Broker Cleared Investor’s Profiting Order due to “Wrong Quote”

Exposed broker: Trader's Way

Regulatory status: unregulated

Complainant: anonymous

Cause of complaint: loss due to platform irregularities

The coronavirus epidemic in 2020 has been a “black swan” event in the financial market, tempting many forex investors to try their luck in a time of high market volatility. While it's natural to see both gains and losses in trading, what upsets investors most is not loss, but the failure to pocket expected profits. Recently, an investor exposed the illegal broker Trader's Way to WikiFX, accusing the broker of deleting profitable trading orders with the excuse of “pricing error”.

Event recap

The investor in this case has 5 years of trading experience so far, well-versed in ECN trading with a good grasp of trading strategies. However, trading at the platform Trader's Way turned out to be a flop on his investment path.

According to the investor, all of his profitable positions were invalidated by the platform within just three days due to alleged “pricing error”. On the first day, his account made a profit of US$9,500, but the trading record was inexplicably deleted. This left the investor with only a small balance available for trading the next day, when he made nearly US$13,000 at one point. But again the trading record was erased. Fortunately, the investor kept all relevant trading information such as charts and prices when he traded, thus being able to have a well-grounded debate with the broker. But when investor questioned the broker, the latter explained plainly that the platform experienced “pricing errors” during periods of intense market volatility.

The veteran investor was, of course, not convinced by such an excuse. The event continues to evolve, and the illegal broker, battered by the persistent questioning of investor, no longer tried to justify their practice. WikiFX is still following updates of this event.

Screenshot of the account balance before the investor's trading records were deleted

Broker's explanation

About Trader's Way

According to its official website, Trader's Way was established by a group of financial market professionals. The broker has no minimum requirement for the margin and offers leverage of up to 1: 1000 (this also explains why the investor made profits so quickly). But through investigation, WikiFX found that the broker has suspicious regulatory information.

Conclusion

According to WikiFX App, Trader's Way is currently without valid regulatory status, rated at only 1.77. WikiFX suggests investors to stay away from this unreliable broker.

Up to now, WikiFX App has included profiles of more than 17,000 global forex brokers. If you have any question about a broker's qualification, you may check the broker's profile on WikiFX App. WikiFX has also released the new feature of “Wiki Fair”, a forum where investors can discuss forex trend and expose illegal brokers.