In this article, we will do a complete review of Hugosway Broker. Hugosway is an ECN broker. Hugosway was founded in 2017. This means that it is relatively a young broker company. Due to being this young Hugosway hasn’t won any awards but does provide great customer service. Is Hugosway Broker a legit broker? We will cover this in detail.
Below is the summary of Hugosway Broker.
Summary
| Assets Available | 7 Asset Classes Available – Forex, Cryptocurrency, Metals, Indices, Stocks, Futures, and Energies |
| Regulated By | No Regulations |
| No. of Trading Platforms | 1 Main Trading Platform – Metatrader 4 ( Works on Mobile, Web, PC, and Mac) |
| Leverage | Up to 1:500 |
| Hugosway Minimum Deposit | Requires a minimum deposit of $10 |
| Spreads | Variable spreads starting from 0.1 pips ( Floating Widespread ) |
| Education Provided | Very basic insights and tips on trading. |
| Methods of Payment | Credit Cards, Bitcoin, and Bank Wire Transfer. |
| Awards | No Awards |
Trading Platforms
This broker only provides you with one main trading platform based on the MetaTrader 4 (MT4) Platform. With the MetaTrader 4 platform, you can trade on the web, desktop, mac, and mobile (both Android and IOS). There are other brokers who provide you with much more options. We do expect Hugosway to provide you with MetaTrader 5 (MT5) platform in the future. MT5 is the successor of MT4. But MetaTrader 4 is a great trading platform and can be the only trading platform you need for trading.
MetaTrader 4 Platform
Hugosway only provides a platform based on MetaTrader 4. MetaTrader 4 is a great platform but MetaTrader 5 is a better platform. MetaTrader 4 does have all the indicators and features to help you become profitable. Also, metatrader4 supports expert advisors for automated trading. If you are interested in learning more about the MetaTrader platform check out our complete guide.
Instruments Available For Trading
There are 7 Asset classes that are available for trading with Hugosway. These are forex, stocks, cryptocurrency, metals, indices, stocks, futures, and energy.
Forex
Contains all major currency pairs, cross-currency pairs, and exotic currency pairs that you can trade with. The spreads are variable depending on the currency pair you will be trading. The major currency pairs provided by Hugosway are as follows.
Fx Majors
There are 7 major currency pairs.
| AUDUSD | USDCAD |
| EURUSD | USDCHF |
| GBPUSD | USDJPY |
| NZDUSD |
Fx Minors
There are 21 cross-currency pairs
| AUDCAD | EURAUD | GBPCAD |
| AUDCHF | EURCAD | GBPCHF |
| AUDJPY | EURCHF | GBPJPY |
| AUDNZD | EURGBP | GBPNZD |
| CADCHF | EURJPY | NZDCAD |
| CADJPY | EURNZD | NZDCHF |
| CHFJPY | GBPAUD | NZDJPY |
Fx Exotics
There are 27 exotic currency pairs.
| EURCZK | EURTRY | USDCZK | USDPLN |
| EURDKK | EURZAR | USDDKK | USDRUB |
| EURHKD | GBPDKK | USDHKD | USDSEK |
| EURMXN | GBPNOK | USDHUF | USDSGD |
| EURNOK | GBPSEK | USDILS | USDTRY |
| EURPLN | NOKSEK | USDMXN | USDZAR |
| EURSEK | USDCNH | USDNOK |
Stocks
There are several stocks that you can trade with Hugosway, such as Apple Inc (AAPL), Airbnb (ABNB), and much more. They do provide you with all the popular stocks that you can trade.
Cryptocurrency
Hugosway provides a range of cryptocurrencies that you can trade. These include BTCUSD, ADUSD, DASHBTC, DOGEUSD, DOTUSD, and much more. For cryptocurrencies, there are other brokers that provide you with more options. This broker might not be ideal for cryptocurrency trading.
Metals
There are 4 precious metals that this broker provides you with. These are XAGUSD, XAUEUR, XAUUSD, and XPTUSD.
Indices
There are several indices that you can trade with Hugosway. Some of these indices are AUS200, ESP35, GER30, and UK100.
Futures
Hugosway provides you with a way to trade in the Futures market. The only future asset they provide is the dollar.
Energy
The energies you can trade with this broker are only UKOIL and USOIL.
Commissions And Spreads
The commissions and spreads are quite variable depending on the market conditions. The spreads provided by Hugosway are floating widespread depending on the market. If you are interested in learning about spreads check out this article.
Leverage Provided
Hugosway provides leverage up to 1:500. As always we do not recommend anyone to trade with this amount of leverage unless, of course, you are a master trader trading for 5+ years profitably.
Education Provided
Does provide very basic insights and tips on how to use its platform. Also some basic tips on trading in their blog. But we personally do not recommend education provided by brokers because it can be basic which will not give you an edge in the forex market. This is not a factor we consider when choosing the right broker.
Demo Accounts
Hugosway does provide a demo account. You can start a demo account with a balance of $1000, $10000, $100000, and $1000000. If you are planning to start a demo account with $1 Mil do not ever do it. Always start the demo account with the same amount of money you have to invest in a real account.
Methods Of Payment (Deposit & Withdrawal)
Hugosway broker provides you with several ways to deposit and withdraw your money. These methods include Credit cards, debit cards, bank wire transfers, and Bitcoin. You can trade with Hugosway with a minimum deposit of $10. If you deposit using Bitcoins via instacoins you need to deposit at least $50.
Customer Support
A great thing about Hugosway is that they provide 24/7 customer support. This can be very helpful for any trader. If a trader has any trouble with their platform they can contact Hugosway customer support through the live chat.
Regulations – Is Hugosway Broker Regulated?
Hugosway is not a regulated broker. We personally don’t recommend Hugosway. Nonregulated brokers are not trustworthy. So it’s better to stay away from Hugosway brokers until they get regulated. There are much better brokers who are highly regulated.
Is Hugosway a Legit Broker? – Hugosway Broker Review
Hugosway does provide great tools and customer support for traders but they fail at one important thing that a broker should have. That is being regulated. Hugosway is not a regulated broker. You cannot trust an unregulated broker. If you want a great broker we recommend you to check out the brokers below who are highly regulated. We hope that Hugosway will try to get regulated as soon as possible.
Top Forex Brokers
[ninja_tables id=”6695″]
