Hotforex vs Hugosway in 2024

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Forex traders always look for trading with brokers that suit their trading needs and preferences. HotForex and Hugosway are online forex brokers that offer their trading services to traders and investors. HotForex is a highly regulated and trusted forex broker. It is regulated in two tier-1 jurisdictions, three tier-2 jurisdictions, and three 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 HotForex 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.

HotForex Markets vs Hugosway: In a Nutshell

HFM

Founded in 2010, HFM is one of the renowned forex and CFD brokers offering online trading services worldwide. The broker was previously known and founded as HotForex. HFM provides over 1,000 trading instruments, including forex, commodities, metals, bonds, energies, ETFs, indices, stocks, and cryptos. It is regulated by multiple regulatory authorities, such as the FCA, CySEC, CMA, FSC, SVGFSA, FSA-S, FSCA, and DFSA. HFM has received over 60 industry awards for outstanding performance and offers leverage as high as 1:2000. It boasts about 2.5 million clients from all over the world. To learn more about HFM, you can read our review on HFM (HF Markets).

Risk warning: 71.25% of retail investor accounts lose money

Hotforex Overview

Hotforex Overview
  • Founded In: 2010
  • Founder: George Koumantaris
  • Headquarters: St. Vincent & the Grenadines
  • Minimum Deposit: $5
  • Maximum Leverage: 1:1000
  • Regulations: FCA, DFSA , FSCA ,FSA,CMA
  • Trading platform: MT4, MT5, HFM Platform
  • Account Types: Cent, Zero, Pro, Premium
  • Payment Options:Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, PayRedeem, Skrill, UnionPay, WebMoney
  • 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

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

Hotforex vs : Hugosway Features

Hotforex:

  • Trading Instruments: 3000+ trading instruments including Forex, Metals, Energies, Indices, Stocks, Commodities, Bonds, ETFS, Cryptos 
  • Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
  • Minimum Deposit: No Minimum Deposit. 
  • Account Types: Two (Standard, Elitetrader) 
  • Trading Fees:  Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
  • PAMM/ MAM:  
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

Hotforex vs Hugosway : Pros and Cons

Hotforex Pros and Cons

Pros
  • Maximum Leverage is as high as 1:500
  • Faster Trade Execution with ECN/STP Model
  • Low Minimum Deposit ($10)  
  • Tight spreads starting from just 0.0 pips
  • Multiple account types including Islamic, STP, ECN, and ECN Plus accounts.
  • PAMM/MAM accounts are available for interested investors and fund managers.
  • Tools like the Economic Calendar, trading calculators, and VPS are provided.
  • Demo accounts are available for testing trading strategies. 
  • Overall Very Low Trading Fees 
  • Crypto Deposits and Withdrawals available
  • Due to the absence of regulatory restrictions, the broker is open to clients worldwide
  • Allows Scalping, News trading, EA Trading, and FIFO Trading. 
Cons
  • The Broker is not regulated 
  • Only crypto deposits and withdrawals are available 
  • Lack of Educational Resources 
  • No Investor Protection Scheme 
  • No Telephone Service Line 
  • Limited Educational Resources 
  •  NO Ctrader trading platforms 

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

HotForex vs Hugosway: Side-by-Side Comparison

Hotforex
Hugosway
Product
Product
Hotforex
Hugosway
Founded In
Founded In
2010
2018
Founded By
Founded By
George Koumantaris
Beachmont Business Centre
Headquarters
Headquarters
Kingstown, St. Vincent
St. Vincent and the Grenadines
Regulations
Regulations
FCA, DFSA , FSCA ,FSA,CMA
None
Min Deposit
Min Deposit
$5
$10
Max Leverage
Max Leverage
2000:1
1:500
Tradable Assets
Tradable Assets
Forex,Metals,Energies,Indices,Stocks,Commodities,Bonds,ETFs,Cryptos
Forex, cryptos, commodities, indices and stocks CFDs
Fees
Fees
Spread from 0.5 pips
Spread from
Platforms and Tools
Platforms and Tools
MT4, MT5, HFM App
MT4
US Traders
US Traders
Not Allowed
Not Allowed

HotForex Vs Hugosway: Our Scores and Ratings

We rated both brokers, HotForex 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.

HotForex :

9.1
Total Score
Regulation and Security (40%)9.8
Fees and Commissions (20%)9
Trading (15%)8
Trading tools (10%)9.2
Customer Support (10%)9
Trading Education (5%)8

Hugosway

2.5
HotForex 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 HotForex and Hugosway offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. HotForex is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including FCA , CySEC, CMA, FSC Mauritius, SVGFSA ,FSA -S, FSCA, DFSA. On the other hand, Hugosway is an unregulated offshore forex broker. HotForex provides Multiple trading platforms including MT4, MT5. On the Contrary, Hugosway does not offer MT4/MT5. It uses only TradeLocker as its trading platform. 

As HotForex 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 HotForex, 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.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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