Many successful forex traders focus on specific trading platforms and brokers. That means they must start by choosing an excellent broker. This move aims to provide them with better leverage on market information and a seamless user experience. A reliable broker will help you understand the mechanics of the Forex market.
There are various brokers you could consider in the market. Yet, Hugosway and EagleFX are some of those that stand out. The following insights will help decide which is a better option between the two.
Negative balance protection
Negative balance protection
Crypto, stocks, indices, CFDs
CFDs, crypto, stocks, indices
Wire transfer, VLoad, Bitcoin, credit cards
Wire transfer, Bitcoin, credit cards
Wire transfer, VLoad, Bitcoin, PayPal
PayPal, bank transfer, Bitcoin
3 Working days
55 currency pairs
Hugosway is a popular financial trading platform and multi-asset ECN broker from St. Vincent and Grenadines. Since its founding in 2017, this broker has grown to provide various services, including Forex trading, stocks trading, and cryptocurrency trading.
Hugosway uses the MT4 trading platform. This platform is user-friendly, and it helps simplify automated, social, and manual trading.
This platform allows you to trade a wide range of markets, meaning you can diversify your CFDs. Some of the CFD choices you could make include 104 shares CFD, six spot metals, three energies, and dollar futures. You can also trade 11 indices and cryptocurrency.
Hugosway prioritizes data security, providing a robust system to keep your information and money safe. For instance, there is a two-factor authentication feature, which provides an extra security layer during login.
Hugosway offers a wide range of deposit methods. You can use the Vload voucher system, Ole Platform, bank wire transfer, or credit and debit cards. Further, you can deposit funds on your trading account via cryptocurrency. These methods suffice during withdrawal too.
Hugosway offers an educational page, which offers various insights and guidelines. It helps highlight how different cryptocurrencies work and how to trade forex better. You'll also get insights into how to purchase such cryptocurrencies.
Deposit, Leverage, and Spreads
This broker offers a leverage ratio of between 1:50 and 1:500. Its tight spreads lie between 0 and 1. At the same time, your minimum deposit is $10.
- This platform offers a wide range of CFDs
- It offers educational resources
- Unmatched security and privacy
- Wide range of cryptocurrency
- Seamless trading platform
- Relatively high commissions
- Slow customer support
Eagle FX Overview
Eagle FX is an award-winning STP broker whose headquarters are in Dominica. This broker offers excellent ECN trading conditions, including ultra-fast execution speeds. Its users can access the platform 24/7 and from around the world.
This broker relies on the MetaTrader 4 platform, which offers a seamless user experience. The MT4 has dynamic charts and analytical functions, helping you analyze risks.
This broker boasts a wide range of markets to trade. For instance, it offers 55 currency pairs for forex and 38 sets for cryptocurrency. You can also trade in commodities, stocks, and indices.
Spreads and Leverage
This broker offers tight spreads, often about 0.1 to 0.7 pips. You'll also be sure of significant leverage of about 1:500.
Payment and Withdrawal
You can fund your account in three ways: Bitcoin, wire transfer, and credit card. At the same time, you can withdraw using PayPal, bank transfer, and Bitcoin.
Eagle FX boasts incredible customer service and support. You can reach their support team 24/7, and thanks to their extensive knowledge, they will help sort out issues effortlessly. Besides, you get the live chat option.
Is Eagle FX Worth It?
Here are a few advantages and disadvantages of trading with Eagle FX.
- It has a poker community
- Its minimum deposit of $10 is fair for most people
- It has a relatively modest volatility index
- Wide range of cryptocurrencies
- Extensively wide market
- Excellent customer service and support
- It provides no educational tools
- It is restricted in some countries
12 Differences Between HugosWay and Eagle FX
The following are a few details about the differences and similarities shared between Eagle FX and Hugosway.
Both Eagle FX and Hugosway assure you of robust security. You are sure of enhanced protection at login, thanks to the 2FA feature.
However, unlike Hugosway, Eagle FX goes a step further. This platform supports digital signatures. This aspect will help improve your account security even further. Conversely, Hugosway keeps your funds in tier-1 banks, providing you with the confidence you need.
Eagle FX boasts a more reliable and excellent customer support system. Its service providers are available 24/7, meaning you can get the help you need at any time. At the same time, there is a live chat option at hand. You can access this help in English and Chinese.
On the other hand, Hugosway offers 24/7 customer support. What's good about this platform is that you can always request a callback. However, the response is not as instant. Comparatively, Hugosway customer support is not the best.
Payment and Withdrawal
Eagle FX and Hugosway offer a wide range of payment methods. They all allow you to use credit cards, debit cards, Bitcoin, and wire transfers. However, Hugosway allows for Coinbase too.
Hugosway offers a withdrawal timeframe of about 24 hours. Its available withdrawal methods include bank transfer, Bitcoin, and VLoad. On the other hand, Eagle FX uses Coinbase, Mastercard, and Bitcoin to withdraw funds.
Remember, Eagle FX charges a fee for withdrawal. This element could make the platform relatively costly. Fortunately, you do not have to worry about withdrawal fees when using Hugosway.
Eagle FX requires a minimum deposit of $10, which is fair for most beginners. Conversely, Hugosway needs a minimum deposit of $50. However, if you use Vload, the minimum deposit would be $10, depending on the tier level.
While Hugosway boasts a market of about 150 CFDs, Eagle FX offers up to 100 tradeable markets. That means Hugos will offer you more diversity in the long run.
Hugosway offers a relatively decent spread. The spread is often between 0.5 and 1.9 pips, depending on the currency combination. On the other hand, live spreads on Eagle FX start from 0.1 pips. These spreads could go as high as 1.12 pips.
Negative Balance Protection
Hugosway offers excellent negative balance protection. This means that your trading losses will not exceed the funds on your account. Conversely, Eagle FX needs you to set up the negative balance protection feature. Since it is not automated, your balance could become negative.
Both Eagle FX and Hugosway rely on the MetaTrader 4 platform. This platform offers incredible security, automated trading options, multiple trading orders, and real-time access to market prices. This means none of the two alternatives has a superior trading platform.
Eagle FX allows you to trade various assets, including cryptocurrencies, commodities, forex, indices, and stocks. With over 100 trading instruments, getting a perfect choice will be much more effortless. Conversely, Hugosway allows you to trade in CFDs, forex, crypto, and commodities. You have up to over 150 options to consider.
Regulation and Reputation
Both Eagle FX and Hugosway are unregulated. However, they are significantly reputable, meaning you can trade with them without too much worry.
Eagle FX offers more reliable live support. You can chat with agents in English or Chinese, getting responses instantly. Unfortunately, that is not what you get from Hugosway. This platform requires you to leave a message and wait for a response. Since it is not instant, it could affect your trading.
Hugosway offers extensive educational resources. These insights will help make informed decisions when trading. From graphical analysis to trading tips, this data will help minimize risks. On the other hand, Eagle FX has no educational resources.
Which One is Better: Hugosway or Eagle FX?
Hugosway has the edge over Eagle FX. You could attribute this to the robust security, seamless user experience, and remarkable market range. While it might not offer excellent customer support, it compensates in various other sectors. Its well-established customer base will also help boost confidence. Besides, Hugosway charges no inactivity fees.
However, both Hugosway and Eagle FX are offshore brokers. While they are reputable, these brokers are unregulated. That means you should trade with them at your own risk. Yet, at the same time, various regulated options come with their fair share of merits and demerits. As such, it will be upon the trader to choose an option that befits their preferences.