Hello my name is John and I have a concern about TradersWay. Need advice

[Trader71]

Greetings,

I've been trading for over three years and fortunately I've never been on the bad end of a broker scam.

So with that being said, I have a general question to ask the community and see where it goes from there.

Please remember, this is not a slam but a concern.

My longest account has been with Trader's Way. For the most part, they have been very accommodating.

-Quick replies to emails
-Online chat has been always there and helpful
-Withdrawal of funds has never been questioned

My concern is as of February of this year, they have decided to stop using Credit/Debit cards to fund and withdraw. Also, they mysteriously stopped using Bank Wire Transfer as well. As a US client, this is our way to deliver and/or obtain funds.

I've asked continuously throughout the last three months, emails provided if needed, that when are they going to reinstate the Bank Wire option. Here is where it gets interesting and a bit ambiguous.

#1 They still have both the BWT option and CC/Debit option on their main webpage to prospective clients.
#2 They have removed the BWT option in Private office and have a bulletin message about the CC/Debit option still up in Private office for almost three months now.
#3 After continuous email exchanges, Trader's Way cannot give me a rough estimate as to when they are getting the BWT option back. However....
#4 They are pushing Bitcoin as an option. Here is where it get's dicey.
#5 They have explained to me in the past, email provided if needed, That when I inquired about wiring some money to them, they mentioned "we are not using that bank anymore". Ok I said, so what bank account and swift code do I need from them. That is when they told me we are switching banks. Hmm...
"Try our bitcoin option, we will transfer your bitcoin wallet purchase to ours and when we convert it back to currency at our rates, we will deposit your money. Same went for withdrawal of funds. Is TW in control of their money flow? Are our accounts not segregated? Is this a way for them to remove the liability of funds?

So here is the concern. It has been almost three months with no new bank. How is it possible a Forex Broker of any location, not operate without a bank or.. How long does it reasonably take to switch over to new bank? Considering my past experience with TW and the high rating here at FPA, am I missing something?

I'll sit back and see what everyone has to say, maybe I'm over-reacting. Thanks for reading!

 

[JohnR1]

I am sending you a PM.

 

[Master Yoda]

1. From a quick scan of their site- they are unregulated and that's my first warning sign

2. They claim they are ECN, my hunch is that it's not correct

3. They have stopped CC deposits and that's my 2nd warning sign- they could have been cut by the provider due to many chargebacks or due to regulatory issues.

4. It seems to me they want to cut evidence over their income and who is behind that income


That's too much for me to advice you- there are many other good brokers out there pick another and just make sure you read the FPA reviews and make sure they have a strong regulation.

 

[Pharaoh]

Go ahead and invite them to this thread to explain why you can't get your money.

While waiting, gather up all of your evidence so you can be ready to file formal complaints.

 

[RahmanSL]

Website: TradersWay.com - Online Forex Trading on MT4 ECN and Micro fx trading accounts by CFD forex brokers - Trader's Way
Year since: 2011
Headquarters: The Commonwealth of Dominica
Company registration: TW Corp., Dominica
Regulation: Not regulated

I have traded live with this broker once-upon-a-time (among more than 10 different brokers) and had an issue with them (late crediting of swap values....or something like that).....I posted my issue with them and they "generously" reimburse my small (below USD1k) account losses. But I was uncomfortable with the way my issue was handled and (after doubling my account and then blow the account the following week....so what else is new with me!) I never traded with them again.
At that time, if I am not mistaken, the broker was registered (or even regulated) by CySEC.

Broker or any company that does not have regular bank account is a big fat warning sign that something is drastically wrong.

 

[Master Yoda]

Go ahead and invite them to this thread to explain why you can't get your money.

While waiting, gather up all of your evidence so you can be ready to file formal complaints.

ِAnd if you deposited via credit card you should make a chargeback

 

[Trader71]

Well in all fairness, I have never had an issue with withdrawals. Like I mentioned earlier, this is not a slam on them just a concern. They have been very accommodating.

I remember my very first bank wire deposit and it came from my credit union. When I requested a withdrawal, they originally stated they could not bank wire back to a credit union as these
banks in the states have no swift code and suggested I open up a new account with a bank that had one, so I did.

They went above and beyond wiring my first withdrawal back to my credit union using another stateside parent credit union. So with that said, I give them high praise.

My concern now is for future deposits and withdrawals. I don't like the Bitcoin option.

I just recently received another email stating bank wire is still not available.

So I will be looking elsewhere.

John

 

[JohnR1]

Go ahead and invite them to this thread to explain why you can't get your money.

Well. The issue is not that broker is declining withdrawals. The issue is that broker do not have option of wire transfer for either withdrawal or deposit. You can still withdraw using other methods.

It just shows that accepting clients from certain countries is not easy for brokers. After FATCA implementation, many banks lost their access to SWIFT system.

 

[Master Yoda]

So as I told you John- there are some warning signs there (No regulation, ECN which I don't really believe and the CC option removal), these are usually a bad signs and you should no wait for the scam maybe. They can be the best broker, however, without regulation is better to not trade.

 

[TradersWay]

We would like to clarify a few things as it seems that there is some confusion/misinformation in this thread that should be cleared up.

My concern is as of February of this year, they have decided to stop using Credit/Debit cards to fund and withdraw. Also, they mysteriously stopped using Bank Wire Transfer as well. As a US client, this is our way to deliver and/or obtain funds.
​

This is not the case. We never stopped accepting credit/debit card deposits. We also have not had any disruption to this service. You can see that Credit/Debit cards is still an option in the Private Office on our website and we have multiple avenues through which to deposit via Credit Debit Card -- through both our standard processing system and through Skrill. In February, we stopped sending withdrawals back through to client cards and have asked that clients withdraw using other methods. All deposits made prior to Febuary 15th can be refunded back to the same card used to deposit, as this change only affects deposits made after February 15th. On this date, we added a notification on our Credit/Debit Cards deposit page that requires clients to acknowledge withdrawals must be made using our other methods.

We have also never stopped processing wire transfer withdrawals at all while wire transfer deposits are temporarily unavailable for specific countries at the moment.

"Try our bitcoin option, we will transfer your bitcoin wallet purchase to ours and when we convert it back to currency at our rates, we will deposit your money. Same went for withdrawal of funds. Is TW in control of their money flow? Are our accounts not segregated? Is this a way for them to remove the liability of funds?
​

We segregate client funds from our own corporate funds. We keep client funds in a separate bank account.

Broker or any company that does not have regular bank account is a big fat warning sign that something is drastically wrong.​

We do indeed have other regular bank accounts, we just do not accept wire deposits into them.

My concern now is for future deposits and withdrawals. I don't like the Bitcoin option.​

This was just one of the options we suggested to you. To reiterate your options (assuming you are from the United States)

1) Skrill -- deposit/withdraw
2) Credit/Debit Card - deposit
3) Payza - deposit/withdraw
4) Wire Transfer - withdraw
5) Bitcoin - deposit/withdraw

It just shows that accepting clients from certain countries is not easy for brokers. After FATCA implementation, many banks lost their access to SWIFT system.
​

Thank you for acknowledging this, as there are many nuances involved in accepting clients from various countries that FX brokers must overcome.

We would like to state one more time that we never put clients in a situation where they cannot otherwise retrieve their funds. We put a lot of time into any situations that arise for those who are having trouble withdrawing using our systems. We do not simply leave them on their own to toil with payment processing issues -- this is an issue that the broker must also work to overcome with the client. Effective communication and honesty is the key; everything falls into place thereafter.

We would also like to point you toward the reviews on our ForexPeaceArmy page specifically the one made by US resident T.A. Brown on March 15, 2015. This client deposited a small amount into his account last year and recently made several large withdrawals, including one for $150,000 via wire transfer. There are no issues with sending out wire transfers to any of our clients.

Thank you for your understanding and consideration. We are always working hard to give everyone flexibility in their payment options and hope to continue to improve on them as we move forward.