Forex traders always look for trading with brokers that suit their trading needs and preferences. FP Markets and Hugosway are online forex brokers that offer their trading services to traders and investors. Hugosway is a highly regulated and trusted forex broker. It is regulated in two Tier-1 jurisdictions, one Tier-2 jurisdictions and one tier -4 jurisdictions. On the other hand, Hugosway is an offshore forex broker which is not regulated by any regulatory bodies.Â
In this article, we will review and compare the brokerage services offered by FP 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.
FP Markets vs Hugosway: In a Nutshell
FP Markets
Established in 2005, FP Markets is an Australian-based forex and CFD broker that offers online trading services worldwide. It is a global brand regulated by multiple authorities, including ASIC, CySEC, SVG, FSA, and FSCA. The broker provides traders access to more than 10,000 trading instruments on its four platforms: MT4, MT5, IREAA, and cTrader. It also provides access to tools like Autochartist, Trading Central, free VPS, social trading, and more. FP Markets is a low-cost forex broker with spreads as low as 0.0 pips. To learn more, you can read our review about FP Markets.
FP Markets Overview
- Founded In: 2005
- Founder: Matthew Murphy
- Headquarters: Sydney, Australia
- Minimum Deposit: 100 AUD or equivalent.
- Maximum Leverage: 500:1
- Regulations: ASIC, CySEC, FSCA, FSA
- Trading platform: MT4, MT5 and Ctrader
- Account Types: Islamic, Account Funding, Fund withdraw
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BPAY, Dragonpay, FasaPay, Klarna, Neteller, Ngan Luong, PayPal, PayTrust88, PerfectMoney, Poli, Rapid Transfer, Skrill, SticPay, Transfer from Existing Broker, UnionPay
- US Clients: Not Accepted
Hugosway
Founded in 2017, Hugosway is a forex and CFD broker that offers online trading services. It is an unregulated offshore broker that operates globally. The broker provides ECN pricing with no spread mark-ups and charges only commissions on trades.
Hugosway gives traders access to over 200 instruments, including forex, CFDs, crypto CFDs, futures, indices, metals, and stocks. It allows various trading styles, including scalping, hedging, copy trading, and news trading. The broker offers a maximum leverage of 1:500.
Hugosway requires a minimum deposit of $10 or the equivalent to start trading. It supports BTC, Instacoins, and wire transfers via Instacoins for deposits and withdrawals. The broker provides 24/7 customer support through multiple channels.
However, Hugosway does not offer the MetaTrader (MT4/MT5) platform. It uses the Pro4 trading platform instead. To learn more about Hugosway, you can read our review about it.
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
FP Markets vs : Hugosway Features
FP Markets:
- Trading Instruments: 10000+ trading instruments including Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs,
- Maximum leverage: up to 1:500
- Minimum Deposit: 100 AUS or equivalent.
- Account Types: Offers 2 account types: Standard, Raw
- Fees: starting from 1.0 pips for a standard account, $3.5 commission on Raw account per side
- PAMM/ MAM: Yes,
- Zulutrade: Yes
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
Hugosway
- Trading Instruments: 55 Currencies, 73 Stocks, 38 Cryptos
- Trading Platforms: PRO4 Trading Platform
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Trading Fees: Only Spread is charged (No Commission). Variable spreads from 0.01 pips. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket): 1000 Lots
- Funding Currencies: Wire Transfer, Credit Card, Bitcoin
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 70%
- Margin Call Level: 100%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
FP Markets vs Hugosway : Pros and Cons
FP Markets Pros and Cons
- Regulated by ASIC, CySEC, FSCA, SVGFSA, AFS, FSP
- The Maximum leverage is 1:500
- Offers popular trading platforms like MT4, MT5, cTrader, WebTrader, IRESS
- Hedging, Scalping, EA/Robot, and Copy trading are allowed
- Easy, Fast and Digital account opening
- Offers passive investment programs like MAM, PAMM Accounts
- Faster order execution (40ms)
- FP Markets offers consistently tighter spreads from 0.0 pips
- No FCA regulation.
- The Minimum deposit is $100, which might be high for a beginner
- High Stock CFD fees
- US traders are not accepted
- Only two types of accounts ( Standard, Raw)
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
FP Markets vs Hugosway: Side-by-Side Comparison
FP Markets Vs Hugosway: Our Scores and Ratings
We rated both brokers, FP 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.
FP Markets :
Hugosway
Final Verdict :
Both FP Markets and Hugosway offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. FP Markets is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including ASIC, CySEC, SVGFSA, FSCA. On the other hand, Hugosway is an unregulated offshore forex broker. FP Markets provides Multiple trading platforms including MT4, MT5, cTrader, WebTrader. On the Contrary, Hugosway does not offer MT4/MT5. It uses only TradeLocker as its trading platform.Â
As FP 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 FXTM, while US traders looking for offshore forex brokers may consider Hugosway. Trading with offshore forex brokers is risky and not recommended.
