Choosing the right forex broker is difficult for traders. With so many options available, how do you know which one is the best fit for you? In this article, we will compare and contrast two popular offshore brokers – Hugosway and OyspreyFX – to help you make a better decision.
Offshore brokers have gained popularity for offering unique advantages such as lower trading costs, increased leverage, and flexibility in trading strategies. However, the lack of regulation in offshore jurisdictions raises concerns about the safety and reliability of these brokers. Hugosway and OyspreyFX are two such offshore brokers that have garnered attention from traders worldwide including the USA.
In this article, we will analyze and create a comparison table of their features, pros &cons, trading conditions, customer support, and more!
Hugosway vs OyspreFX: Side by Side Comparison
Hugosway vs OspreyFX: 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
OspreyFX
- Trading Instruments: 120+ trading instruments including Forex, Crypto, Stocks, Indices, Commodities
- Trading Platforms: Tradelocker
- Minimum Deposit: $10
- Maximum Leverage: 1:500 ( Leverage may vary based on tradable assets)
- Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.4 pips for the Pro account, $7 per lot for the Standard ECN account, and $8 for the Pro ECN account.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket): 1000 Lots
- Funding Currencies: Bitcoin, Crypto, Credit/Debit Cards.
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 144%
- 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.
- KYC Verification: Required
Hugosway vs Ospreyfx: 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
Ospreyfx
Founded in 2018, OspreyFX is a regulated forex broker headquartered in Saint Vincent and the Grenadines. It operates as an offshore forex broker, offering leverage as high as 500:1. OspreyFX supports all trading styles; including scalping, hedging, news trading, copy trading, and algorithmic trading. Currently, it uses TradeLocker as its trading platform. The broker provides a wide range of trading instruments, such as forex, Indices CFDs, Metal CFDs, Commodities CFDs, Cryptos CFDs, and Share CFDs (US and EU). Being an offshore forex broker it can onboard clients from anywhere in the world, including the USA. However, the broker only accepts crypto deposits and withdrawals
OspreyFX Overview
- Founded In: 2019
- Trading Instruments: 120+ including Forex, Crypto, Stocks, Indices, Commodities
- Minimum Deposit: between $25 and $500 (Depending on Account Type)
- Maximum Leverage: 1:500
- Regulations: None
- Trading Fees: Starting from 0.1 Pips
- Deposit and Withdrawal Fees: $0
- Trading platform: TradeLocker
- Account Types: 4 account types such as Standard ECN, Pro ECN, VAR, Mini
- Payment Options: Bitcoin, Crypto, Credit/Debit Cards, and PayRedeem
- US Traders: Accepted
Hugosway vs OspreyFX: 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
OspreyFX Pros and Cons
- The Maximum Leverage is as high as 1:500
- ECN STP broker model
- Faster Trade Execution with Tradelocker
- Offers Multiple Account Types including, Demo accounts and Live Accounts
- Rebates and Rewards are Available for Live Trading Accounts
- Accounts can be funded with multiple crypto coins such as BTC, ETH, LTC, USDT, DOGE, etc.
- Professional traders who can prove their competence may receive funded accounts up to $200,000 and earn up to 80% of their profits.
- Unregulated Offshore Forex Broker
- No Metatrader (MT4, MT5) Trading Platfroms.
- Offers Only Tradelocker Trading Platform
- Limited Deposit and Withdrawal Methods (Cryptos, PayRedeem)
- No managed accounts or Social Trading (MAM, PAMM) Offered
- Live chat is a bit complex. To contact the chat operator, you need to first answer a series of questions from the virtual bot each time.
Final Thoughts:
Hugosway and OspreyFX 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 the MetaTrader MT5 trading platform; instead, it uses the MT4 trading platform. On the other hand, OspreyFX supports MT4, MT5 trading platforms. The minimum deposit for Hugosway is $10, whereas the minimum deposit for OspreyFX is $25. Additionally, the maximum leverage for Hugosway is 500:1, while the maximum leverage for OspreyFX is 500:1.
Hugosway does not offer any passive investment programs like MAM or PAMM, while OspreyFX does provide such programs. If you are looking for a high-leverage offshore broker with Metatrader (MT4/MT5) trading platform you may choose OspreyFX. However, if you prefer not to use MT5, you may choose Hugosway.
