Any broker has the responsibility to act as a link between the market and the customer. The broker tradersway fails the responsibility with flying colours the broker gives very little information on its website, indicating that it is a scam broker. The broker also provides very little information on the account types and no database at all in providing for the education sector from the broker’s end. Let us read about this broker in detail.
Tradersway education and resources:
The broker fails to provide any relatable information in terms of its educational material. The broker asks the trader if he or she is new to the market, and if yes, then the broker starts promoting CFD and forex trading. We can not focus on this anymore, but forex and CFDs are both risky trading instruments, and when forex pairs are traded via CFDs, only one wrong trade can bring the trader on his knees.
The only section that slightly resembles the education and resources section is the “new to the market “ section. Also, this section does not talk about what skills a trader would need tp to be a successful trader. The headings have been giving a very small introduction that any tom dick and harry broker could have done. Traders way fails to attract brokers based on their educational material. The broker asks the traders to register to have access to useless webinars and economic calendars.
The website fails to provide any information about its origins and tells its readers that it was established by “ a group of professionals”. Who are these people, and why are they being kept anonymous?.
The broker also claims that these people had an aim to create hassle-free trading. If the supposed group of people was so much into making the world a better place, why are they themselves not coming in front of the firm?
The broker has less than five tradable assets that comprise of forex, cryptocurrencies and metals. Each link with the respective name of the instrument redirects to a more informative page placed there so that the user can learn the good things about the instrument.
An ideal broker should tell the traders that the instruments and the respective market can be risky, and trading should be done carefully. Instead, the broker Tradersway makes sure that all the trader is ever exposed to, is the good parts about something.
Apart from this, the broker also fails to mention the nuances of the tradable asset that is being traded. When the trader looks at cryptocurrencies, the broker starts talking about blockchains. We think that more important information can be that BT is a perfect thing to trade in and how it fluctuates every second.
The broker offers four chief trading accounts to its users and makes sure that the user is astounded by its looks. The brokerage firm disappoints in providing any relevant information about each account on the home page but does not forget to mention that it charges spreads and commissions.
The broker clearly mentions the trading platforms related to each account but omits the presence of any kind of leverage that can occur. Brokers charge leverage and possibly increase room for it so that the novice trader can fall prey to such schemes.
The broker provides the users with two major trading platforms, the MT4 and MT5. the platforms are supposedly equipped with a better tool that the broker claims to have designed from scratch. An older version of a platform is not suited for any trader because such versions skip real indicators that can decide a trade’s fate. And secondly, any tool that is indigenously developed by a broker and at the same time is claimed to be of use, is of no use in general.
The platforms have to be regularly updated, and newer ones are given that space. The broker tradersway clearly forgets that MT$ is an older version and, a newer plus better version is already out on the streets for the people to use.
The broker fails to produce any proof of its regulation and adds a private office address. This can be seen as a clear violation of rules. The first time visitor has no idea where to look for regulations section, and the broker has hidden it pretty well. No license number, no regulation body, not offshore regulation. No such term is seen by the user when they visit the broker for the first time. An unregulated broker can be a subject of numerous internal information trading instances, money laundering, fraudulent claims, and god knows what else. The traders should be out on a watch for such brokers and move from their way, as such unregulated brokers are general scam and rob the people for the money they have.
The liquidity game:
The broker claims that it is not a non-dealing desk broker. This simply means that there is a third party involved in the money-making part. These liquidity providers move the markets at their will, and the traders are in no situation of making money in their presence. The brokers, on the other hand, start acting as the personal brokers for these liquidity providers, such brokers should be avoided at all costs.
Deposits and withdrawals:
The broker fails to provide any information about the execution time an order will take, disregarding whether it is a deposit or a withdrawal. By the face of it, we predict that withdrawals will either not happen or take a lot more time than they should. The broker also does not let the traders know what third parties are involved in payments. Generally, a gateway provider is kept in the loop, but the broker fails to prove any such body’s presence.
Tradersway final call:
The broker is a complete scam, and none of the traders should get involved with them. The website is full of pop-ups, and the user is bound to get confused while moving around it.
We recommend our traders to move their business elsewhere. A reliable broker is a link between profits and the trader. Brokers like HFTrading, TradeATF to name a few, have been I the game for so long that it has started dissolving with them. The serenity of the brokers, the whole idea that they have for the traders, is on a different level.