PROS:
✅ Deposits in crypto
CONS:
❌ Absence of license
❌ Only MetaTrader 4 available
❌ Lack of funding methods
Hugosway Review
HugosWay is a brokerage company that was founded in 2017. It offers to its clients the ability to trade Forex, Stocks, Indices, Commodities and also Cryptocurrencies.
HugosWay is considered an offshore broker as far as its head office in located in St. Vincent and the Grenadines.
Regulation
We could not find any information on the website about regulation of the company. There is only mentioned the address as follows Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines. Please note, that we highly recommend to open accounts with regulated brokers that have FCA, CySEC, NFA or ASIC license due to protection of client’s funds and demands according to legislation.
| Feature | Condition |
|---|---|
| Foundation year | 2017 |
| Publicly Traded on Exchange | ❌ |
| Any license | ❌ |
Instruments
Hugosway allows to trade all the asset types that suit the goals of the majority of traders. Beside the mentioned earlier, there are also metals, energies and dollar futures.
| Feature | Condition |
|---|---|
| Major forex pairs | ✅ |
| Minor forex pairs | ✅ |
| Exotic forex pairs | ✅ |
| Cryptocurrencies | ✅ |
| CFD | |
| Metals | ✅ |
| Energies | ✅ |
| Agricultural | ✅ |
| Shares | |
| UK shares | ✅ |
| US shares | ✅ |
| German shares | ✅ |
| French shares | ✅ |
Trading platforms
Hugosway has decided to stick to the basic approach and has only one trading terminal available – it is MetaTrader 4 by MetaQuotes.
There are also iOS/Android versions of MetaTrader 4 offered to the clients.
There is also not reachable the MetaTrader 5 terminal with plenty of features and native support of crypto instruments.
The broker does not offer any API available for trading (FIX or any other) beside inner MQL4 language that is widely spreaded in forex industry. cTrader with its native C# language support can’t be accessed either.
Hugosway does not have its proprietary trading terminals as well that is why the overall set of terminals is fairly poor.
| Feature | Condition |
|---|---|
| MetaTrader 4 | ✅ |
| MetaTrader 5 | ❌ |
| MetaTrader 4 iOS/Android | ✅ |
| Proprietary Mobile Application | ❌ |
| Proprietary Web Terminal | ❌ |
| cTrader | ❌ |
Account types and conditions
According to the information on the website of the broker, there is only one ECN account type with same ECN/STP execution on it.
Unfortunately, broker does not offer any other account types that could depend on the trading account size and allow to get better trading conditions like tighter spreads or lower commissions.
Hugosway notes that its execution is lightning fast and that news trading is allowed though by the majority of brokers it is treated dangerously because of potential arbitrage practice.
| Feature | Condition |
|---|---|
| Demo account | ✅ |
| ECN account | ✅ |
Commissions and spreads
Spreads on EURUSD are on average equal to 0.8 pips which is fairly in the middle in comparison to other brokers.
Though on all the common instruments like forex, indices and CFD shares the conditions are pretty standard, the cryptos should be mentioned in terms of limitations – its max lot is 10.
Deposits and Withdrawals
There are several methods available to fund trading accounts at Hugosway. At present the supported methods include deposit through credit cards such as VISA and Mastercard.
Beside that, the deposits in gaining popularity crypto assets are accesable in the Client Area.
For large amounts of money the bank wire transfers are available as well. Hugosway charges $25 for fees deposits of up 5K USD equivalent.
Other payment systems are not available due to offshore residence of the broker so traders should find the most suitable methods among the provided ones.
| Feature | Condition |
|---|---|
| Bank wire | ✅ |
| Debit/Credit cards | ✅ |
| Crypto | ✅ |
| Skrill | ❌ |
| Neteller | ❌ |
| Paypal | ❌ |
| WebMoney | ❌ |
| China UnionPay | ❌ |
| WebMoney | ❌ |
Customer Support
Hugosway customer service is available only in English and there are two ways to contact eToro’s customer support:
- Live chat
The Live chat is pretty easy and looks like the ones offered by other brokerage companies. There you will get a response within several minutes during business activity hours.
The request created via e-mails takes a bit longer and the response for it is usually received within one or two days depending on the question.
The broker does not offer any phone support.
| Feature | Condition |
|---|---|
| Live Chat | ✅ |
| ✅ | |
| Phone | ❌ |
Hugosway Review. Key points
Eventually, Hugosway is not the best choice for for retail traders because of its offshore legislation. Due to that obstacle, it experiences a lack of funding methods due to payment systems treat this broker as High Risk.
Among the trading terminals there is only available MetaTrader 4 which is barely suitable and doesn’t leave a choice for clients.
There is also only one account type available that does not provide any options to traders who may potentially make bigger deposits.