Every trader aims to make profits and grow his trading capital. Traders occasionally withdraw their profits from their brokerage accounts to their bank accounts, e-wallets, or online platforms where the funds can be spent or invested. Hugosway is no exception; traders can withdraw their profits anytime they desire.
The trader will first transfer his profits from the trading account to a Hugosway wallet of the same currency. Then, he will initiate a withdrawal request from the wallet to his external Bitcoin address or PayRedeem account.
Hugosway Overview
Hugosway was founded as a forex and CFD broker in 2017 in St. Vincent and the Grenadines. The brand operates as an ECN/STP broker ensuring that tight spreads and speedy executions are enjoyed by its global clientele. Clients can trade over 150 trading instruments on the popular MT4 platform which is available on the web, windows desktop, and mobile apps.
Though Hugosway is not regulated by any authority, industry standards of Secured Socket Layer (SSL) security, clients’ fund segregation, and KYC verifications have been adopted by the broker. Bitcoin is the major currency accepted by Hugosway for deposits and withdrawals. But, it has also partnered with third-party payment processors like Instacoins and PayRedeem to accept other Payment methods such as bank transfers and debit/credit cards.
Registration of a new account takes only a few minutes. The minimum deposit required to fund a real account is $10. You can trade with leverage up to 1:500. Hugosway does not restrict traders from using any trading strategy; hedging, scalping, algorithmic trading, etc are all welcome. The client support desk works round the clock 24/7.
Withdrawal Options
Hugosway asserts that it processes withdrawal requests on the same day. Only fully verified accounts can create withdrawal requests. Generally, Hugosway encourages you to use the same deposit method for withdrawal. But, if you purchased Bitcoins from Instacoins using debit/credit cards, Skrill, bank transfer, etc; you can only withdraw your profits via BTC. This is because Instacoins only sells BTC to its clients but does not buy from anyone.
Deposits made via PayRedeem eCards may be withdrawn through the same PayRedeem process. When Hugosway approves PayRedeem withdrawals, it issues payout eCards which usually expire in 60 days.
Withdrawal Fees
Hugosway does not charge withdrawal fees. But, you are likely to receive an amount a little less than the withdrawal amount. This is because of processing fees charged by the payment processors.
PayRedeem charges a ‘cashout fee’ when you withdraw your funds via cashout eCards. The amount charged depends on your location. United States residents will be charged 0.2% of the withdrawal amount with a minimum of $20. Countries outside the USA will be charged 0.3% with a minimum of $30. Generally, any amount below $10,000 is charged a flat fee of $30.
Withdrawal Policy
Only Hugosway clients who have completed the ‘Know your customer’ (KYC) verification can initiate a withdrawal request. In line with its anti-money laundering (AML) policies, Hugosway prohibits third-party payments. So, it neither accepts deposits nor processes withdrawals to accounts that are not registered in the same name as the one registered in the Hugosway account.
Also, make sure that the name on your Hugosway account matches that of the PayRedeem account. PayRedeem will also request full account verification to unlock its full features.
Withdrawal Amount (Minimum and Maximum)
The minimum withdrawal amount is $10 while there is no maximum. But, the minimum withdrawal amount via PayRedeem is $100. So, if you request a withdrawal of $10 via PayRedeem, you will not be able to cash out until you accumulate up to $100 total in payout eCards.
Withdrawal Time: How long to Withdraw the funds?
The exact time to receive withdrawn funds depends on the method used. Hugosway states that its payment team tries to process all withdrawal requests on the same day. But, typically, it takes 2-5 days to process all withdrawal requests.
For a direct BTC withdrawal, if it has been processed, approved, and sent, the completion time will depend on the time it takes to complete 3-6 blockchain confirmations. Typically, this takes 1-3 hours.
PayRedeem withdrawals are processed by Hugosway within 24 hours. When approved by Hugosway, PayRedeem’s Payout eCard becomes instantly available in your PayRedeem account. After requesting a cashout on PayRedeem’s website, it should take 2-5 days before the funds reach your bank account.
How to withdraw funds from Hugosway
You can withdraw funds directly from Hugosway only through BTC. For PayRedeem withdrawals, you can choose to cash out your payout eCards via bank transfer or BTC.
How to Withdraw BTC directly from your wallet
- Login to your Hugosway account.
- Click on ‘Withdraw’
- Under ‘withdraw type’ select ‘Bitcoin’.
- Input the withdrawal amount and click ‘Request withdrawal’.
5) You will be prompted to enter your Bitcoin address. It is important to ensure that the address is correct. You will also need to confirm it on another screen. Then click ‘send Bitcoin’.
6) The request will be sent to the payment team and it will appear in the withdrawal history. When approved, it will be reflected in the ‘status’ section.
How to withdraw funds via PayRedeem
If you earlier deposited your capital via PayRedeem eCards, then you can withdraw money back to PayRedeem via PayRedeem’s payout ecards.
- Login to your PayRedeem account.
- Click on ‘Withdraw’ and Select ‘PayRedeem’ under ‘Withdrawal type’.
- Select the Hugosway wallet, amount and click ‘Request withdrawal’.
- A screen opens and prompts you to enter your PayRedeem account’s email address and submit.
- The withdrawal request will be logged on the ‘withdrawal history’ table. When approved, you can go over to PayRedeem’s website and follow the steps below.
- Login to your PayRedeem account.
- Click on the ‘Payouts’ menu.
- Your Hugosway approved withdrawal will appear as a ‘payout eCard’. You must have verified your PayRedeem account by uploading a valid government-issued ID card and a ‘proof of residence’ document before you can cash out a PayRedeem payment.
- Select the eCard and choose a payment method. You may add a new bank account.
- Check to ensure that every detail is correct and click on ‘CASHOUT’. If everything works fine, the congratulatory screen below will be displayed.
You should receive the funds within 2-5 days.
How to Cancel Withdrawal Request on Hugosway
You can only cancel a pending withdrawal that has not been approved. The status will either be ‘waiting info’ or ‘waiting approval’ before it can be canceled.
Follow the steps below to cancel a withdrawal:
- Login to your Hugosway account.
- From the left hand menu, click on ‘withdraw’
- Under the ‘Withdrawal history’, locate the row of the withdrawal that you want to cancel. Under action, click ‘cancel’.
The withdrawal request will be canceled immediately and the funds will be returned to your wallet.
Withdrawal Problems and Solutions
Problem: I did not get my BTC withdrawal.
Solution: Check to see if there was any error when you inputted your BTC address on Hugosway’s screen. If the funds are sent to the wrong address, it is gone for good because blockchain transactions cannot be reversed.
Also check if Hugosway has sent any email requesting for additional information.
Problem: I got an amount less than what I requested via PayRedeem.
Solution: Bear in mind that PayRedeem will deduct $20-$30 from every withdrawal that is less than $10,000. Additionally, your bank may also charge a commission.
Problem: I have requested for multiple withdrawals via PayRedeem and Hugosway has approved them. How do I request a cash out in PayRedeem?
Solution: PayRedeem gives you the option of combining several payout eCards into a single payment. Just log in to your PayReedem account and select all the eCards you need to cash out. The system adds up its values and bundles them into a single withdrawal. The cards should total at least $100 before you request a cashout.
Final Verdict
The most convenient method of withdrawing your profits from Hugosway is via BTC. There are no withdrawal charges and it is typically completed in a day.
But, if you are uncomfortable with BTC, your next bet is PayRedeem’s payout eCards. It has the advantage of being available in multiple currencies. You can also receive the payments in your local currency and local bank account. But, it takes more time, attracts withdrawal charges, and the least amount you can withdraw is $100. Unfortunately, the cards expire in 60 days.