Tradersway Review: Signs That This Broker Is a Fraud

The Tradersway is a long-lasting financial fraud. The company has been on the market since 2017, and its offer looks quite genuine. The website can easily be compared with any of the licensed brokers. 

However TradersWay is an offshore-based broker and is only authorized under Dominica laws. This means that TradersWay lacks serious regulation and safety measures.

Indeed, the Dominica governmental guidelines and compliance with the laws mandates financial sector regulation, yet do not cover the Forex business yet and are rather just a registration of an entity without particular settlement standards that may ensure a safe trading environment.

Because of that. read on this Tradersway broker review to find out more about this investment scam.

License and Safety of Funds at Tradersway

The Tradersway owner is Traders Way FX Ltd, registered in October 2017 in CommonWealth of Dominica. However, this registration means practically nothing to you as a retail trader.

Namely, Dominica doesn’t provide regulation for the forex market. Instead, companies register their business with the FSU, while they must obtain a license in the country of service. 

Hence, the Tradersway regulation should be with the FCA, ASIC, BaFin, CFTC, or any of the Tier 1 authorities.

Upon researching their databases, we found nothing. In fact, worse than nothing. We found a warning stating that The Traders Domain broker solicited investors without appropriate supervision.

A glance at their trading terms confirms this. There’s a leverage limit for retail traders in most Tier 1 jurisdictions. We have a limit of 1:30 in the UK, the EU, and Australia, while the US allows up to 1:50. The Tradersway offers up to 1:1000, violating all regimes.

Tradersway Trade Trading Platform 

Let’s talk about something positive at last. For instance, The Traders Domain trading platform. The company offers both MetaTrader versions, MetaTrader4 and MeatTrader5. 

They’re known as the industry standard due to a large number of features, including social trading and EAs.

While a good platform is half of the job done, it’s not enough. Other offshore brokers, such as 360 Capital Ltd, offer terrific software. And yet, customers were experiencing issues with withdrawals. 

That;s why it’s important to find a good and licensed broker that offers good trading software and good terms.

Account Types Available at Tradersway

Here are the five the Tradersway account types:

• ECN
• Standard
• Islamic
• PAMM
• Mini BTC

The minimum deposit for each is $10. The spread varies based on the account type, but the leverage remains the same. The Islamic account has a higher commission, which is $9 per lot since it has no swaps.

You can use The Traders Domain Demo account. Both MT platforms enable risk-free testing of the system.

However, it’s just bait. Once you register, you provide your broker with your personal information. Then, they can call and pressure you to upgrade to a Live account or otherwise misuse your data.

Tradersway Deposit and Withdrawal 

The minimum deposit for opening an account with Traders Way is $10. Traders Way charges deposit fees depending on the payment method which you use to fund the account.

Traders Way withdrawal fees vary depending on the selected withdrawal payment method. Withdrawal requests are processed within 48 hours on business days.

In regards to the deposit methods, they offer the following one: 

• Visa or Master credit or debit
• Wire transfers 
• Skrill
• Neteller 
• PerfectMoney
• Crypto
• FasaPay

How Does This Scam Operate?

Scam brokers aren’t that original when it comes to putting together the fraud. 

It all starts with naive phone calls from various agents to see if you are open to investing and of course making quite a lot of money by doing so. Even if you say no, they will continue to push you until you agree or until they are certain you will not give them any money. 

In case you have been scammed by this or any other broker claiming to provide legit trading services, getting your money back is possible! There is no need to feel ashamed since this can happen to anyone. We would also be grateful if you can share with us your experience since we can assist you in reporting your scammer to the authorities. 

Tradersway Summary

While we were conducting this Tradersway review, we found that not only are they unregulated but they are also operating offshore. With them, you will allegedly have an opportunity to invest in forex and crypto and many more assets, but in reality, just lose your money along the way. 

It’s well known that fraudulent brokers choose offshore locations since there are no laws they have to follow when it comes to regulations. And as they are based in Dominica, they should at least be regulated by FSU, which they are not.

In conclusion, we advise you to stay away from them since you would be putting yourself and your funds at risk. Remember to always be careful with where you invest your money and don’t forget to read reviews made online.  

FAQs About Tradersway Broker