Loan Way has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Phones: 02 8005 7825 This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: loanway.com.au.
After using Loan Way for about five months, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Tax reports included|Personal attention
Cons: Onboarding videos are outdated|Would like more payment methods
I lost a significant amount because Loan Way did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: No hidden fees|Demo account available
Cons: Nothing significant
After for the past year and a half with Loan Way, I can only describe the experience as death by a thousand cuts. No single issue was catastrophic, but the constant stream of small problems, slow responses, and missing features wore me down until I finally left.
Pros: Customizable dashboard|Tax reports included|Fast support response|Fast execution
Cons: No dark mode on mobile
My withdrawal request from Loan Way has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: API access|Demo account available|Good analytical tools
Cons: Alert system is basic|Charting tools need more indicators
Loan Way advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Great customer service|Quick verification|Regular updates|Market news feed
Cons: Spreads widen during volatile periods|Search feature is basic
The spread at Loan Way is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them when my bank disappointed me and I searched for alternatives and initially thought the platform was good - until I started trading seriously.
Pros: Educational resources|Market news feed
Cons: Inactivity fee applies after 12 months|No live chat on mobile
Do not believe the bonus offer from Loan Way. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited based on a colleague's recommendation and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Fast execution|Excellent charting|Wide product range
Cons: Could offer more webinars
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Loan Way said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Instant funding|Helpful community forum
Cons: Search feature is basic
Loan Way locked my account without warning and demanded documents I had already submitted. for about five months later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Responsive team|Personal attention|Intuitive for beginners
Cons: Limited cryptocurrency options
I had a dispute with Loan Way and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Dedicated account manager|Fast execution|Two-factor authentication
Cons: Limited social trading features