Hugosway and HeroFX are two popular offshore forex and CFD brokers that offer online trading services to traders and investors worldwide. Both brokers accept U.S. clients and provide trading facilities with no FIFO rule, high leverage, low fees, and tight spreads without restrictions. Although these brokers offer similar services, each has its strengths and weaknesses.
In this article, we will compare and review Hugosway and HeroFX by exploring their trading conditions, instruments, minimum deposits, fees, features, and customer support. This comparison and research will help you determine which broker is better suited to your trading style and preferences.
Hugosway vs HeroFX: In a Nutshell
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.
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
HeroFX
Founded in 2020, HeroFX is an online forex and CFD broker. It is an offshore forex broker that offers 100+ trading instruments including 71 forex pairs, 59 Stock CFDs, and 30 Cryptocurrencies. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of HeroFX is as high as 1:500.
HeroFX at a Glance
- Founded Year: 2020
- Location: Saint Lucia
- Minimum Deposit: $20
- Maximum Leverage: 1:500
- Regulations: None (Unregulated Offshore Broker)
- Trading platform: HX4, HX5
- Account Types: Zero, Pro, Prime
- Trading Style: Scalping, Hedging, Swing Trading, Day Trading, Automated Trading
- Payment Options: Crypto deposits and withdrawals
- US Traders: Accepted
Hugosway vs HeroFX: Side By Side Comparison
Hugosway vs HeroFX: Features
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
HeroFX
- Trading Instruments: FX, energies, futures, stocks, CFDs & cryptos
- Trading Platforms: Desktop Terminal, WebTrader, Trading App
- Minimum Deposit: $20.
- Maximum Leverage: 1:1000
- Trading Fees: Flat-rate Commissions. Variable spreads from 0.01 pips. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Funding Currencies: BTC/ ETH/ USDT (ERC-20)
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 20%
- Margin Call Level: 50%
- 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
Hugosway vs HeroFX: Pros and Cons
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
HeroFX Pros & Cons
- Low Minimum Deposit- You may deposit as low as $20
- Allow Crypto CFD Trading
- Demo Accounts are Available
- Higher Leverage for US, and EU clients. Maximum leverage is as high as 1:500
- Allow Scalping, EA Trading, and News Trading
- HeroFX Accepts Crypto Deposits
- Unregulated offshore forex broker
- Limited Deposit and Withdrawal Option
- No Managed Account Options
Final Thoughts:
Hugosway and HeroFX are unregulated offshore forex and CFD brokers in the industry. They offer similar trading services; they both allow scalping, hedging, EA trading, and Copy trading EA. The minimum order size for both of them is 0.01
However, there are a few areas where you may find some differences. For example, Hugosway does not support MetaTrader (MT4/MT5) trading platform; instead, it uses the PRO4 trading platform. On the other hand, HeroFX supports Desktop Terminal, WebTrader, Trading App trading platforms. The minimum deposit for Hugosway is $10, whereas the minimum deposit for HeroFX is $20. Additionally, the maximum leverage for Hugosway is 500:1, while the maximum leverage for HeroFX is 500:1.
Our score for Hugosway is 2.5, and for HeroFX, it is 4.5. If you are looking for a high-leverage offshore broker with Desktop Terminal, WebTrader, Trading App trading platform you may choose HeroFX. However, if you prefer not to use MT4/MT5, you may choose Hugosway.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
