Hugosway review in 2022- everything you want to know
Who Are Hugosway?
Hugosway is an ECN/STP forex trading broker in St. Vincent and the Grenadines that was established in 2018. On MT4, they provide 1:500 leverage, 55 FX pairings, 31 cryptocurrency pairs, and speedy execution.
They have a solid reputation in the online trading market for being one of the few offshore trading brokers that offer deposits and withdrawals using cryptocurrencies, in addition to their excellent trading conditions and substantial leverage.
Hugosway is based in Kingstown, St. Vincent, and the Grenadines. It is currently totally unregulated by any governmental agency, which explains how it can provide such significant leverage and access to institutional-grade liquidity.
HugosWay trading condition
Fortunately, Hugosway is headquartered offshore and is not subject to such rigorous laws, allowing them to provide a maximum of 1:100 leverage on cryptocurrencies and 1:500 leverage on currency pairings.
This is a MASSIVELY POSITIVE FACTOR in hugosway review because it enables traders to grow their account balances rapidly.
Because you can risk a large portion of your account in each trade, leverage has the potential to both grow your account balance quickly and cause you to lose it fast as well.
Spreads and trading expenses are crucial, particularly for day traders and those who focus on trading on shorter periods like the M15 and M30.
Hugosway is an STP/ECN broker. Therefore this broker offers very narrow spreads with modest costs of about $7 per lot traded.
This is quite competitive in terms of trading costs, especially for an offshore broker. Swing and day traders may still earn significant rewards on each trade since it is more than affordable.
In conclusion, the majority of traders have favorable trading circumstances.
Along with a commission per lot size, the spreads on majors and minors naturally fluctuate by more than 1 pip.
Although they aren’t the most affordable broker in the market, you benefit from the 1:500 leverage provided by offshore brokers, so there are still benefits to choosing this broker and the slight premium over brokers like IC Markets.
Types of accounts in Hugosway
Only 1 active account and 1 demo account are available from this broker. There aren’t many purposes for any other accounts save the normal MT4 account since they only provide MT4 as the trading platform, especially since this one also offers ECN connection.
In conclusion, the account offers several advantages. Given the low minimum deposit requirement of $10 and the availability of a variety of 55 currencies, 30 cryptocurrencies, and more than 100 stocks, it truly is a wonderful alternative for beginning traders.
Since I’ve been using this account for a while, I must say that I’m pleased with the terms.
Hugosway provides a demo account for new traders and those wishing to practice trading without using real money, as do many forex brokers.
Whether you’re just starting trading or have been doing it for a while, the extremely low minimum deposit of $10 makes it much more advantageous to open a live account and practice with a small amount of real money than a demo account.
This is mainly because of the psychological effect of having real money on the table.
Is Hugosway regulated?
When selecting a forex broker, regulation is crucial since it may protect you from several hazards throughout the deposit and withdrawal processes, as well as on the markets themselves in various ways.
Therefore, is this broker licensed? There is no governing body in Hugosway. This implies that your money is in danger, and you risk falling victim to scams and unethical commercial practices.