Hugosway: Is This Forex Broker Right For You? [Review]

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Hugosway is an ECN/STP broker who offers more than 150 trading instruments on the MT4 platform. The broker is owned and operated by Hugosway Ltd, a company in St. Vincent and the Grenadines. They were established in 2017, and they allow all trading strategies and styles, including scalping and hedging. They offer more than 150 assets, including forex, metals, indices, stocks, commodities, and crypto assets. Continue reading this Hugosway review to learn all about this forex broker. 

Overview Of Hugosway

Hugosway is a true ECN (Electronic Communications Network) and STP (Straight Through Processing) forex broker. This allows you to trade with the true international currency market. They allow all trading strategies, and their liquidity pool includes more than 50 different banks. They aggregate the spreads from the different banks to give clients the best pricing. As a result, you get the advantage of tight spreads, quick transaction speeds, and very little slippage. 

hugosway ecn broker

They offer STP execution to process orders, and they do not manipulate trades. They operate with a no dealing desk (NDD). Your trades are executed in real time. They offer choices of micro, mini, and standard trading lot, so you can take advantage of their low minimum deposit requirements, and they only charge a $5 commission fee ($10 round-turn) to keep the spread at the raw prices. There is no manipulation of your spread costs.

Regulation Of Hugosway

Hugosway is not regulated, but their third-party payment service is. When you sign up, they will require proof of identity before you can make a deposit by means of wire transfer or a credit or debit card. You can enable two-factor authentication for added security. You can choose to do it by SMS if you verify your phone number or you can use an authentication app such as Microsoft Authenticator, Google Authenticator, or Authy. 

Hugosway requires all registered clients to verify their accounts. You will need to upload proof of your identity and proof of your address. They protect their network with a 256-bit Secure Socket Layer (SSL) encryption. Your data is protected before it is transmitted to their servers, which prevents attacks from Internet scammers and hackers. 

Hugosway has clients from most countries, but some of the products may not be available to those in locations where it would be contrary to local laws. If you want to sign up to trade on their platform, the process is simple. They offer a sign up right on the website. You can also sign up for a Demo account first to make sure that it is right for you.

Trading Platforms Offered By Hugosway

Hugosway offers trading to its customers on the MT4 trading platform. This platform is quite popular with traders because it has many different features. When you open an account with Hugosway, they provide you with the download for this platform. You can get the MT4 WebTrader, MT4 Windows and MAC OS desktop applications, or you can download the mobile app for your IOS or Android devices. 

The MT4 platform includes many features, including the following:

  • You can automate strategies through Expert Advisors
  • You can enhance MT4 with VPN services, EAs, indicators, and apps
  • You can make use of market orders, pending orders, and stop orders
  • You get one-click trading
  • Analysis through charts
  • Analytical tools and indicators (30 provided)
  • Notifications
  • Robust mobile platform for your IOS and Android devices
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Once you get started, you can customize your charts so that you see the data the way you want to see it. The platform is user friendly and popular for traders because it gives you everything you need in one place.

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Fees And Trading Accounts

When you open your account, you will have wallets in the following currencies: USD, EUR, GBP, CAD, AUD, and BTC. You can transfer money between these wallets without paying a conversion fee, and then you can transfer it to your MT4 account. You can also transfer money back to your wallets. You will be given a Bitcoin account when you register, but you will need to become a verified client to use other methods for deposit. 

There is no fee to sign up for an account, and the starting deposit is only $10 for BTC. When you sign up, you can start with a Demo Account. You can start with 100,000 and choose your leveraged setting. There is no cost and no risk to use the demo account, and it will allow you to gain some experience before you use real money to trade. 

If you are ready to sign up, the process is quite simple. Hugosway only offers one account, which is the Hugosway MT4 ECN account. The maximum leverage for this account is 1:500. If you want higher leverage, there is no additional cost, and there are no required lots per month. You just need to understand the risks associated with trading leveraged positions before you jump in. 

The average spread for EUR USD is approximately 0.7 pips, and you pay a $5 commission for each lot you trade. If you are ready to get started, be sure to check their website for any updated information.

How To Make Deposits And Withdraw From Your Account

hugosway deposit screen

Hugosway allows you to make deposits with your credit card, and you can process both deposits and withdrawals through your bank account or Bitcoin. Each method offers a slightly different process.

You do not need to verify your account to deposit Bitcoin, and the minimum deposit is $50. There is no maximum limit, they do not charge transaction fees, and it takes between one and three hours for processing. You can also withdraw Bitcoin by creating a withdrawal request, which they will process the same day. You can track the transaction on blockchain.info.

If you use a credit card or bank account, you need to verify your account first. You can deposit between $50 and $600 with your credit or debit card. If you process a withdrawal, they will first return the original deposit to your credit card, and your profits can be sent to your bank account or Bitcoin wallet.  

You can process a wire transfer to or from your bank account. The minimum amount is $100, and there is no maximum. A bank transfer can take as many as seven days, and you pay a transaction fee of $25. 

How To Sign Up For An Account

Signing up for your free account is simple. You can look on the top right side of the website and click on Sign Up. A screen will pop up, and you can enter your first and last name, your email, and a password. They will send you an email verification message, and you can click the link in this email. Once you submit it, your new account is made active and is ready to use. 

hugosway signup page

You can choose to deposit money, create a demo account, or create your MT4 ECN account. You can choose to verify your identity to use a credit card or bank account for a deposit, or you can transfer Bitcoin into your account. 

Takeaways

Hugosway is considered the best forex broker by many traders around the world. They offer a simple sign-up process, low fees, and over 150 assets including over 30 cryptocurrencies. This is a true STP broker with ECN connectivity and extra security to protect your account. 

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