Interactive Brokers and Hugosway are online forex brokers that offer their trading services to traders and investors. Interactive Brokers 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 Interactive Brokers 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.
Interactive Brokers vs Hugosway: In a Nutshell
Interactive Brokers
Founded in New York, USA in 1978 by Thomas Peterffy, Interactive Brokers has grown into a global brand with over 2.1 million clients. It is an American Multinational brokerage firm headquartered in Greenwich, Connecticut. It has become one of the leading online trading solutions for traders, investors, and advisors. The brokers give access to over 5000+ tradable assets including forex, CFDs, warrants, ETFs Options, Futures, Mutual Funds, and Bonds. To trade online, IBKR offers WebTrader, FIX API, MobileTrader (MobileApp), and TWS trading platforms. To learn more about IBKR, you can read our review of Interactive Brokers
Interactive Brokers Overview
- Founded In: 1978
- Founder: Chairman Thomas Peterffy
- Headquarters: Greenwich, Connecticut, United States
- Minimum Deposit: None
- Maximum Leverage: 500:1
- Regulations: SEC , CFTC ,FCA, FSCS, ASIC , IIROC , FSA
- Trading platform: WebTrader, FIX API, MobileTrader
- Account Types: Family Office Account ,UGMA/UTMA, IRA, Trust ,Joint, Individuals
- Payment Options: Bank Wire (BankTransfer/SWIFT), ACH (Automated Clearing House), BPAY, Check, Direct Debit, Local Bank Deposits, Transfer from Existing Broker
- US Traders: Accepted
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
Interactive Brokers vs: Hogosway Features
Interactive Brokers
- Trading Instruments: 5000+Trading instruments including forex, CFDs, warrants, ETFs Options, Futures, Mutual Funds, stocks, options, and Bonds
- Maximum leverage: 50:1 for US Clients, 30:1 for EU clients, and 400:1 for global clients.
- Minimum Deposit: The Interactive Brokers minimum deposit is $0 for a cash account, $2,000 for a T Reg margin account, and $110,000 for a portfolio margin account. The minimum deposit is subject to change depending on the trading account opened and the base currency selected.
- Trading Fees: spreads starting from as low as 0.1 pips, Stock fees USD 0.005 per share.
- PAMM/ MAM: Not Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed with Capitalise.ai
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
Interactive Brokers vs Hugosway : Pros and Cons
Interactive Brokers Pros and Cons
- IBK is a Forex and Stock Broker
- Excellent reputation (founded in 1978)
- Regulated by top regulators like ASIC, FCA, FSA, SFC, IIROC
- A wide range of products offered warrants, ETFs, Options, Futures, Mutual Funds, Bonds
- Over 18,000 no-transaction-fee mutual funds.
- No monthly inactivity fee
- Low trading fees and high interest (up to 4.58% for USD) on cash balances
- Access to international markets and exchanges
- Mobile apps are convenient for individual investors.
- Complicated account opening
- Learning Curve for Beginners
- The maximum leverage is only 1:40
- No Metatrader platforms (MT4, MT5) offered
- High minimum deposit requirements for some account types
- Interactive Advisors (Robo-advisor feature) is only available for US customers
- No fixed spread is available
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
Interactive Brokers vs Hugosway: Side-by-Side Comparison
Interactive Brokers Vs Hugosway: Our Scores and Ratings
We rated both brokers, Interactive Brokers 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.
Interactive Brokers :
Hugosway
Final Verdict :
Both Interactive Brokers and Hugosway offer similar trading services worldwide. However, there are differences in their regulations, reputations, and operations. Interactive Brokers is a regulated and trusted forex broker, supervised by top-tier regulatory authorities, including the SEC, CFTC, FCA, FSCS, FINRA, FCM, IIROC, MAS, FSA. In contrast, Hugosway is an unregulated offshore forex broker. Interactive Brokers provides multiple trading platforms, including WebTrader, FIX API, MobileTrader (MobileApp), TWS. while Hugosway does not offer MT4/MT5 and uses only PRO4 Trading Platform as its trading platform.
Since Interactive Brokers is licensed in the USA, it can accept U.S. clients. However, Interactive Brokers 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 Interactive Brokers 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, Interactive Brokers 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.
