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TradersWay.com Review MT4 - MetaTrader Platform

Overall Rating: (3.463)
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Total Reviews: 62
Last Updated: 2015-04-12
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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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.

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.
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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.

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.
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