Hugosway is an offshore Forex broker based in Seychelles and it was established in 2017. Hugosway is a reputable Forex broker in the Forex market and offers a superb trading experience for Forex traders across the globe. Their good reputation is what has kept them in business since they were established.
They offer many major markets for potential traders to take advantage of, all trading styles and strategies are also allowed which is why most US Canada traders prefer to trade with this offshore Forex broker. Here is a vivid review about Hugosway broker.
Hugosway claims that its liquidity pool is made up of about 50 different banks. The Spreads they provide is aggregated from the different banks to endure clients have the best possible pricing. As a true ECN broker, their clients get to enjoy tight spreads, minimal slippage, and fast execution speed.
Hugosway asserts that they are not market makers as they use the “Straight Through Processing (STP)” execution model to process all clients’ orders.
Hugosway provides a secure ECN trading environment that permits traders to trade exclusively online. They also offer the MetaTrader 4 Forex trading platform, over 50 Forex currency pairs, CFDs, stocks, indices, gold, silver, oil and cryptocurrencies for your trading options and personal investment. Hugosway offers 16 cryptocurrency types and 31 crosses.
All trading styles and strategies are allowed. At Hugosway, traders can trade on institutional grade liquidity from the top investment banks and also from completely transparent dark pool liquidity execution venues. What this means is that you have the opportunity to trade on ultra-tight spreads, starting at 0.0 pips.
|Headquartered In||Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines|
|Broker Status||Independent Broker|
|Telephone Number||You can only request for a call back|
|International Office||Saint Vincent and the Grenadines|
|Account Types||PRO, ECN|
|Free Demo Account||Yes|
|Account Currency||USD,EUR, GBP, AUD,CAD, BTC|
|Stop Out Level||70%|
HUGOSWAY ACCOUNT TYPES
Hugosway provides just one account type which all traders are bound to meet the same requirements with regard to funding, trading, and also experience the same trading conditions within the platform. Most traders opt for a VIP-type account only when they have enough experience in Forex trading. Hugosway uses the MT4 ECN account which supports base currencies such as USD, GBP, EUR, CAD, AUD and Bitcoin.
Hugosway provides their clients with a true ECN connectivity with variable spreads that depends on the market conditions. The Company usually charges a commission of $5.00 for every 1 standard Lot traded and the average spread on EUR/USD is 0.7 pips. The maximum Leverage offered by Hugosway depends on the asset you are trading on.
- For Cryptos it is 1:100
- For Forex and Metals it is 1:500
- For Indices and Energies it is 1:200
- For stocks it is 1:20
HOW TO OPEN A TRADING ACCOUNT
Opening a trading account with Hugosway is very easy. You may open a trading account online from anywhere. You can easily open a trading account by following the steps
Click on the “Login/Signup” Link on the right-hand side of the Hugosway website.
You will be required to fill a form in which you will be asked to provide your First name. Last name, Mobile number, Email ID and Password.
In a situation where you have a referral code, enter the code while creating the account.
Submit the form after which an activation email will be sent to the email you used in registering.
Click on the confirmation email link in the Activation email.
After your account is activated, you will be sent a 6 digit one-time password (OTP), which will be entered after logging into your Hugosway account.
Scalping can be defined as a trading strategy aimed at profiting from minor price changes in a stock’s price. The main objective of scalping for Forex traders is to grab very small amount of pips as they can throughout the busiest times of the day. You can enjoy Scalping on Hugosway.
Hedging simply means strategically limiting probability of loss that maybe incurred. It is a strategy employed by traders to protect their position in a currency pair from an unfavorable move.This is done by buying and selling at the same time or opening opposite direction trade at the same time. Hugosway allows hedging for traders who trade with them.
As seen on the company’s website “we do not recommend any Expert Advisor(EA)/Trading Robot/BOT. We suggest that you do an internet search to find a suitable EA/BOT/Expert advisor/trading robot for your trading needs. As long as it is compatible with MetaTrader 4, you should have no issue. If you manage to set up an EA, you would need to contact the third-party provider if you have any issues with your Expert Advisor (EA)/Trading Robot/BOT
|Trading Instruments||Forex, Metals,Indices, Shares,Stocks,Energies,CFDs, Crypto Currency|
|Expert Advisor ( EA)||Yes|
|Stop and Limit Order||Yes|
LEVERAGE AND MARGIN :
|Leverage and Margin|
|Margin Call (Forex)||100%|
|Stop out level ( Forex)||70%|
Leverage can be defined as the ability to control a large amount of money in the Forex markets. Leverage is being able to control a larger portion of the market with a smaller sized investment. The leverage selected when opening an account is dependent on the amount of risk the trader is willing to partake in.
Hugosway offers a maximum leverage of 1:500 which is the generally accepted maximum leverage a highly reputable broker should offer. Hugosway have also put into consideration those who might want to trade without any leverage can drop their settling down to 1:1, you can also make changes to your leverage setting from your account at any time as long as there are no open trades.
MARGIN CALL/STOP OUT LEVEL
Margin is the amount of money that a trader needs to deposit into his Account to enter into or maintain a contract with a broker under the agreements. Margin requirements are expressed as a percentage of the full amount i.e. 0.5%, 1%, 2%. This percentage can be used to calculate your maximum leverage in your trading account.Hugosway margin call for Forex and cryptocurrencies is 100%. On Hugosway, you can find your margin level on your desktop or mobile MT 4 if you reach 100% you get a margin call and you were not able to open any trades.
If you reach below 70% Margin, A stop out will occur at which MetaTrader 4 will start to close the client’s open positions one by one to prevent further losses that lead to negative balance (below 0 USD).
Your biggest negative trades will be closed automatically to avoid running your account into negative balance. (Check out hugosway.com for info).
SPREADS AND COMMISSIONS :
Hugosway is well known for offering excellent liquidity. Hugosway has relationships with liquidity providers and investment brokers which enables them to offer attractive trading conditions to their clients. It is well known that brokers who charge commission offer the best spreads and as such their Spreads start as a low as 0.0 pips. The average spread for Forex major ranges from 0.6-0.10. Cryptocurrency has a spread ranging from 0.15-800. You can access a full list of Hugosway live spreads here. You would have access to real time spreads on
- FX Majors
- FX Crosses
Trade commission charges are $5 per lot, per trade, which is fairly average. A lot of traders do not consider commission when selecting their choice of broker they concentrate more on the spread cost. It is common to find brokers who offer very low spreads but high commissions, so it is best to bear in mind the combination of both the spread and the commission collectively.
As seen on Hugosway website, you are charged $5 per lot traded. If you opt to trade with a smaller lot size, the commission fee will be adjusted based on the lot size selected. For example, if you decide to place a trade with 0.5 lots, you will be charged $2.50.
|Spread and Commissions|
|Spreads level||Low (e.g.- EUR/USD .03, GBP/USD|
DEPOSIT AND WITHDRAWAL METHOD :
HUGOESWAY DEPOSIT METHOD
Bank wire transfers are widely known to be the safest method of depositing in the Forex world even though other deposit methods offer a faster way to get your funds deposited into your account. Bank wire transfers usually carry a deposit fee of $25 except if the fund being deposited is above $5000. Hugosway accepts these other deposit methods which include: Credit/Debit cards, Skrill, Vload and Bitcoin.
Credit/Debit Card: You can fund your account with either or your credit or debit card which has a minimum of $50 and a maximum of $600 per transaction. It also has a maximum usage limit of 3 transactions per 24 hours and 10 transactions per 30 days
Wire Transfers: Wire transfers allow a minimum of $100 for deposit and no maximum limit.
Bitcoin: Bitcoin is a digital currency which can be easily bought and sold for real money or another electronic currency. Hugosway allows for a minimum deposit of $50 for bitcoins deposit and no maximum limit.
VLoad: VLoad is a quick and efficient funding method that uses vouchers to top up your account easily. Hugosway has a minimum deposit of $10 for VLoad.
Hugosway requires traders to withdraw funds using the same deposit methods. The total amount you fund your account with your credit/debit card is the total amount that is legally allowed to return to that card this is set by anti-money laundering guidelines and then you can take all other profits out using other withdrawal methods.
Withdrawing with Credit/Debit Cards: There are no fees for withdrawing your funds back into your Credit/Debit cards but then additional profits may likely incur withdrawal fees depending in the additional withdrawal method used. The average time this usually takes is 3 to 6 business days.
Bank wire transfers: Hugosway charges a $25 fee for withdrawals through bank wire transfers but there are exceptions if it the withdrawal is above $5000 it is free. Bank wire transfers usually take about 3 to 6 business days.
Bitcoin: Hugosway does not charge any fee for withdrawal through Bitcoin You can withdraw your profits by creating a withdraw request in your account and it will be processed the same day. It usually takes between 1 to 3 hours.
|Deposit and Withdrawal|
|Base Currencies ( Deposit and Withdrawal)||USD, EUR, GBP, CAD, AUD, BTC|
|Deposit Fee||$25 for bank wire transfers|
|Withdrawal fee||$25 for bank wire transfers|
|Deposit Method||Credit/Debit Cards, Wire transfers, Bitcoin and VLoad|
|Withdrawal Method||Credit/Debit Cards, Wire transfers, Bitcoin|
|Deposit time||Depends on deposit methods|
|Withdrawal time||Depends on withdrawal methods|
PLATFORM AND TRADING TOOLS :
METATRADER 4 :
MetaTrader 4 is the world’s most popular trading platform and it was created by the Russian tech firm MetaQuotes Software Inc. The MetaTrader was created and released in 2005 and due to the fact that only a few trading software have the power of the MetaTrader 4 it fast became the forex platform of choice for Forex traders. The MetaTrader 4 is simple and has an easy to use interface coupled with advanced trading tools that most likely will have a huge impact on your trading performance.
The MT4 platform runs on its own programming language called the MQL4 which is quite similar to the programming language C. It could also be merged into almost any brokerage account, allowing users to have access to the platform’s potentials without forcing them to create new accounts.
MOBILE TRADING :
Mobile trading can be defined as the use of wireless technology in securities trading. Mobile trading allows traders to have access to trading platforms from their smartphones rather than using a computer. Such technology allows easier access for smartphone users to actively handle their portfolios even when they are far off from a computer.
Mobile trading apps have helped provide smartphone users access to online trading platforms as they are able to gain access to the performance of the stock market. Every major brokerage has an Android app or Iphone app to allow their customers to trade directly from their mobile devices.
- Features of the MetaTrader 4 Mobile Platform
- Trading from anywhere 24/5
- Complete control over a trading account
- All order types and execution modes
- History of trades
- Interactive symbol charts
- 3 types of charts: bars, Japanese candlesticks and broken line
- 9 timeframes
- 24 analytical objects
- News of financial markets
- Free mobile chat and email.
Web trading can be defined as the use of wired technology in securities trading. Web trading allows traders to have access to trading platforms via their computer either desktop or laptop. It allows you trade Forex from any browser and operating system (Windows, Mac, Linux) with no additional software. You are able to access your account and start trading in just a couple of clicks with an internet connection.
- Features of the MetaTrader 4 Web Platform
- Trading directly via a browser
- Compatibility with any operating system
ONE CLICK TRADING
- History of trading operations
- 30 indicators for technical analysis
- Reliable data protection
- Graphical objects
- All types of trading operations
- Real-time quotes in Market Watch
- 9 timeframes
|Platform and Tools (Trading Terms)|
|Trading Platform||MT4 and WebTrader|
|Precision Pricing||5 Digits|
|On Click Execution||Yes|
|OS Compatibility||MAC, Windows, Android, Apple|
MARKET AND PRODUCTS :
|Market and Products|
ASSETS IN HUGOSWAY
There are several classes of assets for trading on Hugosway and they have also provided fantastic leverage on all instruments. Except for stocks and indices, all markets are live 24/7. Hugosway allows you to trade between ultra-tight pips close to 0 as well as trading with leverage of your choice with as little as $10. The exceptional liquidity of Hugosway remains an important edge for all of its trading instruments.
Forex – Forex is the most traded asset on Hugosway and it has a comprehensive portfolio of fiats and crosses between them. The following major currencies are available for trading: US Dollar, Pounds, Euro, Canadian dollar, New Zealand Dollar, Australian Dollar, Japanese Yen, and Swiss Franc. There are major currency pairs or combinations and also rare pairs such as AUD-NZD, CHF-JPY. Hugosway also offers trading opportunities on exotic currencies such as the Swedish Krona, Norwegian Krone, Russian Ruble, Mexican Peso, Hungarian Forint, and Poland Zloty. They are usually paired with the USD for higher liquidity.
Crypto Currencies – When you talk about cryptocurrency in the Forex trading world, only few brokers offers their clients the opportunity to trade on cryptocurrency and Hugosway is one of them. They offer a big crypto-brokerage brand for trading across 31 different cryptos. BTC (Bitcoin) is the most active among the cryptos traded on Hugosway and there are several popular pairs with BTC.
Indices – There are different popular indices all over the world such as UK100, NAS100, US30, ESP35, JPN225, FRA40, GER30, SPX500 which are available in form of ETFs and are time-bound according to individual market timings. As a trader with Hugosway you have the opportunity to make a choice among these popular indices.
Stocks – Hugosway provides up to 40 times leverage on bracket orders with intraday validity. It also allows you trade with automated strategies with a fast speed on your order execution time. Hugosway has ensured that its traders have access to the stocks of the most traded companies on the global stock markets.
Metals – Hugosway uses the USD as the reference currency while trading in metals and also has a range of the following metals to trade on: Gold, Silver, Platinum, Copper and Palladium.
|Phone Support||Callback option|
|Customer Support Language||English|
|Personal Account Manager||NO|
|Support Response time||Fair response time|
|Customer Support Hours||24/7|
HUGOSWAY CUSTOMER SERVICE / HOGOSWAY SUPPORT
Hugosway offers 24/7 customer support via a live chat and via their email (email@example.com). If a client has questions to ask or feedback as regards services provided, The 24/7 support allows their clients to speak with their experienced and friendly customer service agents throughout the trading week.
The help center also has a frequently based questions (FAQs) which consist of over 60 questions and answers which cover: trading, account management, security. These help resolve customer complaints without having to talk to an agent. The customer service teams are quite helpful and usually willing to give extra information to ensure your complaints or inquiries are properly resolved.
|Education and Research|
|Trading Platform Tutorial||No|
HUGOSWAY EDUCATION AND RESEARCH
Hugosway provides limited complimentary features that traders can utilize to develop trading strategies and manage risk. Hugosway does not offer additional trading tools to enhance your trading experiences such as Social trading tools and Charting packages. Social tools allow you to copy the signals of other successful traders. Charting tools allow for extra analysis and spare you the need to write your own indicators.Hugosway gives you the opportunity to provide these tool yourself if you have any need for it.
Hugosway also provides minimal education and analysis. Hugosway provides FAQ to help guide users on questions they might want answered without having to reach out to customer support. Educational tools help traders to have knowledge on the risk of the financial markets. Education tools include:
Trading seminars. These will usually be web-seminar but some brokers do host conferences
Live educational streams
Videos (sometimes posted on YouTube)
Glossaries of important forex terms
Trading courses (sometimes outsourced to training specialists)
|Safety of Fund|
|Segregated Fund Accounts||Yes|
|Top Tier Regulators||No|
|Negative Balance Protection||Yes|
|Listed on Any Stock Exchange||No|
|Publicly availability of financial information||No|
|Two factor authentication||Yes|
|Risk Management system||Yes|
HUGOSWAY SAFETY OF FUNDS
Hugosway has provided some methods to help secure your funds despite not being regulated they have put into consideration the safety of their client’s funds and the methods include:
Two Factor Authentications: Hugosway has additional security to protect its clients and safeguard their trading account from any unauthorized access to their money and it is called the Two-factor authentication (2FA). This authentication is also required when withdrawing funds from their account. The authentication doesn’t cost a thing and it is stress-free to have it activated and it can also be turned off when not needed anymore. This can be activated via their authenticator app or via text.
Segregated Fund Accounts: Hugosway assures that all funds deposited by their clients are kept separately from the company’s bank account. They keep client funds in segregated accounts using tier-one banking institutions such as Barclays. What this means is that the broker does not have a direct access to your funds they only keep segregated accounting records in their system. This helps them to distinguish between one client’s funds from the other as well as from their own funds.
Know-Your-Customer (KYC): KYC is a due process for the finance industry to help brokers identify who their clients are and the sources of their funds which is internationally recognized. This method helps to prove the integrity of Hugosway in their conduct of business and to help prevent them being used as a channel for money laundering.
Risk Management: It ensures to conduct regularly analysis, monitoring and regulating each type of risk connected with its day to day operations to ensure its ability to cover for all its financial and capital requirements conveniently.
|Low Minimum deposit||Overloaded trading servers|
|Highlycompetitive spreads||Not regulated|
|Convenient deposit and withdrawal process||Lack of restrictions could bring about fraudulent practices|
|Easy and straightforward MetaTrader 4 platform||High commissions|
|Great customer support||Strenuous know your customer process|
|Solid platform for both FX &cryptotrading 24/7||Lack of features|
HUGOSWAY REVIEWS AND REPUTATION
Hugosway is not a regulated broker but it has been exiting based solely on their good reputation over the years. Hugosway has become even more reputable based on the broker offering a wide range of cryptocurrencies to trade with or fund your account. This broker also offers tight spreads, cheap commissions compared to its counterparts. Traders who trade with them also commend them for some of the security measures they have put in place to secure trader’s funds such as KFC, 2FA, SSl etc. They have also provided help guide on how to buy bitcoin.
FREQUENTLY ASKED QUESTIONS
IS HUGOSWAY LEGIT?
Hugosway is a highly reputable and reliable broker that offers good trading conditions including leverage (maximum of 1:500), spreads and low commissions. With a convenient and easy to use mt4 platform and also a fantastic customer service always ready to provide information for your enquiries and profer solutions to technical issues, this broker can be highly recommended to Forex brokers.
WHAT DO I NEED TO OPEN A VERIFIED ACCOUNT?
Making use of all deposit and withdrawal methods available, it is important you must be verified at the age of 18, and able to provide documentation dated within 3 months. You are requested to submit two documents: One proof of address and one form of photo ID, such as utility bill and a picture of your driver’s license front and back.
DOES HUGOSWAY ALLOW SCALPING?
Certainly, Hugosway allows scalping, hedging, and news trading for traders who invest using their platform.
WHAT IS THE MINIMUM DEPOSIT FOR HUGOSWAY?
Hugosway allows traders to get started with a minimum of $10 unlike other brokers who might require $100 minimum deposit. It is important to note that you might have limited trade opportunities if you hugoesway deposit the minimum amount of $10.
IS HUGOSWAY REGULATED?
Hugosway is not regulated but they exist based on their high reputation. According to their website, “Finding the right regulation to satisfy and protect all of our clients can take a lot of time; each regulator has its pros and cons. We are taking the necessary steps and investigating different regulatory jurisdictions to ensure that our clients have the best cover possible and will soon be able to share it with our clients and update our status”.
WHAT COUNTRIES ARE ACCEPTED BY HUGOSWAY?
Hugosway usually accepts clients from most countries with exceptions to some. Although their brokerage services are not directed at any jurisdiction nor intended for any use that would be contrary to local law or regulation. The USA and Canada traders are permitted to create accounts and trade with this broker but there are some other countries that are not permitted to do so which include:
HOW LONG DOES IT TAKE TO FUND YOUR HUGOSWAY ACCOUNT?
Credit/Debit Card (3rd Party Provider)
Can take up to 1-3 hours or 3-6 confirmations on the Blockchain
Instant once approved
Wire Transfers (Bank Direct)
Up to 7 days (once processed by your bank)
Wire Transfers (Third party platform)
Up to 7 days and once approved can take 1-3 hours or 3-6 hours confirmations on the blockchain.
Dependent upon blockchain currently 3-6 confirmations are needed (typically 1-3 hours).
Conclusively, Hugosway is one of the few straightforward and highly reputable brokers so far, it is ideal for beginners as well as the expert traders. They are quite efficient in processing client’s deposits and withdrawals swiftly. They are also well known for their good customer support.
Hugosway affirms that it is a true STP broker providing clients with ECN connectivity. The broker has also put in place safety measures to ensure the safety of customer funds like KFC, 2FA, SSL, etc. These measures are put in place to ensure a safe trading environment for its customers.
For Forex traders trading with a wide range of cryptocurrencies or fund your account using Bitcoin or VLoad, you may consider using Hugosway, as they are highly efficient in this.