Hugosway is an offshore broker that provides secure ECN trading of forex and CFDs on the MT4 platforms. It is an unregulated broker but provides brokerage services to clients from all over the world including USA and Canada. You can commence trading with as little as $10 and trade on the popular MT4 platforms on the web, desktop, or mobile apps.
Perhaps, you are not satisfied with Hugosway brokerage and desire the services of other brokers that qualify as alternatives to Hugosway. That means, the broker is located offshore, offers the MT4 platform, high leverage, etc. If so, you are in the right place because, in this article, we will explore other brokers who operate at the same level and offer similar services to those of Hugosway.
Hugosway At a Glance
Hugosway is an online broker that enables traders to speculate on the prices of forex and CFDs. On its MT4 platforms, you can trade more than 150 instruments comprising forex, commodities, cryptos, indices, and stocks CFDs. If you reach out to the support team, they are available 24/7 via web chats and email. You can also schedule a ‘callback’.
Trading accounts can be opened in several currencies and funded via Bitcoin, Instacoins, or PayRedeem eCards. At least $10 is required to open a real account but maximum leverage of 1:500 is available. Spreads are low; starting from 0.4 pips up to 1.2 pips and a commission of $5 is charged per lot.
Top 7 Hugosway Alternatives for 2024
| Image | Product | Features | Price |
|---|---|---|---|
Hugosway Features  |
| Learn More | |
Kot4x Features  |
| Learn More | |
Best Overall  |
| Learn More | |
ProsperityFX Features  |
| Learn More | |
LQDFX Features  |
| Learn More | |
Eaglefx Features  |
| Learn More | |
OspreyFX Features  |
| Learn More |
Kot4x
Kot4x is a global broker that provides traders with platforms to trade over 250 forex, cryptos, indices, and stocks CFD assets. Though unregulated, the broker offers ECN/STP trading on the MT4 platforms; mobile, web, and windows desktop. Trade execution is fast and the max leverage is 1:500.
You can start trading with $10 on the mini account with typical spreads of 1.0 pip and a commission of $1 per lot. But Kot4x recommends opening the Pro account with $500 to trade spreads from 0.4 pips and pay commissions of $7 per lot. Accounts can be funded with BTC, LTC, USDT, XRP, ETH, DOGE, and credit/debit cards.
Expert traders can partake in the ‘funding account’ promotion and get up to $200,000 in trading funds and earn up to 80% of their weekly profits. Investors can also take advantage of Kot4x PAMM accounts.
LQDFX
LQDFX is a forex broker that offers over 100 forex and CFD instruments for trading on the MT4 platform. Though its headquarters is in the Marshall Islands, the broker is registered in St. Vincent and the Grenadines. It operates the STP execution model with no dealing desk, no requotes, and no conflict of interest.
Only $20 is required to start trading. Deposits can be made via debit cards, and crypto coins like BTC, XRP, LTC, USDT, BCH, Confirmo, or PayRedeem eCards. Multiple account types are offered; you can choose to pay via spreads or commissions. Micro accounts and swap-free accounts are also available.
ECN and VIP account holders have access to trade raw spreads starting from 0.1 pips while paying competitive commissions from $2.5 per lot. Investors can open PAMM accounts and watch their capitals grow as it is managed by expert traders. Beginner traders are provided with over 30 training videos as well as unlimited demo accounts.
Prosperity4x
Prosperity4x is a forex and CFD broker that was founded in St. Vincent and the Grenadines in 2020. The broker states that it offers ECN/STP trading of over 200 instruments on the MT4 platforms. Mini accounts can be opened for only $25 while standard accounts require $50. PRO accounts require $500 but spreads start from 0.4 pips at a commission of $8 per lot. The max leverage is 1:500.
You can make direct deposits with BTC, ETH, XRP, DOGE, USDT, etc. But credit/debit cards and bank transfers are via third-party platforms. Any investor can open a PAMM account, choose a manager and enable the manager to trade on his behalf. Customer care is available 24/7.
Eaglefx
EagleFX is a forex and CFD broker that was registered in the Commonwealth of Dominica in 2019. It offers hundreds of trading instruments on the MT4 platforms. The broker promises institutional-grade liquidity, STP execution, and lightning-speed executions. Over 160 assets in forex, cryptos, commodities, indices, and stocks CFDs are available for trading.
You can deposit and withdraw funds directly through Bitcoin. Instacoins enable other deposit options like bank transfers and credit/debit cards. All clients are assigned wallets in USD, EUR, GBP, and BTC. The maximum leverage available is 1:500 while spreads start from 0.1 pips with a commission of $6. EagleFX has a support desk that is constantly available 24/7.
Hankotrade
Hankotrade is a broker that offers ECN trading with no dealing desk. Registered in St. Vincent and the Grenadines in 2019, the broker offers more than 70 tradable assets in forex, indices, commodities, and cryptos. It also allows all trading styles including scalping, hedging, and use of forex robots.
The available account types are STP, ECN, and ECN plus accounts. STP accounts offer competitive spreads from 0.7 pips with no commissions while ECN plus accounts are charged commissions of $2 per round lot, but $1,000 is required to open the account. Risk-free demo accounts as well as swap-free Islamic accounts are also available. Accounts can be funded via BTC and ETH.
In addition to its maximum leverage of 1:500, traders can boost their trading capital by taking advantage of the 100% bonus promo. Just deposit at least $100 to qualify; it is capped at $25,000. Managers and investors are welcome to partake in the MAMM/PAMM account.
FxChoice
FXChoice is a forex and CFD broker that enables the trading of forex, commodities, crypto CFDs, indices, and stocks CFDs on its MT4 and MT5 platforms. Founded in 2010 in Belize, the broker is authorized and regulated by the International Financial Services Commission (IFSC) of Belize. Clients’ funds are segregated and negative balance protection is activated on all accounts.
There are over 20 deposit methods accepted by FXChoice. You can make deposits in cryptos like BTC, BCH, LTC, ETH, USDT, XRP, etc. Instant deposits via Visa and MasterCards are accepted. E-wallets like Skrill, Neteller, Perfect Money, SticPay, FasaPay, AstroPay, etc are also accepted. PayRedeem eCards can also be used for deposits and withdrawals. The minimum deposit is $100 or its equivalent in other currencies and the maximum leverage is 1:200.
FXChoice has partnered with ZuluTrade; a renowned social trading platform, to enable its clients to automatically replicate the strategies of chosen expert traders and make profits. Also, the broker has fully integrated Myfxbook’s AutoTrade so that interested clients can link their accounts to participate in social trading powered by AutoTrade.
Free VPS is provided for traders who maintain a balance of $3,000 and trade at least 5 lots per month. Clients can get up to 65% bonus on crypto deposits, up to 50% welcome bonus, and a $25 bonus when they refer a client and he makes a $100 deposit. MAM accounts can be opened by expert traders to trade with funds pooled together by their clients.
Ospreyfx
OspreyFX is a relatively new broker that has come with powerful platforms, speedy STP executions, and a responsive client support desk. The brokerage was established in 2019 in St. Vincent and the Grenadines. Registered traders can speculate on the prices of over 120 forex, cryptos, indices, commodities, and stocks on the MetaTrader platforms; MT4 and MT5.
Cryptos like BTC, ETH, USDT, and XRP are accepted as direct deposits. Third-party platforms like Instacoins and PayRedeem are used to receive other payments like bank transfers, e-wallets, and credit/debit cards. Withdrawals are typically processed on the same day and can be received through BTC or PayRedeem.
$50 is the minimum deposit required to open an account and the max leverage is 1:500. Multiple account types are available depending on the platform. Beginners can take advantage of the education section which has more than 40 articles.
Frequently Asked Questions (FAQs)
What are the alternative regulated brokers of Hugosway?
FxChoice is a regulated broker that does much better in several areas when compared to Hugosway. It is an experienced broker that has been in operations for over a decade. The broker has multiple payment options, social trading, free VPS, a 100% bonus, etc. Traders can choose between the MT4 and MT5 trading platforms.
Which broker is the cheapest?
What makes forex or CFD trading cheap depends on the spreads or commission charged by the broker. If you have an account that is charged by the spread, it may widen in times of volatility except if the spreads are fixed. For ECN brokers, commissions are charged based on traded volumes. Hankotrade’s ECN plus accounts charge one of the cheapest commissions of $1 per lot per side. The only snag is that you need $1,000 to open this ECN plus account.
Which broker is good for beginners?
Beginner traders often need brokers that help with training, demo accounts and micro accounts before they start live trading. LQDFX has all these features; it has more than 35 video lessons to help newbies. They can then progress to demo accounts and later move to micro accounts to have a feel of what live trading looks like. OspreyFX also has lots of articles to help introduce trading to beginners.
Final Impression
Many brokers can serve as an alternative to Hugosway. It all boils down to the trader’s preferences. For newbies who need training; LQDFX, OspreyFX, and FXChoice have lots of training resources. Investors can take advantage of social trading or PAMM accounts with FXChoice, Prosperity4x, Kot4x, LQDFX, and Hankotrade. If you prefer tradelocker apps and wish to continue with the platform, then any of OspreyFX and KOT4x should be your choice.
No matter the broker you choose, know that forex trading comes with a high risk of losing your capital. This risk becomes higher if you decide to trade with an unregulated broker.