After creating a trading account with a broker, traders are often confronted with the difficulty of funding the new account. Sometimes, a wrong approach leads to unnecessary delay, excessive charges, payment of conversion fees from one currency to the other, and in some cases, loss of funds. Hugosway has made it easy for its clients to fund their accounts with minimum difficulty.
This article will explore all the deposit options available with Hugosway. We will use a step-to-step approach with illustration to show you exactly how you can fund a new Hugosway account and commence trading.
Hugosway at a Glance
Hugosway is a brokerage brand that allows traders from all over the world to speculate on the prices of financial markets’ instruments like forex, stocks, cryptos, commodities, and indices. The broker offers tight spreads courtesy of its premium liquidity pool, STP executions without requotes, and operates a 24/7 client support desk.
Trading can commence with as low as $10 while high leverage of 1:500 can multiply the trader’s market exposure creating an opportunity for huge profits with very small deposits. The MT4 is the platform offered by MT4; it is a powerful platform that comes with great features for order management, technical analysis, trade automation, social trading, etc.
Hugosway Minimum Deposit
Generally, the least amount required to open a Hugosway live account is $10. However, the payment method used to deposit funds may pose its own restrictions. For example, if you wish to deposit Bitcoins directly to Hugosway, the least amount accepted is $50 worth of Bitcoins.
Hugosway Deposit Methods
Basically, 3 methods can be used to deposit funds with Hugosway; Bitcoin is used for direct deposits while Instacoins and PayRedeem are the third-party partners.
Follow the guide below to fund your Hugosway account:
Bitcoin direct deposits
This is the primary method of deposit and withdrawal in Hugosway. Any new trader can make BTC direct deposits even without KYC verification. This method is for clients that already own Bitcoins in their BTC wallets. The least acceptable amount is $50 or equivalent in other currencies.
Follow the steps below to make Bitcoin deposits:
- Login to your Hugosway account with your email and password. If you have enabled two-factor authentication (2FA), you can log in with the generated code.
- Navigate to ‘Deposit Funds’.
- Under Deposit Type, select ‘Bitcoin’
- Select the wallet where you want the deposit to go and also input an amount that is not less than $50 or its equivalent. Click on ‘Redirect me to the payment page’.
- The payment page displays the Bitcoin address where you can deposit the funds. You can copy it or use your phone to scan the QR code. Note that the BTC address expires after 60 minutes and cannot be used again. So, you must be fast and careful with the payment. Any mistakes with the address may result in permanent loss of your BTC.
Deposit via PayRedeem eCard
This is a convenient method of making online payments anonymously by using eCards issued by PayRedeem. This payment option is only available to verified clients. These eCards can be bought using credit or debit cards, bank transfers, and BTC. Do not forget that PayRedeem eCards expire after 96 hours from the time they are issued.
Follow the steps below to make deposits via PayRedeem eCards:
- Login to the Hugosway account, and choose ‘Deposit funds’.
- Choose ‘PayRedeem’ as the deposit type, select the wallet, choose an amount.
- If you already have a PayRedeem eCard, skip to step 13. But, if not click on ‘Buy an eCard’.
- You will be directed to the PayRedeem website. Create a new account or log in if you already have an account. The PayRedeem dashboard displays.
- Click on “buy eCard” and type ‘Hugosway’ when asked to choose a merchant.
- Select Hugo’s way and click ‘continue’.
- Choose the appropriate card currency by clicking on the ‘switch’ currency button.
- Select the amount or type in a custom value for the card. Click ‘go to checkout’.
- Select a payment option; either a credit/debit card, Bitcoin, bank transfer, etc. BTC payment is free with zero commissions. Bank transfer and debit/credit cards attract a processing fee. In the example below, an ecard of $100 will require a bank transfer of $101.99.
- But, if you choose to pay via BTC, a BTC address will be generated and displayed for you to make the payment within 15 minutes. An alternative payment method may be available to you depending on your country of residence.
- Proceed to make payment. If the payment is successful, you will be able to see your card in the ‘purchased ecard’ section of the PayRedeem dashboard.
Now that you have a PayRedeem eCard, proceed to fund your Hugosway trading account with the eCard. Below are the steps to follow:
- If you have been timed out, Login again to the Hugosway personal area.Click on ‘Deposit Funds’, Select PayRedeem, the appropriate wallet, and input the deposit amount,
- Click on ‘Redirect to payment page’.
- You will be prompted to enter your PayRedeem eCard pin.
- If you correctly enter a valid pin, the funds in the card will be automatically credited to your wallet. A 5% deposit fee is charged.
Deposit via Instacoins
This is a website where you can buy Bitcoins and send it to a BTC wallet of your choice. You can buy the BTC with credit/debit cards, Bank transfer or e-wallets like Skrill or Neteller.
Below are the steps to fund your Hugosway account via Instacoins:
- Login to your account, select Deposit funds and choose ‘Bitcoin via INSTACOINS’ as your deposit type.
- Select a wallet; USD, EUR or GBP and enter an amount of at least $50, €50 or £50. Next, click on ‘Redirect me to payment page’.
- You will be sent an email containing a BTC address and a link to Instacoins website.
- If you already have an account, you can login, if not, create a new account with Instacoins.
- Once the account is created, the BTC address is automatically inputted as the destination of the BTC to be purchased.
- Choose a payment method; Visa card, MasterCard, bank transfer, Skrill, etc. The payment options available to you depend on your country of residence. You may be required to go through the KYC process which requires uploading your government-issued ID card and a utility bill.
- Complete the payment and Instacoins will transfer the BTC to Hugosway and your Hugosway wallet will be credited accordingly.
Every new Hugosway account is automatically assigned 6 wallets with the following account currencies: BTC, USD, EUR, GBP, AUD, and CAD. When making a deposit, you must select one of these wallets to receive the funds. From the wallet, you can transfer funds into the MT4 account of your choice. If you wish to withdraw your profits, you must transfer them to a wallet first, then request a withdrawal from the wallet.
So, deposits can be received in any of the 6 wallet currencies without extra conversion fees from the payment processors. If you are using third-party payment methods, you can make deposits using even more currency options.
Instacoins accepts the following currencies EUR, USD, GBP, AUD, CAD, CHF, NOK, and ZAR for payments. PayRedeem payments are accepted in EUR, USD, JPY, INR, MYR, VND, CLP, BRL, MXN, SGD, PHP, and THB.
Hugosway Deposit Fees
Hugosways states it explicitly that it does not charge deposit fees when your wallet is funded. However, most payment processors charge commissions for their services. For example, when you fund your Hugosway account via eCards from PayRedeem, it is subjected to a fee of 5% of the transaction amount.
Additionally, when you buy PayRedeem cards, you are charged a processing fee depending on the payment method used. Credit or debit card payments are charged a processing fee of 3.99% of the payment amount while bank transfers are charged 1.99%.
Hugosway Deposit Turnaround Time
Making deposits via Instacoins may take 1-6 hours depending on the blockchain confirmations. But Instacoins states clearly that they send the Bitcoins within 10 minutes after receiving the client’s funds.
Generally, you must undergo the KYC verification of uploading your ID and utility bill before all restrictions on PayRedeem and Instacoins are removed so that your deposit process can be seamless.
Deposit Time Method Fees Comparison Table
The table below shows each of the Hugosway deposit methods and the estimated time at which the payment is completed.
|Deposit method||Completion time|
|BTC via Instacoins or PayRedeem||1-6 hours|
|Skrill via Instacoins||1-6 hours|
|Bank transfer via instacoins or PayRedeem||2-5 days|
|Debit/Credit cards via instacoins or PayRedeem||Less than 1 hour.|
Frequently asked Questions (FAQs)
What is the Minimum Deposit of Hugosway?
The minimum deposit is $10, but it is only possible through PayRedeem eCard. The minimum deposit via BTC is $50.
What is the Maximum Deposit of Hugosway?
There is no maximum amount stipulated for BTC deposits.
How long may it take to complete the transaction?
It depends on the method used, the payment processor, or the blockchain network. Typically, it takes less than an hour to complete a BTC transaction but in some cases, it may take up to 3 hours. The slowest method is bank transfer which may take up to 5 business days depending on the banks involved.
The fastest and cheapest way of funding your Hugosway account is by making a direct BTC deposit to the Hugosway BTC wallet. But, if you have no BTC, you can buy it through Instacoins using a credit/debit card, bank transfer, or Skrill. If you want to fund your account with an amount less than $50, then your only choice is to purchase and use ‘PayRedeem eCards’. You can buy eCards and pay with debit/credit cards, bank transfers, or BTC. But processing fees apply when making payments to purchase the eCard and when loading your cards on the Hugosway platform.