It's been a few years now since I started out in the world of Forex trading and I can say that it's been quite a fun, scary, educational and overall profitable experience so far (thank Goodness!)... My approach to Forex trading has been able to create a track record that's inspired some people around me to develop interest and get into trading Forex. And one of the first things they ask me is who their forex broker should be.
So I decided to write this article as a "home base" that I can refer them to when they ask and hopefully be helpful to other Steemians in the community (I know a few people asked me via chat).
The first thing to keep in mind is that like a newbie coming to the cryptocurrency world, one of the most important questions you have to ask is, "how can I safely participate or transact in this space in the safest and most profitable way possible?" And the answer to that question, whether in Forex or cryptocurrencies, usually lies in the platform that one is using to store their capital and transact.
In the world of Forex trading, your Broker plays the role of the safe and profitable platform to participate in the Foreign Exchange market. And who you choose as your Broker can literally make or break your trading business or career.
So as you can see, it is instrumental that you do your due diligence (like reading this article, along with others in different online communities) before opening a live trading account and depositing your hard earned money with a broker.
All of this being said, let's get into the 5 profitable reasons why I trade Forex with Tradersway:
Reason #1: Honest Money Handling and NO B.S Business Practices
Although I've yet to develop the ability to predict the future, I wouldn't point my family, friends, or fellow steemians to a direction that I've not personally first traveled or have undeniable evidence from a third party that the direction was safe enough to travel down. If you ask me, I think that the safest road to travel down, in any industry, is the road that's laid with the most amount of proven honesty and trust between the guardians of the road and the travelers on the road.
Well, if Forex was a journey (which I believe it is), Tradersway is the safest road that I've personally found for your MONEY to travel on this journey with you. It's kind of like your dog when you fly. We know that you're flying in style but how is your DOG flying? ... I think you get the drift here. Companies can promise you the world over and back but at the end of the day, how do they treat your money when it's time to rake in and cash out your profits???? This is the biggest thing in my opinion.
Believe it or not, just because you had a wonderful trading day raking in profits and crushing the markets doesn't mean that those profits will actually end up in your bank account. I've heard too many stories of blackhole withdrawal requests and deposits pits where hard earned capital and profits go to die and never resurface... Kind of like being locked out of a cryptocurrency exchange account with a nonexistent customer service department ignoring your emails and service requests.
As I've said all along, this is my personal experience and trust me, I would be just as happy to report to you guys the opposite if I had horrible experiences with deposits and withdrawals with the company. But here's their take on reliability and safety:
Our trading platform is based on a well-known and widely accepted analytical trading system, MetaTrader 4. Over many years this system has proved to be one of the best and has become the Internet standard for the trading industry. The transferred data is protected and is inaccessible to intruders.
Reason #2: Super Low Minimum Deposit Requirement...
While I would not deposit less than $500 into any type of Forex trading account (professional recommendation is $10,000 or more to properly manage risks associated with Forex trading), Tradersway gives retail forex traders like you and me an opportunity to "get in the game" now and apply our acquired skills in forex trading on a live account without risking the farm. How do they achieve this? A minimum deposit requirement that starts from a whopping $10 on their Meta Trader 4 ECN platform! That means that you can open a MICRO lot or 1,000 units of the base currency starting out with $10.
In their own words, Tradersway explains how they are able to offer traders this opportunity:
You may wonder how it is possible to offer such conditions on an ECN account. Let's make some simple calculations for checking. The minimum order size accepted now on interbank market is 0.01 standard lot (1,000 units of base currency). The leverage provided by most of liquidity providers is 1/100 and we increase it up to 1/1000 for accounts with balance less than $1,000 financing the difference using our own funds. If, for example, you want to make a deal of 1,000 EURUSD, your margin should be: EUR 1,000 / 1000 leverage = EUR 1. As you can see your $10 deposit will be enough to open the order and you will even still have some free margin.
Reason #3: Leverage on Steroids (starting from 1:1000)
Since getting into the Forex world, I've yet to come across a broker that offers as much leverage as Tradersway. Leverage is another way of saying that for every dollar you deposit into your live trading account, Tradersway will give you marketplace buying power that applies the current leverage level your account's total deposited balance qualifies for. Starting from 1:1000 leverage for accounts with $1,000 or less balance. For an example of how leverage is calculated, re-read the block quote above.
Why is leverage important?
Simple. It's a double-edge sword that can help you make more money from your trading operations, putting up less money than you would if leverage was not applied. As the block quote above says, look at it like the company financing the rest of your order for you.
Here's another snippet from Tradersway website"
We provide excellent margin trading conditions for all types of accounts. You can enjoy the maximum leverage of 1/1000 both on our Standard accounts and ECN accounts.
Reason #4: Super Tight Spreads and Low Commission
There's no way around it, spreads are an inherent part of Forex trading. But it doesn't have to take a big bite out of your profits or hard earned capital, if you choose the right broker. Of all the reasons why I parked my trading activities with TW, this is one of the most important ones.
Like cryptocurrencies, the Forex world can be a bit of a wild wild west sometimes and you come across so many companies and people making claims about this and that. However, I am speaking from experience, along with experiences of others that I know that switched to TW for one reason or another ... when attesting to the tight-spreads "from 0 pips" claim that the company makes. Their website says this about spreads:
Our technical possibilities and access to liquidity allow us to establish minimum spreads for trading on any account. We understand the needs of traders and offer accounts with fixed spreads or with floating spreads.
Low commissions
There's an adage that says, "It's not what you make, but what you keep that matters." I couldn't agree anymore with this adage and I do my best to live by it in every way possible, including Forex trading. Think about it: if you were getting ready to sell your house and you met with three different brokers that promised to do a fantastic job taking your house to market and get it sold in no time but their commissions were 4%, 6%, or 9% respectively ... which of these brokers would you hire (with everything the same)? If you said 4%, it would be safe to say that you're the kind of person that likes to keep more of what you make and that is perfectly healthy!
So for my buddies that keep asking me about commissions in Forex trading and others that are wondering, Tradersway offers the lowest commissions that I've experienced and heard from those that I know that actually trade live accounts.
Again, here's what TW has to say about their commissions:
Our trade commissions are very low and apply in different ways. If you trade on a standard or micro account, our commission is already included in the spread and we do not charge any other fees.
Reason #5: Transparent, What You See Is What You Get Pricing
There's really nothing like doing business with someone knowing that all the cards are on the table. No games, no gimmicks. To think about it, my experience with TW has been something like transacting with someone in the cryptocurrencies world because all transaction fees are disclosed right there and then before you make a move. No hidden fees or move-door back-ally price automatic price increases or under-the-table "technical difficulties." What you see, is what you get.
From my experience with the company, I think that a big part of why Tradersway operates with such high levels of transparency is found in their team. They are very knowledgeable about the markets, very well equipped with advanced technology and financially fortified as I've never experienced a hiccup with my deposits and withdrawals.
On top of these foundation oriented strengths that I've experienced, day to day interactions with the team at TW points to a consistent philosophy or theme that shines through their interactions -- in it for the long haul...
There's been numerous times where I thought something went wrong on their side of the platform and it turned out that I was approaching the situation from an in-congruent way but they showed a lot of patience and led with facts in helping me trouble shoot or find the solution to the issue without making me feel awkward.
Here's Tradersway's thoughts on transparent prices:
Our quotations are some of the most precise and fastest on the market. We receive them directly from many sources of liquidity.
Beyond all of the technical and financial stuff, I find that on top of continuously learning and improving your trading skills, it is little things like patience, due diligence, swift and accurate response to customer service needs, and just being consistent and transparent that ultimately matters the most when dealing with a Forex Broker.
So if you've been trading and crushing your Demo account and feel that you are ready to jump into the world of Forex trading, I would highly recommend adding Tradersway to your Brokers research list because they really are the best in the game in my opinion and I'm sure as you continue your due diligence, you'll come across many other experienced traders on multiple platforms like this, that feel the same way about Tradersway as I do, after being a client of theirs for a while.
A few key disclosure points
- Forex Trading is VERY risky and profitable at the same time and can result in total loss of your capital so consult your financial advisor before investing your funds.
- I am currently a client of TW as of early 2016 and this, along with my discussions with fellow traders that use TW or switched to TW from other broker, serves as my source for this article
- I am an officially authorized independent Introducing Broker (IB) for Tradersway based on my track record and relationship with the company. This also means that while I do not directly speak for them (as I am just introducing you to them), I can still answer your questions that you may have if you post them in the comment box below.
- I am in no way, shape or form advising or offering you any sorts of investment advice or products... Simply introducing you to one unique Forex broker option out of too many that's available today. At the end of the day, you have to do your homework on Tradersway and others and if you come to the same conclusion as I did, then tell them that Ebo sent you over! :-)
Thanks for reading this article and feel free to share it with any friends or family that's been looking for an honest, reliable and trustworthy Broker to get into the Forex trading game with. Again, feel free to ask any questions below and I'll do my best to answer them for you.