO otherwise.

 
Comment: Added by Max Pross on 2014-11-13 10:15
  We are sorry that you had a bad experience using our new Binary Options platform. We would like to clarify a couple of points:

- The price feed on the binary options platform is not the same as the feed in MetaTrader 4. We use a separate provider for our Binary Options platform. We will take your feedback into consideration as we continue to improve our new platform that we have just launched two months ago.

- Clients must pay attention to their accounts when placing trades on both Forex and Binary Options at the same time. We believe that we have made it easier than most of the other brokers we have seen to open a new trading account yourself in the Private Office and transfer funds between all of your accounts. Therefore, if you wish to trade binary and Forex at the same time, and are worried about being stopped out of your Forex trades, it only takes a couple of minutes to open another account and either transfer some funds between accounts or to make a deposit.

Tom, New York, USA

Rating:
Date of Post:2014-10-05
Review: Great experience with these guys. They were my first offshore broker I decided to try out because I like the freedom of hedging and I think FIFO is just ridiculous. Kind of unsure at first because I never sent any money overseas before, but I never had a problem and ended up signing up with Skrill. Withdrawals take up to 12-16 hours in my experience.

Love the leverage and the low spreads. I trade on AUDNZD a lot and found that their commissions on that pair as well as the spreads are the very best I could find on any broker. $5 round trip commissions and 1.5-2.0 pip spreads on the pair.

In reading the other reviews: everyone knows that true ECN brokers have slippage. It is a part of the game. People who use strategies like HFT shouldn't complain when such a sensitive strategy loses in the real world as opposed to their demo accounts/backtests.

Anyway, just wanted to give my experience with them as it seems that people only ever leave reviews when they have something to complain about.
 
Comment: Added by Max Pross on 2014-11-13 10:40
  We appreciate the time you took to leave us a review as most clients who have a positive experience do not express their satisfaction with our services. We work very hard to provide the very best trading conditions possible for all of our clients, so that they may trade freely and uninhibited. Further, our work to improve our current services as well as offer new ones is an endless process.

To respond to your comments about us being an ECN: It is in our best interest for each and every one of you to succeed in your trading. Therefore, as our clients grow their accounts, they are inclined to trade with larger volumes thus paying us more commissions as they trade. It is thus not our goal to hinder a client's ability to trade in any way, as any losses are simply passed on to the banks.

Alex Omarov, Miami, USA

Rating:
Date of Post:2014-09-17
Review: Just want to report this Broker: Traders Way. A BIG Scam !
We have a team of 6 traders, opened over 10 accounts with TW.
All account were making profits and TW cancelled all transactions!
Reason: hardware failure and lost connection with liquidity providers ! ?
I have all supporting emails from “support” and Journals from MT4, from all team members to show for anyone interested.

After all charging $95 +$20 for withdrawing money back to account ! and took a week !
Just check a site of FPA about Traders Way and looks we are not only one having problems and cancelled transaction.

Brokers Comment on other review: Trading on News ? :))
it's Illegal now to trade on news ?
 
Comment: Added by Max Pross on 2014-09-22 12:53
  We have looked at the transactions on your account and found that they were placed when there was a delay in our price feeds. During that time, we experienced intermittent delayed feeds from one of our liquidity providers. Therefore, in order to rectify the problem we had to cancel trades placed within this period in accordance with our Terms and Conditions. Based on the transaction history in your account, you are using a high frequency trading system. The very best conditions for these types of systems are during times delayed broker feeds thus providing for latency arbitrage opportunities; this is why your account was performing so well during this period of time. We apologize for the inconvenience caused.

Regarding your comment about news trading -- we do allow trading on news. The previous situation had to do with slippage during a time of quick market movement.
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Tom Oswald, Dorset, United Kingdom

Rating:
Date of Post:2014-08-12
Review: We had a trade yesterday on the USD/NOK which netted a total of over 300 points on about 10 trades. Our entry price at the time had been 6.24150, the trades went through fine, closed out and the profit was banked and shown on my balance. A couple of hours later i went into the platform to look at the market and noticed my profit had all but disappeared, from a $1,000 plus profit down to $297. After some serious emails to them it turned out that they had decided to change the entry price later in the day AFTER the deals had been closed and banked reducing my profit by over $700. There reason; Our MT4 platform prices aren't always accurate and we can change them as we see fit

Do not use this broker
 
Comment: Added by Max Pross on 2014-08-21 06:13
  The client is trading on news. Client's orders were filled with the requested prices, not execution prices, due to MT4 mistake. We explained this to the client in the following email: "Due to big market movements spreads were widened substantially by liquidity providers at the moment when your orders were sent for execution. Moreover, a huge number of clients’ deals were sent for execution simultaneously. As the result, the deals were filled by liquidity providers at the market price of 6.2110. While the deals beforehand were quoted by MT4 at the prices requested by clients at the moment when the orders were sent for execution. These requested prices differed from the real market execution price. According to our Term&Conditions in such situation we could cancel the deals. However, there was made a decision to save the deals, correcting them correspondingly. "

The client said "I hope you have a damn good PR department to deal with the social media nightmare i am going to create for you."

Somehow, the client is still trading with us, seems he still likes our services and conditions. But at the same time he is creating this media nightmare.

Matthew, Colorado, USA

Rating:
Date of Post:2014-06-25
Review: I have been using Traders Way for 4 months. The spreads are great but I have been filled 3 times with orders away far from the price at other brokers. The first time it was 18 pips away which they fixed but the next 2 fills where 38 pips away and 75 pips away from other's price which they didn't fix.

AZLAND85, Arizona, USA

Rating:
Date of Post:2014-06-16
Review: Testing with a small account ($120 USD) Error with GBP/USD on Sunday open 6/15. I had buy open from previous week. Stated open was below 1.3500. I verified with Tallinex, Pellucid, Accent, and Invest.com that price did not fall to that level. Contacted Traders Way by email to dispute. Was corrected within 24hrs!!! Full funds and trades re-stored to my account! Great job Traders Way!

bezede daniel, fondi, Italy

Rating:
Date of Post:2014-05-26
Review: I make lot of more deposit whit credit card whit no problem .... but last time I deposit 13 $ and was a errore in sistem and money not was acredited in my account. My card was charged -13 $ and after I speack whit operator ... he told me " it was a error and money going on" ... where? In my account card ...write transaction succes to tradersway . He steal my money whit that errore .No problem 13 $ but if I send 1000 or 10000 whit same errore?
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