IC Markets vs Hugosway in 2024

Published :
Updated :
Written by

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

IC Markets vs Hugosway: In a Nutshell

IC Markets

Andrew Budzinksi founded IC Markets in 2007 with the aim of using superior technology to provide forex and CFD trading services to both institutional and retail traders. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele.

Risk warning: 70.81% of retail investor accounts lose money.

ICMarkets Overview
  • Founded In: 2007
  • Minimum Deposit: $200
  • Maximum Leverage: 1:500
  • Regulations: ASIC, CySEC, SCB, and FSA
  • Trading platform: MT4, MT5 and cTrader
  • Account Types: Standard, cTrader raw spread, MetaTrader raw spread , Islamic
  • Payment Options: bank / wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
  • 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
  • Minimum Deposit: $10
  • Maximum Leverage: 1:500
  • Regulations: None 
  • Trading platform: MT4 
  • Account Types: Live account, Demo Account
  • Payment Options: BTC, Credit/debit cards, Bank transfer,
  • US Traders: Accepted   
89% CFD Trader Lose Money

IC Markets vs Hugosway : Pros and Cons

IC Markets Pros and Cons

Pros
  • Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction) 
  • Super fast trade execution speed 
  • Straightforward registration process 
  • Low spread, starting from 0 pips. 
  • Easy and Fast Account Opening 
  • Free deposit and withdrawal 
  • Offers standard and raw spread account
  • Trading EA is Allowed 
  • Ability to trade from a mobile device 
  • A demo Account is available
Cons
  • Higher minimum deposit 
  • No investor protection for non-EU Clients 
  • Limited Product Selection 
  • No weekend Trading 
  • US Traders are not accepted

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

IC Markets vs Hugosway: Side-by-Side Comparison

ICMarkets
Hugosway
Product
Founded In
Founded In
2007
2018
Founded By
Founded By
Andrew Budzinksi
Beachmont Business Centre
Headquarters
Headquarters
Sydney, Australia
St. Vincent and the Grenadines
Regulations
Regulations
ASIC, CySEC, FSA, and SCB,
None
Min Deposit
Min Deposit
$200
$10
Max Leverage
Max Leverage
1:1000
1:500
Tradable Assets
Tradable Assets
Over 2100 forex, CFDs in stocks, indices, commodities, cryptos, and Bonds.
Forex, cryptos, commodities, indices and stocks CFDs
Fees
Fees
Spreads from 0.6 pips, Commissions $7/round lot
Spread from
Platforms and Tools
Platforms and Tools
MT4, MT5, and cTrader
MT4
US Traders
US Traders
Not Allowed
Not Allowed

IC Markets Vs Hugosway: Our Scores and Ratings

We rated both brokers, IC 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.

IC Markets :

9.3
IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4

Hugosway:

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

As IC 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 IC Markets, 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.

Leave a Comment