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.
Do not be fooled by the professional-looking website. Behind the scenes, Loan Way is disorganized and incompetent. I found them after reading several online reviews and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Regular platform improvements|Easy to use platform
Cons: Wait times can be long during peak hours|Charting tools need more indicators
The reporting at Loan Way is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Comprehensive tools|Intuitive for beginners|Automated trading options
Cons: Minor UI glitches occasionally
KYC with Loan Way is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Reliable uptime|Two-factor authentication|Comprehensive tools
Cons: Limited ETF selection|Spreads widen during volatile periods