This review is meant to guide Indian forex traders interested in TradersWay to help them decide whether they should use it or not as a gateway to forex trading and make profits through hard work, experience, and good planning. TradersWay is a forex broker based in the Republic of Dominica. There are no physical addresses available for this broker, but they have a detailed official website with a lot of background information. It is one of those online forex brokerage companies that do not fail to attract new customers. If you are asking yourself, can I trade forex using TradersWay in India, then this TradersWay India review can help you find an answer and also help you decide whether you should or not.
TradersWay executes client orders using an ECN/STP model and operates as an NDD i.e., a No Dealing Desk broker. Though much circulating feedback regarding TradersWay is less than satisfactory for Indian traders who wish to use it as an offshore broker.
Legality
TradersWay is a fairly new forex broker. The official domicile www.TradersWay.com got listed on January 3, 2020. As TradersWay holds an offshore license and is based outside of India, local investors would not be able to trade with TradersWay legally. The company behind this forex broker is called TW Corp. which is registered and licensed as a business for the past 10 years in Dominica. This means that the company is only authorized under Dominican laws. Indian traders who are new to forex should be careful and apply safety measures before associating with an offshore broker. Before signing up with any forex broker online, find its legal details at SEBI to avoid scams.
Regulatory Concerns
When it comes to forex brokers, regulation is synonymous with security provided to their clients. Indian forex traders are always concerned to know whether a broker is completely regulated or not, to ensure the safety of their funds. The risks of dealing with an unregulated forex broker are far-reaching and serious. Details of this business being regulated are not available at the moment. Although it is suitable for traders based in business-friendly jurisdictions, there is no independent verification available that says Indian forex traders are welcomed.
Tradable markets available
In addition to providing the “best” conditions for trading forex, this broker suggests that its clients can trade 4 different types of markets using its trading platform. These markets are:
- Forex
- Metals
- Energies
- Cryptocurrencies
It also provides high accuracy in prices without any restriction on the trading opportunities for its users. It is also important to note that its ECN account only allows forex and metals as tradable markets.
Minimum Deposit
There are no limitations to the minimum deposit when it comes to this trading platform, but professionals would advise you not to partake in high leveraged trading with an insufficient amount of funds in your trading account. For the TradersWay ECN account, all new sign-ups are asked to deposit a minimum of $10 to begin trading with the minimum order size that equals 1 micro lot.
Spreads and Costs
The technical expertise allows this broker to offer competitively low spreads on any trading account chosen by users. Prices shared on the platform are often transparent, which suggests that the quotations of this broker are one of the most accurate and fastest. Its ECN account is said to provide low floating spreads for large assets which are generally preferred by professional forex traders. The maximum leverage available on its standard as well as ECN trading account is up to 1:1000. This broker also markets itself of providing the best margin conditions for traders. If you are thinking, can I trade forex using TradersWay in India? Then you can access their free demo account to clear your doubts regarding this particular forex broker.
Account Types Available
This forex broker offers its clients four different types of trading accounts, details of these accounts and what they have to offer are as follows:
1. MT4.VAR
This is a unique type of trading account on the MetaTrader4 trading platform. Its features make it a combination of some of the best features provided by ECN trading, tight spreads that require no commissions. Traders can open this account with a small initial deposit.
2. MT4.ECN
Currently, there is a special offer ongoing that allows users to open an MT4.ECN account with $10. Forex traders prefer to use the ECN trading scenario because it allows them to directly access the interbank market with the help of the MT4 trading platform.
3. MT5.ECN
This account would provide the same features and benefits as the MT4.ECN but the only difference is that it supports MetaTrader 5 trading platform instead. Professionals consider MT5 as a solid successor to the MT4 trading terminal.
4. CT.ECN
This platform also offers this unique trading account to those who might be interested in using the innovative and best-in-class cTrader trading platform. The cTrader is considered the most user-friendly trading terminal especially developed to enhance STP/ECN trading experience.
Type of Brokerage and Supported Trading Platforms
TradersWay is a part NDD and part STP type broker which allows leveraged trading. It means that traders can manage trade positions worth a lot with a low amount of margin. This broker presents itself as a versatile forex broker with several trading platforms to its clients such as:
- MetaTrader 4
MT4 is a perfect companion for trading popular financial markets such as Forex, CFD, and Futures. Using this trading platform, forex traders can easily analyse the various aspects of tradable instruments on TradersWay.
- Meta Trader 5
This trading platform is known as the most versatile trading platform which is perfect for using multiple assets such as futures and CFDs. MT5 is an upgraded and more useful version that comes with various tools for technical and fundamental analysis.
- MT Mobile Apps
Perfectly compatible with smartphones and tablet PCs, the mobile trading applications available on TradersWay are the best combination of analytical options and graphics display. Using these apps traders can easily keep an eye on the market conditions.
- cTrader
This one is for social trading through an ECN account provided by Treadersway broker to both professional and new traders. cTrader is one of the most user-friendly trading platforms available for accessing markets during forex trading.
- cAlgo
If you are looking for a reliable way for automated trading, then cAlgo is a considerable option. Using this one can build their own easy-to-use automated trading environment and test robots and custom indicators.
- Meta Trader web terminal
The Web Terminal of Meta Trader is one of the most prominently used browser-based trading platforms which has one-click trading charts with several timeframes, analytical objects, and real-time quotations.
- cTrader Web
Another useful web-based trading platform offered by TradersWay to its ECN account holders is cTrader Web. Using cTrader web with a stable internet connection is sufficient to experience its high-speed performance, tons of unique features, transparent pricing.
Some trading tools and applications like MT QuickDeal 2.0, cMirror, MT4 trading signals, FxStat, and FxWire Pro Newsfeed are also available on this platform for trader’s convenience.
Deposit and Withdrawal Timing and Costs
For deposit and withdrawal, the TradersWay platform supports a plethora of payment gateways like:
- Credit/Debit cards via VLoad
- Bank Transfer (via Abra)
- Skrill
- Neteller
- Perfect Money
- FasaPay
- Bitcoin
- Ether
- Litecoin
- Ripple
- USD Coin
- Tether
- TrueUSD
There are a few guidelines regarding deposit/withdrawal using the supported payment channels that all signed-up traders need to follow. Forex traders are required to use only their funds to continue trading. Withdrawals take up to 48 hours to process. There is a conversion fee levied by TradersWay at the rate of 1.5% when currency conversion is required. All of the aforementioned payment systems have a cost fee associated with them.