Forex Traders always look for reliable and easy-to-use trading platforms. There are many online forex trading platforms including MT4, MT5, cTrader, and so on. These platforms give access to forex markets. Most of the forex brokers use MT4 as their default trading platform. So, if you are considering using Hugosway as your broker, you may be wondering if it works with MT4.
Hugosway is one of the most popular offshore forex brokers. It offers forex, CFD, and Crypto CFD trading. In this blog post, we will discuss the compatibility of Hugosway with MT4. We will also explore alternative trading platforms, pros and cons, MT4 account creation, and so on.
Does Hugosway Support MT4?
No, Hugosway does not support MT4. The broker uses Pro4 as its trading platform. Pro4 is a forex trading and charting platform designed for traders looking to engage in forex, cryptocurrency, and CFD trading. It offers advanced features suitable for various trading styles, including scalping, hedging, and the use of expert advisors (EAs). However, Pro4 is not as popular or user-friendly as the MetaTrader platform.
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
Pros and Cons of Pro4 Trading Platform:
Pros
Advanced Trading Tools: Pro4 supports complex trading strategies such as scalping, hedging, and the use of Expert Advisors (EAs), which can appeal to experienced traders who require these features.
Multi-Asset Trading: You can trade across various asset classes including forex, cryptocurrencies, commodities, and CFDs, giving you a wide range of options within one platform.
High Customization: The platform allows for significant customization of the interface, including layout, charts, and indicators, enabling you to tailor it to your specific trading needs.
Cross-Platform Access: Whether you prefer desktop, web, or mobile trading, Pro4 provides flexibility to manage your trades from any device, which is great if you’re constantly on the move.
Cons:
Limited Popularity and Community Support: Unlike MetaTrader, Pro4 is not as widely used, which means fewer tutorials, forums, and community resources are available. If you run into issues, finding help might be more challenging.
User-Friendliness: The platform is not as intuitive as MetaTrader, which could make it harder to navigate, especially for beginners. The learning curve might be steeper if you’re unfamiliar with similar platforms.
Regulatory Concerns: Pro4 is often offered by offshore or unregulated brokers, such as Hugo’s Way, which increases the risk regarding the safety of your funds and the reliability of the trading environment.
Broker Support and Compatibility: Fewer brokers support Pro4 than MetaTrader, limiting your options for choosing a broker. This could affect the spreads, fees, and trading conditions available to you.
Technical Stability: Being less mainstream, Pro4 may experience more technical issues or slower updates compared to more established platforms like MetaTrader, potentially affecting your trading experience.
Brokers Alternatives to Hugo’s Way Offering MT4 Trading Platform
Hugosway is a well-known offshore broker. However, the broker does not support the MT4 trading platform. No worries! There are other reputed offshore brokers that support the MT4 trading platform. For example, Plexytrade offers both MT4 and MT5 Trading Platforms. These alternative brokers include
- 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: 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 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
Frequently Asked Questions (FAQs)
What is Hugosway?
Hugosway is an unregulated offshore forex broker that offers online trading services to traders and investors. It allows restriction-free trading facilities to traders worldwide. Hugosway offers forex, CFDs, and Crypto CFD trading with up to 1:500 leverage. It claims itself as a true ECN forex broker. Â
What is MT4?
Metatraders 4 (MT4) is a widely used electronic trading platform for forex and other financial instruments. It offers a user-friendly interface, advanced charting tools, and support for automated trading through Expert Advisors (EAs). Traders can execute trades, conduct technical analysis, and implement automated strategies on the MT4 platform.
What is the Minimum Amount I Can Deposit for Hugosway?
The minimum deposit for Hugosway is as low as $25. This low entry requirement makes it accessible for traders with varying levels of capital.
What Instruments Can I Trade on Hugosway?
On Hugosway, traders have access to a diverse range of instruments, including forex (55+) currency pairs, cryptocurrencies(30+), and Contracts for Difference (CFDs) (115+) This allows for a comprehensive trading experience across various financial markets.
Does Hugosway Use MT5 Trading Platform?
No, Hugosway does not use the MT5 platform. It only uses Pro4 as its trading platform.
Where is the Headquarters of Hugosway Located?
The headquarters of Hugosway is located in House of Francis, Room 303, Ile Du Port, Mahe, Seychelles
What are the Account Types in Hugosway?
Hugosway offers only one type of account: the ECN Account
Final Thoughts:
Hugosway currently does not use MT4. It uses Pro4 as its Trading platform
Pro4 is a trading platform or service, but it’s not as widely recognized as major platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5). However, other offshore forex brokers support the MT4 trading platform. These brokers include Plexytrade, LonghornFX, Fyntura, and so on.
Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers like Hugosway puts your funds at higher risks