Hugosway is a forex brokers that offer ECN forex and CFD trading on the MT4 Platform. As an offshore forex broker, Hugoway provides brokerage services to clients from all over the world including USA and Canada. You can start trading with as little as $10 and trade on the popular MT4 platforms on the web, desktop, or mobile apps.
However, if you are seeking alternatives due to various reasons such as changes in trading conditions, customer service concerns, or simply wanting to explore different options then, you have come to the right place. In this article, we have dedicated our time, resources, and experience to prepare a list of Offshore forex and CFD brokers that can serve as alternatives to Hugosway.
Hugosway Overview
Hugosway is a forex and CFD broker that offers online trading services to traders and investors worldwide. It is an offshore broker that is not regulated by any regulatory authority. Hugosway facilitates the trading of over 150 forex and CFD assets on its MT4 trading platforms which are available on the web, windows desktop, and mobile apps; iOS and Android. The broker asserts that its liquidity pool is powered by over 25 top banks thereby ensuring tight spreads and lightning-speed executions.
Accounts can be maintained in multiple currencies while funding is via Bitcoin or PayRedeem’s eCards. You can either open a real account or a demo account as there are no multiple account types. Spreads start from 0.4 pips while the commission is $8 per lot.
Hugosway Overview
- Founded In: 2017
- Trading Instruments: 200+ trading Instruments including Forex, CFDs, Crypto CFDs, Futures, Indices, Metals, Stocks
- Minimum Deposit: $10 for Bitcoin, $100 for Instacoins
- Maximum Leverage: 1:500
- Regulations: None
- Trading platform: Pro4
- Account Types: Live account, Demo Account
- Payment Options: BTC, Instacoins, Wire Transfer via Instacoins
- Trading Styles: Allows all trading styles including scalping, Copy Trading, EA Trading
- US Traders: Accepted
A list of Top Alternatives of Hugosway for 2024
- KOT4X | Transparent offshore forex broker
- Plexytrade | Offshore Broker with MT4, MT5 Platforms
- OspreyFX | Offshore Brokers Accepting US Clients
- LMFX | Trusted Offshore Forex Broker
- Fyntura | Offshore Broker with Deep Liquidity
- Nash Markets | Offshore Broker with STP Execution
- LonghornFX | Trusted by Thousands of Traders
- EagleFX | Best for STP Execution
- Hankotrade | Best for low trading fees
9 Best Alternatives to Hugosway 2024 (Comparison Table)
Our research team has compiled a list of brokers that can serve as alternatives to Hugosway. Just like Hugosway, these are mostly offshore brokers that are unregulated and also offer MT4 trading platforms. They usually allow low deposits, and high leverage and do not restrict trading styles.
The table below compares the services provided by the Hugosway alternative brokers.
- Founded In: 2019
- Location: St Vincent and the Grenadines
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None (Offshore Forex Broker)
- Trading Platforms: TradeLocker
- Trading Instruments: Forex, cryptos, indices, energies, Metals, stocks
- Founded In: 2024
- Minimum Deposit: $50
- Maximum Leverage: 1:2000
- Regulations: None
- Trading Platforms: MT4, MT5
- Trading Instruments: Forex, cryptos, commodities, indices and stocks CFDs
- Founded In: 2019
- Location: St Vincent and the Grenadines
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None (Offshore Forex Broker)
- Trading Platforms: TradeLocker
- Trading Instruments: FX Pairs, Indices, Commodities, Metals, Stocks, Cryptos.
- Founded In: 2015
- Minimum Deposit: $5
- Maximum Leverage: 1:1000
- Regulations: None ( Offshore Forex Broker)
- Trading Platforms : MT4, WebTrader, Mobile Trader
- Trading Instruments: Forex, Indices, Commodities, Metals, Energy, Shares
- Founded Year: 2020
- Location: Seychelles
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None (Unregulated Offshore Broker)
- Trading Platforms: MT4
- Trading Instruments: Forex, cryptos, commodities, indices and stocks CFDs
- Founded Year: 2020
- Location: Marshal Island
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None (Unregulated Offshore Broker)
- Trading Platforms: TradeLocker
- Trading Instruments: Forex, cryptos, commodities, indices and stocks CFDs
- Founded In: 2020
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None (offshore forex broker)
- Trading Platforms: MT4
- Trading Instruments: Forex, cryptos, commodities, indices and stocks CFDs
- Founded In: 2019
- Minimum Deposit: $20
- Maximum Leverage: 1:500
- Regulations: None
- Trading Platforms : MT4, MT4 Webtrader, MT5 Mobile trader
- Trading Instruments: forex, cryptos, commodities, indices and stocks CFDs
- US Clients: Currently not accepted
- Founded In: 2018
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations : None
- Trading Platforms :Act Trader
- Trading Instruments: Forex , Indices, Commodities, Crypto
- Founded In: 2018
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None (Offshore Forex Broker)
- Trading Platforms: Pro4
- Trading Instruments: Forex, cryptos, commodities, indices and stocks CFDs
KOT4X:
KOT4X refers to itself as the “kings of transparency” because of its honesty and lack of hidden fees. The broker offers ECN/STP trading of over 250 forex and CFDs on its MT4 trading platforms.
Traders can choose from mini, VAR, PRO, and standard pairs accounts depending on their experience, capital, and preferences. Commissions of $7 per lot are charged on trades except for mini pairs account which is $1 per lot. No commissions are charged from VAR pairs accounts but spreads start from 1.2 pips.
Pros
- You can fund your account with multiple cryptos like BTC, ETH, LTC, USDT, etc.
- Trading can start with a deposit of $10 while a maximum leverage of 1:500 will multiply the capital.
- Expert traders who can prove their competency can get funded accounts up to $200,000. The reward is 80% of their profits.
- Multiple account types: including mini, pro, var and standard accounts.
- Investors can benefit from PAMM accounts and earn without even knowing how to trade.
Cons
- No trading tools like the daily market analysis.
- Limited deposit options; no e-wallets like Skrill, Neteller, PayPal, etc.
- No other trading platforms apart from the MT4.
Plexytrade
Founded in 2024, Plexytrade is an online forex and CFD broker. It is an unregulated forex broker that offers 100+ instruments ranging from all the major Cryptos, Forex, Commodities, and Global Indices to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Plexytrade is as high as 1:2000.
Pros
- The maximum leverage is as high as 1:2000 ( Leverage may vary based on account types and tradable asset types)
- Allow Crypto CFD Trading
- The maximum lot size is as high as 1000 lot
- Raw spread starting from as low as 0.0 pips
- Offers MT4, and MT5 trading platforms (Desktop, Web, mobile version)
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading, and News Trading
- Plexytrade Accepts Crypto Deposits
Cons
- Unregulated offshore forex broker
- Only Crypto Deposit and Withdrawal Option
- A limited number of tradable assets
OspreyFX
OspreyFX gives its clients access to trade more than 120 forex and CFD instruments on the MetaTrader platforms. Accounts can be easily funded via BTC, bank transfers, or debit/credit cards. Spreads are tight courtesy of a large liquidity pool and executions are very fast.
The broker supports its traders with various educational articles classified as Beginner, intermediate, advanced, and affiliates-referrals. OspreyFX clients can trade on the MT4 or MT5 trading platforms.
Pros
- Trading starts from $50 while the max leverage is 1:500.
- Pro traders who can prove their expertise in demo accounts receive real accounts funded with a minimum of $25,000 up to $200,000.
- Training articles are provided for new traders.
- Traders can choose between the MT4 and MT5 trading platforms.
- The support team is available 24/7.
Cons
- Unregulated forex broker
- No managed accounts or social trading.
- Inadequate trading tools or market research.
LMFX
LMFX is an experienced offshore forex/CFD broker that has been operating since 2015 from the Republic of North Macedonia. The broker is known for high leverage and low trading fees. Client funds are held in segregated accounts while standard security procedures have been implemented.
LMFX provides a ‘fixed account’ for traders who prefer to trade fixed spreads. It also has ‘premium accounts’ which have variable spreads and ‘zero accounts’ which feature tight spreads and low commissions per lot traded. Newbies are provided training articles; they can also open demo accounts and participate in the monthly demo contest.
Pros
- The maximum leverage is 1:1000 which is high when compared to competitors.
- Trading tools like the Economic Calendar, trading calculators, and free VPS are available.
- Traders can win up to $1,000 in the monthly demo account content tagged “Learn and earn” contest.
- Accounts can be funded using Cryptos, debit/credit cards, bank transfers, PayRedeem eCards, and e-wallets like Skrill and Neteller.
- New traders are welcomed with a 100% deposit match bonus.
Cons
- No social trading platforms or managed accounts for investors.
- MT4 is the only platform provided for all traders.
- Assets are limited; you cannot trade bonds, ETFs, and crypto CFDs.
Nash Markets
Founded in 2020, Nash Markets is an online forex and CFD broker. It is an offshore forex broker that offers 138 forex pairs, stocks, indices, commodities, and cryptocurrency services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Nash Markets is as high as 1:500.
Pros
- Low Minimum Deposit – Starting from $10
- Allow Crypto CFD Trading
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading, and News Trading
- Nash Markets Accepts Crypto Deposits
Cons
- Offshore Broker with very limited information
- Limited Deposit and Withdrawal Option
- Spread sometimes widens during market volatility
- Unregulated Forex broker
- No Managed Account Options
- No Meta Trader ( MT4/MT5) trading platforms.
LonghornFX
Founded in 2020, LonghornFX is an online forex and CFD broker. It is an offshore forex broker that offers forex (major pairs, crosses, exotic pairs), cryptocurrencies, indices, metals, futures, commodities, and stock trading services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of LonghornFX is as high as 1:500. To learn more about LonghornFX, its features, pros, and cons, you can read our review on LonghornFX.
Pros
- low Minimum Deposit – You may deposit as low as $10
- Allow Crypto CFD Trading
- Offers leverage as high as 1:500
- Offers MT4 Trading Platform
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading, and News Trading
- LonghornFX Accepts Crypto Deposits
Cons
- Unregulated Offshore Forex Broker
- Only Crypto Deposit and Withdrawal Option
- No Managed Account Options
EagleFX
EagleFX is an ECN/STP forex and CFD broker that enables the trading of more than 150 instruments on the MT4 trading platform. Registered in the Commonwealth of Dominica, the broker provides tight spreads and swift trade execution of clients’ orders.
Traders can only maintain either a real account or a demo account as there are no different account types. Accounts can only be funded via BTC and the commission on trades is about $6 per lot.
Pros
- More than 160 instruments can be traded on its platforms.
- The customer support desk is always open to attend to clients’ challenges 24/7.
- The minimum deposit is $10 while the max leverage is 1:500.
- No deposit or withdrawal fees.
Cons
- No provision for investors or social trading.
- The broker did not provide any educational resources.
- You can only withdraw to a BTC wallet address.
Hankotrade
This broker was registered in SVG in 2019 and has been enabling its clients to trade forex and CFDs on its MT4 and MT5 trading platforms. The broker guarantees tight spreads starting from 0.0 pips and lightning-fast executions powered by its premium liquidity providers.
Hankotrade is a true ECN broker that offers very competitive trading fees and no charges on deposits and withdrawals. Its ECN plus account holders pay just $2 per round lot traded. Its STP account spreads start from 0.7 pips and no commissions are charged.
Pros
- Traders can choose from two powerful and popular platforms; MT4 and MT5.
- Leverage is capped at 1:500
- Multiple account types including Islamic, STP, ECN, and ECN Plus accounts.
- PAMM/MAM accounts are available for interested investors and fund managers.
- A 100% bonus is available to traders who deposit from $100 up to a max of $25,000.
- Tools like the Economic Calendar, trading calculators, and VPS are provided.
Cons
- No research tools like market news, expert analysis, or trading signals.
- No provision for training of new traders.
- The assets index is limited.
Final Verdict:
Although Hugosway is one of the popular offshore forex and CFD brokers, there are other offshore brokers that can serve as alternatives. These alternatives include:
- KOT4X | Transparent Offshore Forex Broker
- PlexyTrade | Offshore Broker with MT4, MT5 Platforms
- OspreyFX | Offshore Broker Accepting US Clients
- LMFX | Trusted Offshore Forex Broker
- Fyntura | Offshore Broker with Deep Liquidity
- Nash Markets | Offshore Broker with STP Execution
- LonghornFX | Trusted by Thousands of Traders
- EagleFX | Best for STP Execution
- Hankotrade | Best for Low Trading Fees
These brokers offer similar trading services, though there are some minor differences among them, including minimum deposit, maximum leverage, spreads, trading instruments, and trading platforms. If you are a US trader looking for an offshore forex broker, you may consider KOT4X, PlexyTrade, or OspreyFX. For non-US traders, LMFX can be a perfect choice. We have listed all the offshore brokers here after thorough research and analysis.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
