Trading the forex market isn’t for everyone. You might not consider currency trading thebest way to invest because of the volatility and leverage risks involved.
Most traders want to operate through a safe, well-regulated broker that fits their other trading requirements. We’ll compare two online forex brokers --FOREX.com and Trader’s Way -- to help determine thebest online brokerage for you.
FOREX.com vs. Trader's Way: Overview
Who’s FOREX.com For?
FOREX.com works no matter your skill level. If you’re based in the United States, FOREX.com is great if you want a U.S. regulated broker, and are fine with their lower maximum leverage ratios and higher minimum deposit.
In addition, FOREX.com features good customer service and a wealth of educational material and market research. You can get additional information about FOREX.com from ourFOREX.com review.
Who’s Trader’s Way For?
Trader’s Way is best if you’re an advanced trader who wants to start with a low minimum deposit and use high leverage — as long as you’re unconcerned about the broker’s unregulated status.
What FOREX.com Offers
In addition to the MetaTrader 4 web and desktop versions, FOREX.com offers clients its proprietary Advanced Trading Platform. This software features customizable workspaces, professional analytic tools, integrated trading strategies, and advanced charting features.
FOREX.com also lets clients trade through third-party platforms from NinjaTrader, Tradeable, and TradingView.
Advanced trading platforms, client webinars, and educational tutorials make FOREX.com ideal for traders with less experience and more seasoned traders.
Another of the broker’s big advantages is its execution time, considered one of the best in the industry. FOREX.com achieved an average execution speed of 0.05 seconds on 99.85% of all trades.
What Trader’s Way Offers
Trading platforms make up another selling point for Trader’s Way. The broker offers MetaTrader 5 as well as MT4.ECN and MT5.ECN accounts designed specifically for ECN trading.
Other trading platforms available through Trader’s Way are cTrader, its automated trading complement, cAlgo, cTrader’s copy trading platform, cMirror and cTrader’s mobile, and web-based trading platforms.
The broker has also recently partnered with FxStat, Myfxbook, and MetaQuotes to offer clients state-of-the-art copy and automated trading platforms.
In addition, Trader’s Way offers a VPS hosting service to ensure that your expert advisors, scripts and other indicators run smoothly connected to the Trader’s Way main server.
Bottom Line
FOREX.com’s proprietary Advanced Trading Platform and MT4 platforms can offer you some of the best trading platforms available. Trader’s Way provides market access via MT4 and MT5, as well as through a variety of other platforms.
FOREX.com vs. Trader's Way: Research Offerings
FOREX.com Offers
Because of FOREX.com’s third-party platform offerings, you can access analysis from prestigious market research firms such as Faraday Research, Autochartist and Recognia.
The Recognia analysis portal displays key support and resistance levels and highlights short-term trading opportunities with pivot points.
FOREX.com’s educational resources include a news feed with the top market news as well as live trading sessions. It also includes 30-minute live webinars presented by FOREX.com’s team of global market analysts that provide market commentary and actionable trading ideas, in addition to live Q&A sessions.
Trader’s Way Offers
In addition to the research provided on the various trading platforms offered, Trader’s Way gives clients the opportunity to participate in daily webinar sessions with Chief Forex Market Strategist Wayne McDonnell, who has traded currencies for 15 years.
The broker’s live webinars cover fundamental events, trader sentiment, support and resistance levels on charts, trade setups and a review of different trading techniques. The webinars also feature a live Q&A session.
Bottom Line
Access to quality third-party research makes FOREX.com the clear choice for research. Also, FOREX.com offers clients a better market overview than the single webinar series by Trader’s Way’s market strategist.
Furthermore, FOREX.com’s research and educational resources seem suitable for novice traders as well as more experienced operators. That does not seem to be the case with Trader’s Way research, which seems geared toward seasoned traders.
FOREX.com vs. Trader's Way: Spreads, Commissions and Fees
Trading fees charged by brokers come in a variety of forms, such as fixed or variable dealing spreads, per trade commissions, overnight rollover fees, deposit and withdrawal fees and even inactive account fees. The sections below compare the various charges these brokers make.
FOREX.com’s Fees
FOREX.com offers only variable dealing spreads that fluctuate depending on market conditions. For example, dealing spreads at FOREX.com can range from 1.5 to 3 pips on EUR/USD and up to 5 pips for GBP/USD, USD/CHF, USD/CAD and NZD/USD.
Spreads on crosses and less common currency pairs can range from 7 pips for EUR/CHF to 12 pips for GBP/JPY.
FOREX.com charges commissions on forex and CFD trading of $5 per standard 100,000 unit lot, in addition to the small variable dealing spread, which is charged at the time the trade is made.
FOREX.com recommends a deposit of 2,500 units of the client’s selected base currency; however, the broker requires a minimum of only 50 units to open an account.
The broker also charges an inactivity fee of $15 for accounts with a balance below $10,000 that have had no activity or open positions for 12 months.
If you hold positions overnight, your account is also subject to a financing/rollover charge which is automatically charged when you hold an overnight position, unless you have a swap-free Islamic account.
Trader’s Way’s Fees
Trader’s Way offers both fixed and variable spreads depending on the type of account you open. Major currency pairs generally have a variable dealing spread that starts at under 3 pips and can be as low as 0.07 pips on EUR/USD.
Fixed spreads start at 2 pips for EUR/USD, 3 pips for GBP/USD and 4 pips for NZD/USD.
While variable spread ECN accounts tend to have more competitive spreads, trades in those accounts are charged a small commission of $2.50 – $3 per lot traded.
The minimum deposit for an ECN account with variable dealing spreads is just $10, and the usual overnight rollover fees apply at Trader’s Way, unless you open a swap-free Islamic account.
Bottom Line
Dealing spreads for both brokers seem competitive compared to other brokers, although Trader’s Way’s fees and dealing spreads are somewhat better than FOREX.com’s, and the broker has a fixed spread option that FOREX.com lacks.
FOREX.com vs. Trader's Way: Security
The security of your deposit is one of the most important elements to take into account when you decide on a broker. Many people have lost considerable amounts of money not just when they trade the market, but also from unscrupulous or unregulated forex brokers.
FOREX.com Offers
FOREX.com segregates all of its client accounts and has oversight from the NFA, CFTC and seven other international regulators. Keep in mind that FOREX.com is the largest forex broker in the United States and maintains strict security measures over all client funds, so your money will remain secure in a FOREX.com account.
Trader’s Way Offers
Trader’s Way claims to segregate its clients’ accounts as well, but its headquarters in the Commonwealth of Dominica means the broker has no oversight and does not need to comply with the rules of any regulatory agency. This fact alone may rule out your use of Trader’s Way.
Bottom Line
If a problem arises with FOREX.com, you have a choice of regulators around the world in the event of a dispute, including in the United States.
In contrast, if you develop a problem with Trader’s Way, as quite a few traders report, your chances of prevailing in any sort of serious dispute would be slim since no regulatory agency oversees its operations.
You would basically have to sue the broker in the Commonwealth of Dominica for legal recourse, which is not a desirable option for most traders.
FOREX.com vs. Trader's Way: Customer Support
Customer support is your personal interface with your broker, and it can make the difference between a competent broker and a great one.
FOREX.com Offers
FOREX.com offers excellent customer service. Its email contact address, U.S. number and international client support lines all provide assistance from 10 a.m. ET on Sunday until 5 p.m. ET on Friday.
An extensive FAQ section on the broker’s website can answer most queries on accounts, deposits and withdrawals, trading platforms and other pertinent information.
Trader’s Way Offers
Trader’s Way offers email, live chat and telephone support during normal market hours from Sunday through Friday. Email support is available over the weekend.
Trader’s Way customer support also features a responsive chat option on its website that, along with its online FAQ page, can answer most questions you might have about your account.
Bottom Line
Both live chat options respond promptly and answer questions thoroughly, although FOREX.com’s number outside of the United States gives the broker the overall advantage in this category for those who want to speak to customer support staff on the phone.
FOREX.com vs. Trader's Way: Tradable Asset Classes
The range of tradable assets a broker offers determines what you can trade. While most short-term traders focus on the more liquid major currency pairs, longer-term traders might wish to establish positions in minor or exotic pairs.
They may also look to other markets like precious metals and commodities.
What FOREX.com Offers
FOREX.com offers a wide range of currency pairs, plus trading in unleveraged gold and silver and futures trading through their subsidiary FuturesOnline.
What Trader’s Way Offers
In addition to forex currency pairs, Trader’s Way allows trading in CFDs on gold and silver, oil and gas. The number of assets you can trade also depends on the type of account you trade through with five different ECN account options to choose from.
Bottom Line
Both brokers have limited options if you want to trade CFDs or a variety of other products than forex. Trader’s Way offers a bit more diversity in its tradable assets, but it does not offer as many currency pairs as FOREX.com.
FOREX.com vs. Trader's Way: Ease of Use
Since time is so important to traders in the fast-moving forex market, speed and ease of use ranks highly among broker trading platforms.
FOREX.com Offers
In addition to the MT4 platform, FOREX.com gives clients the option to use NinjaTrader, Tradeable and TradingView, as well as its own proprietary Advanced Trading Platform for desktop.
Trader’s Way Offers
In addition to the MT4 and MT5 mobile and desktop platforms, Trader’s Way supports cTrader, cAlgo and cMirror trading platforms. The MT5 platform, while it incorporates some improvements, is almost identical to the MT4 platform with the exception that the programs written for each platform differ.
Bottom Line
Because both brokers offer the MetaTrader 4 trading platform, they each give clients a familiar, high-quality and easy-to-use trading platform that has become the standard in the industry and offers fast on-screen trading.
Final Thoughts
FOREX.com appears to be the clear choice if you weigh all of the factors presented above, as the broker provides excellent customer service, reasonably tight dealing spreads and a professional-quality proprietary trading platform.
FOREX.com also offers its clients a well-regulated trading environment that is one of the top considerations when selecting a broker to keep your deposit and any profits as safe as possible.
In contrast, Trader’s Way has basically no regulatory oversight, which makes opening an account risky.
You might be tempted to overlook Trader’s Way’s notable lack of regulation to take advantage of its impressive 1,000:1 maximum leverage ratio compared to FOREX.com’s rather low 50:1 maximum.
Nevertheless, Trader’s Way’s high leverage is only offered on accounts under $100, and leverage on larger accounts decreases in proportion to the amount of money deposited.
Read Again FOREX.com vs. Trader's Way: Which is Best? • Benzinga - Benzinga : https://ift.tt/2J9QBWFBagikan Berita Ini
0 Response to "FOREX.com vs. Trader's Way: Which is Best? Benzinga - Benzinga"
Post a Comment