Forex traders always look for trading with brokers that suit their trading needs and preferences. CMC Markets and Hugosway are online forex brokers that offer their trading services to traders and investors. CMC Markets is a highly regulated and trusted forex broker. It is regulated in five tier-1 jurisdictions. On the other hand, Hugosway is an offshore forex broker which is not regulated by any regulatory bodies.
In this article, we will review and compare the brokerage services offered by CMC Markets and Hugosway. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey.
CMC Markets vs Hugosway: In a Nutshell
CMC Markets
Founded in 1989, CMC Markets is a publicly traded broker (Ticker: CMCX). The broker is regulated in the UK, Australia, Canada, and Singapore. It offers over 9800 trading instruments, including Forex, Indices, Cryptocurrencies, Shares & ETFs, and Commodities. There is no minimum deposit requirement on IC Markets; you may deposit as low as $1. CMC Markets allows EA trading and news trading. The broker uses the most popular trading platform, MetaTrader (MT4), as its trading platform. To learn more, you can read our review about CMC Markets.
- Founded In: 1989
- Minimum Deposit: $0
- Maximum Leverage: 1:500
- Regulations: ASIC
- Trading platform: MT4 , Share trading platforms
- Account Types: SPREAD BETTING, Fx Active, CFD Trading
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard
- US Traders: Not Accept
Hugosway
Founded in 2017, Hugosway has been attracting traders from all over the world with its focus on ECN pricing and trading. Only commissions are charged on trades and no spread mark-ups. Low minimum deposit, high leverage, and 24/7 support are some of the strengths of Hugosway.
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
CMC Markets vs: Hugosway Features
CMC Markets
- Trading Instruments: 12000+ trading instruments including forex, indices, Cryptocurrencies, Commodities, Shares, Share baskets, Treasuries, etc
- Maximum leverage: Up to 30:1 ( FCA, ASIC), up to 1:50 (IIROC), and up to 500:1 for a professional account.
- Minimum Deposit: No Minimum Deposit. However, Pepperstone recommends $200 or equivalent for the margin requirement.
- Account Types: Three (Spread Betting Account, CFD Account, Corporate Account)
- Trading Fees: only Spread is charged (Commission is only for Shares account). Variable spreads from 0.3 pips. A rollover commission is applied on open positions overnight. For the Shares account commission starts from $7.
- PAMM/ MAM: Not Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
Hugosway
- Trading Instruments: 1200+ trading instruments including forex, CFDs in stocks, indices, commodities, ETFs and Cryptos
- Maximum leverage: 500:1
- Minimum Deposit: $10
- Account Types: 1 major Account (Standard)Â
- Trading Fees: Spread starting from 0.1 pipsÂ
- PAMM/ MAM:Â Not Available
- Scalping: AllowedÂ
- News Trading: Allowed
- EA/ Robot Trading: Allowed
CMC Markets vs Hugosway : Pros and Cons
CMC Markets Pros and Cons
- Regulated by FCA, ASIC, IIROC, MAS, FMA
- Founded in 1989, CMC Markets is publicly traded company
- The minimum deposit is as low as $1
- Comparatively low spread starting from 0.7 pips
- Allows news trading, EA/Robot trading
- Extensive range of tradable assets
- Excellent education and research resources
- Offered only MT4, no MT5, cTrader trading platforms
- Maximum leverage is only 1:300
- No passive investment programme or social trading platforms ( No PAMM, MAM accounts)
- Does not accept US clients
- Only CFD Trading
- High CFD spreads for certain Indices
- Spread betting only for UK residents
Hugosway Pros & Cons
- 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
- Hugosway Accepts Crypto Deposits
- Offshore Broker with very limited information
- Limited Deposit and Withdrawal Option
- Spread sometimes widens during market volatility
- Unregulated Forex broker
- No Managed Account Options
CMC Markets vs Hugosway: Side-by-Side Comparison
CMC Markets Vs Hugosway: Our Scores and Ratings
We rated both brokers, CMC Markets and Hugosway, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.
CMC Markets:
Hugosway
Final Verdict :
Both CMC Markets and Hugosway offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. CMC Markets is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including FCA, MAS, ASIC, IIROC, FMA. On the other hand, Hugosway is an unregulated offshore forex broker. CMC Markets provides Multiple trading platforms including Mt4, Web Trading, Mobile. On the Contrary, Hugosway does not offer MT4/MT5. It uses only TradeLocker as its trading platform.
As CMC Markets is not licensed in the USA, it cannot accept US clients. Being an unregulated offshore forex broker, Hugosway can onboard clients from anywhere in the world, including the USA. Therefore, non-US traders may opt for CMC Markets, while US traders looking for offshore forex brokers may consider Hugosway. Trading with offshore forex brokers is risky and not recommended.
