TradersWay Review On A Decade Long Scam Project

by admin

TradersWay website sure seems informative and friendly at a glance. There’s several prestigious trading software offered, deposit bonus, active customer service and attractive trading conditions. And that’s all nice and peachy. Until you start wondering: ‘’Where’s the license to confirm all this?’’ 

The answer to that question is disturbing. TradersWay doesn’t own a trading certificate that would allow them to offer their services to anyone. TW Corp is an offshore firm without a license and several warnings on them. You can read all about it in our TradersWay review.

Broker’s location is always a good starting point. TradersWay claims to be registered in Dominica and owned by TW Corp. Local regulator that TradersWay could have obtained a license from is the Financial Services Unit – FSU.

Although a lower tier regulator with more loose standards, FSU still diligently supervises brokers and updates their database of regulated entities. A quick search gave back no results – TradersWay is not licensed by FSU.

Since the website doesn’t even discuss their regulatory status, we had to investigate on our own. What better way to do this than comb through the registers of Tier 1 regulators. The information we gathered doesn’t speak well of TradersWay. 

Either way, we have to remind our faithful audience why Tier 1 license matters so much. If TradersWay was blacklisted by EU regulators, it means they offer their services there. Unlicensed, however. That means TradersWay doesn’t protect the funds’ safety and clients’ privacy through segregation of capital through separate bank accounts. 

Moreover, TradersWay offers a sky-high leverage of 1:1000, while the EEA traders can only trade with exposure of maximum 1:30. And that works only with the negative balance protection. Which TradersWay, of course, doesn’t provide. Just to push you into big and risky investments to make you lose quicker. 

ESMA is another regulator, which propagates transparency and AML measures obligatory for every EU broker through MiFID. TradersWay doesn’t abide by these rules either.  

The research and conditions comparison clearly points out the fact that TradersWay is in no way regulated, certified or supervised in their market activities and dealing in securities. 

There’s no bigger evidence of fraud than a warning. When a leading financial institution blacklists a broker, just know they’re doing something horribly wrong. This is exactly the case with TradersWay too. Two EU and one Asian regulator have alerted the public about their illegal activities. 

Here are the warnings, so be sure to read them entirely:

TradersWay first set their digital footprint back in 2010. Since then, more than a decade has passed. The broker has, in the meantime, targeted a huge number of countries and traders. Despite the warnings and blacklisting, TradersWay is still very much active. The highest level of activity is recorded in the following areas:

The opinions of traders on TradersWay service are very divided. Although some are very positive, others are filled with despair and disappointment. The biggest issue with customer satisfaction seems to be the withdrawal procedure. Take a look what their ex users say:

Stay away from this UNREGULATED scam broker. Trader’s Way claims to be a true ECN but it is a Market Maker in disguise.

Traders’s Way made me lose around 400 USD on 26th of June 2019 on a single trade. Just to make me in loss as they placed a losing order without my knowledge, so that they don’t let me be inf profit.

Yesterday I took several of winning trades and my balance account was around 5000 $ with my profit secure, so I was satisfy and decided to go to bed and rest. When I woke up this morning I noticed my balance is only around 1300 $.

Probably the only positive side to the entire TradersWay scam structure are the trading platforms provided. Alas, due to the lack of licensing and supervision, even trading on state-of-the-art software is fruitless. The whole trading environment is entirely artificial and controlled by the fraudster. 

Either way, these are the trading distributions offered:

All three platforms represent the most advanced sets of trading tools and features. The reliability, speed and richness in options of these platforms is unparalleled. But, as we already stated with grief, it’s all for naught if the broker is not properly regulated. 

TradersWay lures victims in various ways. From tireless messages on social networks, to persisting calls and unsolicited emails. Boiler room agents eventually manage to get at least a percentage of targets to sign up. 

Led by the false promises about winning huge amounts of money, unsuspecting novice traders start pouring cash into the money-eating machine. All that while trading in a perfectly controlled environment, where you could never make real profit. 

Most commonly, after 3 or 4 months of extortion, traders start suspecting the legitimacy of the scheme and ask for payouts. Sadly, the previously friendly agent may either bail out on them. Or force them to go through hell of paying additional fees and whatnot, only to be denied their deposit and accumulated profit altogether. 

What is most commonly offered as a trading instrument is what you can mainly find at TradersWay. The choice of instruments differs in accordance to the account type chosen. But we wouldn’t characterize TradersWay offers as vast or rich. 

Generally, the available instrument classes are as follows:

TradersWay also falls under the same class. While they brag about offering tight spreads averaging at 0.0 pips, they also claim trades include very low or zero commission. This is simply impossible. Even the most amateur of all traders knows this. However, TradersWay, nonetheless, desperately tries to entrap traders in their jaws. Such trading conditions that sound entirely unrealistic are just one of the methods. 

TradersWay has several account types among which you can choose. Depending on the trading platform you prefer, the packages available can be:

As evident, the minimum deposit requirement for each account option is the same – $10. The spreads vary from 0.0 pips to 0.7 pips as minimum. However, as expected from a suspicious brokerage, TradersWay isn’t clear on the commission they charge. We’ve already discussed the problem with non-transparent trading costs and conditions in this review. So be cautious with seemingly attractive account attributes. 

TradersWay allows new customers to test the trading conditions and try out how the platforms work through a Demo account. After registering as a new user, we downloaded MT4 and it gave us the ability to trade. The maximum leverage to pick is 1:1000 and the free margin is $50 000. 

Although convenient for practicing, always take Demo trading with a grain of salt. This artificial environment is purposely altered so it’s beneficial for investors. TradersWay gathers new customers quicker.

TradersWay withdrawal is wrapped in secrets. There’s no withdrawal policy on the site among the other scarce legal docs. We couldn’t examine the exact conditions and how the fees occur. 

Not in the least surprising, this is what usually happens with every other fraudulent website. Perhaps the user area would be more informative, but since we didn’t make a deposit, we couldn’t access it. Either way, this information should be laid out for everyone to see.

As the trader complaints prove it, TradersWay has issues processing withdrawals. They’re either extorting money through unreasonably high fees or demanding additional documentation from users to provide.

As frightening as the loss may feel at first, please do not resort to panic and despair. There’s a solution to every problem, including the seemingly unsolvable situations, even such as being scammed. 

Our team is here for you, any time of day or week. Simply use the Online Chat feature and you will be soon connected to a diligent agent that will provide you with free advice. Again, our first consultations are free of charge. 

The single purpose here is to bring the swindler to justice. And what better way to do it but by helping the victims and spreading the word so the potential victims are aware and able to avoid scam.

No kind of brokerage is trustworthy without a proper license for their conduct. TradersWay is not a site you can trust with your funds. But if you’ve already been tricked into investing with this con, do contact us for help as soon as you can.

Currently, TradersWay doesn’t have any promotional activity going on except for the 100% deposit bonus.

The broker doesn’t have their own app, but using MT4, MT5, and cTrader on mobile devices is allowed.

No kind of brokerage is trustworthy without a proper license for their conduct. TradersWay is not a site you can trust with your funds. But if you’ve already been tricked into investing with this con, do contact us for help as soon as you can.

Currently, TradersWay doesn’t have any promotional activity going on except for the 100% deposit bonus.

The broker doesn’t have their own app, but using MT4, MT5, and cTrader on mobile devices is allowed.

The post TradersWay Review On A Decade Long Scam Project appeared first on Global Fraud Protection.


Related Posts

Leave a Comment