IG and Hugosway are online forex brokers that offer their trading services to traders and investors. IG is a highly regulated and trusted forex broker. It is regulated by multiple regulatory authorities including SEC, CFTC, FCA, FSCS, FINRA, FCM, IIROC, MAS, FSA. On the other hand, Hugosway is an offshore forex broker which is not regulated by any regulatory bodies. Both the brokers have their own strengths and weaknesses.
In this article, we will review and compare the brokerage services offered by IG 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.
IG vs Hugosway: In a Nutshell
IG Markets
Founded in 1974 as IG Index by British financier Stuart Wheeler, IG is a well-known forex and CFD broker. Based in the United Kingdom, IG offers online trading services, including spread betting and CFD trading. It provides access to over 100 forex currency pairs, CFDs, commodities, stocks, indices, gold, silver, oil, bitcoin, and other cryptocurrencies for personal investment and trading. As of 2021, IG had a market value of £2.9 billion and offered trading in 17,000 investment markets. Regulated by the Financial Conduct Authority (FCA), IG is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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
- 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
IG vs : Hugosway Features
IG
- Trading Instruments: 17,000+ trading instruments including forex, indices, cryptocurrencies, shares, commodities, bonds, options, etc
- Maximum leverage: 30:1 to 200:1 ( dependent on Jurisdiction and Tradable assets)
- Minimum Deposit: No Minimum Deposit. However, the Minimum requires $250 if traders use credit/debit cards or PayPal
- Account Types: Ig Offers couple of account types including Standard Accounts, Limited Risk Accounts, Spread Betting Accounts, Options Trading Accounts, Turbo24 Accounts, Share Dealing Accounts, Professional Accounts, etc
- PAMM/ MAM: Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
Hugosway
- Trading Instruments: 1200+ trading instruments including forex, CFDs in stocks, indices, commodities, ETFs and Cryptos
- Maximum leverage: 500:1
- Minimum Deposit: $10
- Account Types: 1 major Account (Standard)
- Trading Fees: Spread starting from 0.1 pips
- PAMM/ MAM: Not Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
IG vs Hugosway : Pros and Cons
IG Pros and Cons
- Regulated by multiple top tire regulators like NFA, FCA, ASIC, FSA, AMF, FMA, MAS, DFSA
- Allows scalping, EA/ Robot Trading, News Trading
- Offers web trading, mobile trading and ECN Trading
- IG's acquisition of tastytrade for $1 billion brought options trading and listed-derivatives (such as futures) trading to clients in the United States
- 16,000 trading instruments, investments in IPOs and exchange-traded funds;
- Quality choice of trading platforms, including MT4, WebTrader, MobileTrader (MobileApp), ProRealTime
- Relatively good spreads, from 0.6-1 pips depending on the type of instrument;
- Offers passive investment programme ( MAM, PAMM accounts)
- Relatively high Minimum deposit ( Min Deposit $250)
- Conservative leverage in some areas ( The max leverage is 1:200)
- IG charges $/£12/€14 per month after 24 months of inactivity
- Limited product range on MT4
- High Stock CFD fees
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
IG vs Hugosway: Side-by-Side Comparison
IG Vs Hugosway: Our Scores and Ratings
We rated both brokers, IG 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.
IG:
Hugosway
Final Verdict :
Both IG and Hugosway offer similar trading services worldwide. However, there are differences in their regulations, reputations, and operations. IG is a regulated and trusted forex broker, supervised by top-tier regulatory authorities, including the ASIC, FCA, JFSA, SFC (Hongkong), FSCA, MAS, FMA, GmbH, FINMA. In contrast, Hugosway is an unregulated offshore forex broker. IG provides multiple trading platforms, including MT4, WebTrader, MobileTrader (MobileApp), ProRealTime. while Hugosway does not offer MT4/MT5 and uses only PRO4 Trading Platform as its trading platform.
Since IG is licensed in the USA, it can accept U.S. clients. However, IG does not offer high leverage or CFD instruments due to regulatory obligations in the USA. In contrast, as an unregulated offshore broker, Hugosway can offer U.S. traders high leverage and CFD trading. Our score for IG is 9.3, and for Hugosway, it is 9 (according to our expert ratings, brokers that achieve a score of 8.00 or higher are considered safe and trustworthy).
Therefore, if you are looking for a U.S.-regulated forex broker, IG is a good choice. However, if you prefer to trade CFDs with high leverage, you may consider Hugosway. Keep in mind, though, that trading with an unregulated offshore broker carries significant risks.
