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TradersWay.com Review MT4 - MetaTrader Platform

Overall Rating: (3.420)
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Total Reviews: 58
Last Updated: 2015-02-22
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.

obayagweme ruth, , Nigeria

Rating:
Date of Post:2015-02-19
Review: they have one of the best Ecn services out there with their very low spreads execution and i love they way they make opening an account easy. i have withdrawn once from them and hope to keep doing business with them. keep up the good work.
 
Comment: Added by Max Pross on 2015-02-23 12:26
  We have done our best to streamline to account opening and verification processes for our clients. Please continue to use our ECN services and let us know if you need anything. Thank you for taking the time to leave a review.

herbert s, texas, USA

Rating:
Date of Post:2015-02-13
Review: This is the best people to work with.I have been with them only a month.They have help me with deposits and withdrawals.I did a test on withdrawals and Joe Carney was good to help.I intend to stay.
 
Comment: Added by Max Pross on 2015-02-17 10:42
  We look forward to extending our services to you over the long term. Thank you for your feedback and for letting everyone know about your experience thus far.

Allen R, New York, USA

Rating:
Date of Post:2015-02-04
Review: I have been with TRADERSWAY for almost a year now. My Account Rep - Joe Carney has been nothing but a dream to work with. I was able to fund my account with Skrill and Paypal as well as with a credit card. The credit card limits are low, so best to use Skrill. When I get a refund from paypal I have it in my account the next day and with Skrill its inmy skrill account with in 2 days. I did never got this kind of service from FXCM.

The spreads on currency is very tight and commissions are low. I trade oil a lot. They do not have the best spreads but the service I get is worth it. You can send a email to Joe and he gets right back to me each time.
 
Comment: Added by Max Pross on 2015-02-06 11:14
  We very much appreciate your loyalty and kind words. Thank you for taking the time to post a review of your experience as your feedback is very useful for us and is helpful to the community as a whole. We look forward to extending our services to you well into the future.

Andy W, Livermore, CA, USA

Rating:
Date of Post:2015-01-24
Review: Update to my review poster 1-20-2015:

I received a call from Joe Carney at Tradersway, because he was concerned about what I had written previously. I really appreciate that he took the time to get to the bottom of my issues. Anyway, it's all fixed and my account is good to go!

It's nice when a man and his company will take the time to treat you like and individual, rather than just another account number!

I'm looking forward to working with Tradersway and taking advantage of all the deposit and withdrawal options, tight spreads, etc.
It's nice that someone is still willing to stand up to the corrupt powers that run this "Free Country" of ours...

Rated at 4 stars, only because I haven't traded live at TW yet and can't speak of the execution.

2015-01-20 2Star Be very careful about choosing this broker.... After trying unsuccessfully to open a live account (their webpage was unresponsive) I contacted support. Online chat and email is the only communication available. They were unable to solve the issue. it's a button that doesn't work, period. They said there is nothing wrong and I'm the only one...Really? I tried three different computers, different IP's, firewalls off, everything. I guess they are not interested in a client that would be a good customer.

I would be VERY careful about doing business with these people. The issue about the non-existing land address is one thing; But they DO NOT answer their phone either. Every broker that's any good should have a land line that is monitored while the market is open. I guess they just don't care.
 
Comment: Added by Max Pross on 2015-01-26 12:33
  We are sorry that you were experiencing an issue with our Private Office account creation system. Оur representative Joe Carney got in touch with you to discuss both the issue and our services. You also informed us that you will be making a deposit following the problem. As your account was created in June of 2012 and has been left inactive ever since, it appears that our IT Department must work to reactivate some features of your account. Thank you for your patience; we will continue corresponding with you via email and telephone and have offered the alternative solution of creating a new account instead so you incur no further delays.

Emil, GA, USA

Rating: No Rating
Date of Post:2015-01-16
Review: This is a follow up to my previous review here but i do not know how to update the existing review comments, therefore i will leave it as no rating because i have rated it already at 4 stars and i would leave it at 4 still.

I am just posting here again because I have received personal help and service from TradersWay that i believe many brokers have NOT done and will not and could not do due to the conditions they were left with after the chaos of the CHF. I was a victim of losses and negative balances on a ECN account and my negative balances were forgiven even though i was on a ECN account Thanks to Joe.

2014-12-16 4Star I been looking for a broker outside the US for some time and tried out some others.. Liked them both but kept searching for something better. Tradersway is the bomb, commission is average with other brokers so no competition there.. But where the advantage is their ECN spreads that is really decent.

I also like their willingness to help, i had many questions and they answered them. They accept credit card deposits and withdrawals, now they accept Paypal which is GREAT due to the protection Paypal offers their clients. I hope more people at least try out TradersWay, then other brokers can try to reproduce this broker's versatility and competition will drive prices down for us retail clients.

1star minus because their cTrader program is great but produces same pricing as mt4 (gaps in 1minute chart, etc.) I dont like that very much. but anyways, Drain the Banks!

Comment: Added by Max Pross on 2014-12-24
Thank you so much for taking the time to leave us an honest and detailed review of our services. We very much appreciate your feedback and are constantly upgrading all of our payment systems in order to provide the most flexible and efficient service possible. We assure you that any technical issues that are on our end (or on that of the providers) are fully covered by us as we stand behind all of our platforms.

We take pride in our spreads/commissions across all of our accounts and are happy to offer the very best conditions to all of our clients -- regardless of their account balances. We were actually recently recognized as the best STP/ECN broker of 2014 by the Forex Report Awards (you can see that in our December 22, 2014 post in our Company News section of the website by going to "About Us" > "Company News" -- you can then find the original information on their website).

We have reached out to you via email and look forward to continuing our positive relationship.
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tradehard4498, MO, USA

Rating:
Date of Post:2015-01-04
Review: Be VERY careful using these bucket masters. They try to seem like they care until you submit PROOF that they are scamming you. Then you never hear from them again. Very close to seeing about taking thee guys off the internet......be warned.

Dan, Riceville, USA

Rating:
Date of Post:2014-12-31
Review: New to trading, still learning, small account. Friendly customer support. Seems to me they aren't after your money, just offer a fair platform where you can do your thing. much better than expected, satisfied so far.
 
Comment: Added by Max Pross on 2015-01-04 01:06
  Thank you, Dan, for taking the time to post a review of our services. We take pride in our position in the Forex community by our ability to offer uninhibited trading to all of our clients. Best of luck with your trading. Let us know if you need anything.

Mike, US, USA

Rating:
Date of Post:2014-12-30
Review: UPDATE:

RE: Covering trades isn't guaranteed -- It was highly suspicious to me that this problem occurred only after I was "in-too-deep", and the terse non-responses I recieved in support e-mails made it very difficult to remain optimistic. I can handle the losses, but I can't handle being left out to dry!

-- HOWEVER, today, I recieved the following in an e-mail from Joe Carney:

> If I had been aware of this issue I am confident it would have
> been resolved more quickly. Therefore I strongly suggest that
> you send any further concerns to me personally so I can take
> care of it. You did the right thing by emailing the Payments
> Department about a payment problem, but in the future you can
> now cc me in on all email correspondence so I can also be of
> help. The Payments Department handles over 10,000 active
> clients worldwide so those guys never get any rest. I very much
> apologize that your issue has slipped through the cracks as this
> normally does not happen.
>
> Further, you won't have to take such measures in the future to
> get the attention you deserve. We try to handle all matters
> fairly -- regardless of whether or not a post on some website is
> made beforehand. It should not take this sort of activity to get a
> company to act correctly.

Mere seconds after I replied with my phone number, he called me and we spoke at great length about this problem, Trader's Way, FOREX in general, good-and-bad brokers, and just about everything else, including beautiful Dominicans! :)

Joe struck me as knowledgeable, likable, professional, candid, honest and /actually/ concerned -- the sort of person who takes good customer service personally and truly believes in the quality of his company. He seemed nervous at first, but warmed up -- with a good sense of humor, and he patiently answered every question I had. It was obvious that he cares about the performance of their platform, down to every last candle, and he wants traders to succeed.

Now... THAT is the kind of service we should demand from everyone in this business! He made no bones about his intention to apply my suggestions to improve their support department.

He stated, unequivocally and genuinely, that Traders Way DOES NOT trade against their clients; he said they're an honest spread-and-commissions only broker.

He guaranteed me that my withdrawals will always be honored.

He assured me that he will, personally, get to the bottom of the payment processing problem I experienced and will work on getting my card de-blacklisted.

He offered to waive the fees on my future deposits and lift restrictions on my prior CC deposits, and said he was "floored" when he found out that I had been told to stop trading; (I think someone got in trouble!)

He answered various miscellaneous questions about the data feed and asserted that they do not engage in ANY manipulation of the price feeds (he said they rarely must back-populate missing history data after temporary disconnects)

He was very concerned about a few strange candles I mentioned and asked me to send him a screenshot.

He stated they have over 30 liquidity providers, and will hold your funds with Boston Prime upon request.

In short... He put my doubts to rest, and I am going to give them another chance. I hope it all works out, and I'll report back here whatever happens.

2014-12-27 No Rating Trader's way started out wonderful. I was skeptical, given all the trouble with other brokers, but their customer service was top-notch and account signup and funding went off without a hitch.

I was optimistic, happy even, and then... They let me down.

I had used a credit card (actually a MasterCard check-card) to fund the account, and initially performed 3 transations which all went through just fine.

On Trader's Way, credit cards are first verified before you can make a deposit; they send a small transaction to your bank, and you reply with the amount sent. This worked too.

However... On my fourth deposit, while watching the market move against me and needing badly to cover my trades, all attempts at depositing suddenly failed. My bank stated that the address or CVV code sent with the transaction was incorrect. (I have a screenshot of the information I entered, it WAS correct.)

When I asked TW about the problem, they replied that there was a technical error proccessing my credit card transaction, and they requested that I try it again:

> As we see there was a technical error with your CC deposit.
> Please try again to deposit.

So I did, however this problem persisted. Days later, I came to find out that several (subsequent) declined transaction attempts were held for a day and then performed all at once in rapid succession (which caused my bank to freeze my card), AND TW's payment processor had blacklisted my card without explanation. (Remember, this was a closed-loop verified card!)

When I explained to TW that I had lost $300 as a result of their (admitted) system failure and that I wanted a refund on those trades (mind you, this was NOT ALL of my losing trades--I was being honest and fair, asking ONLY for the ones which I had been trying to save by my deposit), they replied that they cannot guarantee their payment processing and suggested I use another method:

> Please be informed that we do not bear any responsibility for
> the operation of the third party companies (CC Processing and
> etc).

and

> we cannot guarantee in their name that the each payment will
> always go through.

Fair enough, BUT! TW has not yet provided any evidence that it was their payment processor's mistake in the first place (as I said, my bank asserts an incorrect address or CVV code was sent.), and this concurs with their support department's statement that it was a "technical error".

I responded by listing out their deposit methods and explained precisely why each one was not available for me to use. (Most aren't available to U.S. customers, Wire xfers can't happen on the weekend, etc..)

After waiting three weeks and many e-mails for either:

1. an explanation regarding what EXACTLY went wrong with my fourth deposit, or

2. contact information for their payment processor so I can follow it up myself,

I stated that my only remaining option appeared to be filing a fraud report with my bank since being unable to cover trades is a critical failure of service.

At that moment, they requested that I cease all trading until they find out what happened (it's been three weeks already):

> After we have received its reply [the payment processor] we
> shall make a decision on your issue. We ask you not to trade
> until that moment.

when I asked why that is, they said:

> before making your new deposits, we need to understand why
> your previous credit card deposits were declined.

...which appears to me to be prelude to shutting off the account, even though I've been waiting for weeks for help, and have done nothing wrong!

It does not make any sense that they would need to "understand why" in order for me to choose some other payment method, but it does make sense that they would try to limit their exposure to a fraud report.

On the contrary, /I/ need to "understand why" before I make another deposit with you! Don't you see? You're implicitly ignoring my concern.

My original complaint to you was for failing to provide service when I needed it most -- so, you now choose to provide me with /no/ service? You're forcing my hand, TW. *sigh*

If your company just leaves me flat, then what other option do I have but to pursue a fraud report? It would be my only recourse; the only way to protect my investment.

Max Pross, you seem like a good guy. You've defend yourself admirably against claims here, I have respect for your rebuttals posted around the 'Net.

I'm begging you: I WANT to do business with your company, but I cannot do that if I can't make deposits and can't trade upon the instructions of your payment department.

UPDATED CIRCUMSTANCE:
I now see that you have only just added PayPal support (after my problems began), and that would be the most ideal mechanism for me to make deposits.

Can you please give me the go-ahead to continue trading so I can try a PayPal deposit and we might move forward?

I sincerely hope you can resolve the issue so I can start trading again; I'm a reasonable guy, so I'm giving you a high rating here in good faith.

If you really are an honest broker, then I ask that you take responsibility for the technical error I experienced (I see another reviewer here had the same problem), take your loss in stride, (you'll earn it back in spread, deposit, and withdrawal commissions) and you'll convince me to be a dedicated customer for life!

But.. don't stab me in the back for running out of options. I was hoping to be trading these last 3 weeks without any interruption; it's Christmas, man...
Copyscape:
0% match | Checked Dec 27, 2014

Comment: Added by Max Pross on 2014-12-30
This is essentially what your post is about:
You made a deposit and had a good experience with our platform. Eventually, you got stuck in some trades that did not go your way so you held onto them indefinitely. When the trades continued to move against you, you tried to make more deposits to add additional equity to the account so you could avoid a stopout; these payments failed. Ultimately, you were unable to sustain these positions any longer and your account was depleted.

You had not tried to make these further deposits prior to opening any of your positions. Thus, it is our decision that you are responsible for the trades you place on an account that not been fully funded or adequately funded to handle such trades. If you partially fund your account with the intention of funding further, you must wait until your subsequent transactions are processed before increasing the number of open positions, etc. We offer several third party payment options whose processing systems cannot be guaranteed by us. Therefore, we cannot guarantee that they will process your payment and it is up to you to only place trades based on your current balance, not in anticipation of raising the said balance.

I would like to clarify further, based on your post, that the failure of a payment system resulting in a subsequent stopout on your account does not constitute fraud on our end. As we are not a market maker, your losses went to the open market -- not us. It is therefore not in our best interest to see you stop out, as that would mean you would not be placing further trades and we would not be making commissions off of your trading activity.

We firmly stand behind all of our platforms and assure you that any technical issues that are on our end (or on that of the platform providers) will be fully covered by us. You will never take any losses due to technical problems that are out of your control (if your laptop dies and you cannot close a trade in time, that is obviously different). However, we cannot make these same guarantees for our payment processors regardless of where the technical issue lies. As mentioned, you must only trade in accordance with your current account balance and not depend on increasing your account balance to keep losing positions open even longer.

We do however apologize for the delay in getting back to you regarding this matter and will have Joe Carney reach out to you as soon as possible by telephone. We would very much like to do business with you as well, so after discussion we will come to an agreement that is fair for both parties.

Thank you for your feedback. We look forward to working things out with you soon.

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.
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