Eightcap vs Hugosway 2024: Features, Pros, Cons and More!

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Forex traders always look for trading with brokers that suit their trading needs and preferences. Eightcap and Hugosway are online forex brokers that offer their trading services to traders and investors. Eightcap is a highly regulated and trusted forex broker. It is regulated in three tier-1 jurisdictions and one tier-4 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 Eightcap 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.

Eightcap vs Hugosway: In a Nutshell

Eightcap

Founded in 2009, Eightcap is an Australian-based forex and CFD broker that offers online trading services worldwide. The broker is regulated by top-tier regulatory bodies, including ASIC, FCA, CySEC, SCB, and FSASVG. It allows the trading of over 800 instruments, including forex, shares, commodities, indices, and cryptocurrencies. Eightcap offers popular trading platforms and tools like MT4, MT5, TradingView, WebTrader, an AI-powered economic calendar, Capitalise.ai, and Flash Trader for smart trading. The broker also provides daily trade ideas, professional trading insights, and code-free automation. To learn more, you may read our review of Eightcap

Eightcap Overview

Eightcap Overview
  • Founded Year: 2009
  • Founder: Joel Murphy
  • Headquarters: The Rialto, South Tower, Level 35/525 Collins St, Melbourne VIC 3000, Australia
  • Minimum Deposit: $100
  • Maximum Leverage: 1:500
  • Regulations: ASIC, FCA, CySEC, SCB, and FSASVG
  • Trading platform: MT4, MT5, TradingView, Webtrader
  • Account Types: Standard, Raw, Tradingview
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BPAY, Neteller, PayPal, Poli, Skrill, UnionPay, XPAY
  • US Clients: Not Accepted

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

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   
89% CFD Trader Lose Money

Eightcap vs : Hugosway Features

Eightcap:

  • Trading Instruments: 1000+ including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
  • Maximum leverage: up to 500:1 for SCB regulation, and 30:1 for ASIC, CySEC, and FCA Jurisdiction.  
  •  Minimum Deposit: $100 or Equivalent
  • Account Types: Three Types of Accounts including Raw Account, Standard Account, Trading View Account 
  • Fees: about $3.5 per lot on each side for the raw account, 1 pip spread for the standard account, 1 pip spread for the Tradingview account 
  • PAMM/ MAM:  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) 
  • Trading Fees: Spread starting from 0.1 pips 
  • PAMM/ MAM:  Not Available
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

Eightcap vs Hugosway: Pros and Cons

Eightcap Pros and Cons

Pros
  • Regulated by ASIC, FCA, VFSA 
  • The Maximum Leverage is as high as 1:500
  • Offers passive investment programme(MAM, PAMM accounts) 
  • No Deposit/Withdrawal Fees
  • Easy To Open An Account
  • Scalping and EA Trading are allowed 
  • 100+ Crypto CFDs available
Cons
  • Minimum deposit is $100
  • No Investor Protection for non-EU Clients
  • The Broker is not regulated by FCA UK 
  • Conditions and trading costs vary according to the entity
  • Hedging is not allowed with the ASIC entity
  • No joint accounts, copy trading, referral program, or other options for passive income

Hugosway Pros & Cons

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 
  • Hugosway 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

Eightcap vs Hugosway: Side-by-Side Comparison

Eightcap
Hugosway
Product
Product
Eightcap
Hugosway
Founded In
Founded In
2009
2018
Founded By
Founded By
Alex Howard
Beachmont Business Centre
Headquarters
Headquarters
Melbourne, Australia
St. Vincent and the Grenadines
Regulations
Regulations
ASIC,FCA, CySEC, SCB
None
Min Deposit
Min Deposit
$100
$10
Max Leverage
Max Leverage
500:1
1:500
Tradable Assets
Tradable Assets
Forex,Commodities,Indices,Shares,Crypto
Forex, cryptos, commodities, indices and stocks CFDs
Fees
Fees
Spread from 1 pips or $3.5 per standard lot traded
Spread from
Platforms and Tools
Platforms and Tools
MT4, MT5, TradingView, Webtrade
MT4
US Traders
US Traders
Not Allowed
Not Allowed

EightcapVs Hugosway: Our Scores and Ratings

We rated both brokers, Eightcap 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.

Eightcap :

9
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9
Trading (15%)8.5
Trading tools (10%)8.6
Customer Support (10%)9
Trading Education (5%)7.2

Hugosway

2.5
Eightcap Scores
Regulation and Security (40%)1.5
Fees and Commissions (20%)4.5
Trading (15%)5.2
Trading tools (10%)1
Customer Support (10%)5
Trading Education (5%)1

Final Verdict :

Both Eightcap and Hugosway offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. Eightcap is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including ASIC, FCA, CySEC, SCB. On the other hand, Hugosway is an unregulated offshore forex broker. Eightcap provides Multiple trading platforms including MT4, MT5, TradingView, WebTrader. On the Contrary, Hugosway does not offer MT4/MT5. It uses only TradeLocker as its trading platform. 

As Eightcap 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 Eightcap, while US traders looking for offshore forex brokers may consider Hugosway. Trading with offshore forex brokers is risky and not recommended.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

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