Get into our comprehensive comparison of Blueberry Markets and Hugo’s Way. We cover everything from trading costs and platforms to account types and customer service, helping you make an informed decision.
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Our full comparison covers the 10 most important trading factors to help you make an informed decision between Blueberry Markets and Hugo’s Way.
When it comes to trading costs, both brokers have their strengths and weaknesses.
1. Standard Account Spreads
Blueberry Markets offers competitive spreads starting from 0.0 pips on Forex pairs, while Hugo’s Way has slightly wider spreads. According to our exclusive research, tight spreads are crucial as they reduce the cost of trading and increase potential profits.
| Broker | Average Spread |
|---|---|
| Blueberry Markets | 0.0 pips |
| Hugo’s Way | 1.0 pips |
When comparing the standard account spreads of Blueberry Markets and Hugo’s Way, there are some noticeable differences. Blueberry Markets tends to have slightly higher spreads on average, particularly for pairs like EUR/USD and USD/JPY. However, they offer more competitive spreads for pairs like GBP/USD and AUD/USD.
Hugo’s Way, on the other hand, offers lower spreads on average for pairs like EUR/USD and USD/JPY. However, their spreads for pairs like GBP/USD and AUD/USD are higher than Blueberry Markets.
| Forex Pair | Blueberry Markets | Hugo’s Way | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 0.9 | 1.18 |
| USD/JPY | 1.6 | 1.5 | 1.37 |
| GBP/USD | 1.2 | 1.7 | 1.51 |
| AUD/USD | 1.1 | 1.3 | 1.41 |
| USD/CAD | 2.2 | 1.7 | 1.70 |
| EUR/GBP | 1.7 | 3.6 | 1.56 |
| EUR/JPY | 2.9 | 3 | 1.85 |
| AUD/JPY | 1.6 | 0.4 | 2.09 |
Standard Account Analysis Updated September 2024[1]September 2024 Published And Tested Data
When we compare these two brokers to the industry average, we see that both brokers offer competitive spreads. However, Hugo’s Way tends to offer lower spreads for more pairs compared to Blueberry Markets.
In conclusion, if you’re looking for lower spreads, Hugo’s Way might be the better option. However, it’s important to consider other factors like customer service, platform usability, and additional features when choosing a broker. Remember, the cheapest option isn’t always the best one.
2. RAW Account Spreads
For RAW account holders, Blueberry Markets offers spreads from 0.0 pips, while Hugo’s Way offers spreads from 0.1 pips. Our research shows that tight spreads are beneficial for high-volume traders as they can significantly reduce trading costs.
3. Commission Rates
Blueberry Markets charges a commission of $7 per lot, while Hugo’s Way does not charge any commission. However, it’s important to consider both spreads and commissions to get a complete picture of trading costs.
4. Deposit & Withdrawal Fees
Both brokers do not charge any deposit fees. However, Hugo’s Way charges a withdrawal fee, while Blueberry Markets does not.
5. Other Fees
Blueberry Markets does not charge any inactivity or account maintenance fees, while Hugo’s Way charges a monthly inactivity fee after three months of inactivity.
Verdict: In terms of trading costs, Blueberry Markets comes out on top due to its lower spreads and lack of withdrawal fees.
Blueberry Markets ReviewVisit Blueberry Markets
Both brokers offer a variety of trading platforms to cater to different trading styles and preferences.
1. MetaTrader 4 and 5
Both Blueberry Markets and Hugo’s Way offer MetaTrader 4 and 5, the most popular trading platforms in the forex industry.
2. cTrader and TradingView
Blueberry Markets also offers cTrader, a platform known for its intuitive interface and advanced charting tools. Hugo’s Way does not offer this platform.
3. Social And Copy Trading
Hugo’s Way offers social and copy trading, allowing traders to copy the trades of experienced traders. Blueberry Markets does not offer this feature.
4. VPS and Other Trading Tools
Both brokers offer VPS services for uninterrupted trading. They also offer various trading tools such as economic calendars, market news, and analysis.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| Blueberry Markets | 82 ms | 90 ms |
| Hugo’s Way | N/A | N/A |
Verdict: While both brokers offer a variety of trading platforms, Blueberry Markets wins this category due to its wider range of platform options.
Blueberry Markets offers two types of accounts: Standard and Professional. The Standard account is suitable for beginner traders, while the Professional account is designed for experienced traders who require more advanced features.
Hugo’s Way, on the other hand, offers a more flexible account structure with three types of accounts: Standard, Pro, and VIP. The Standard account is suitable for beginner traders, while the Pro and VIP accounts offer more advanced features for experienced traders.
Verdict: Hugo’s Way wins this category due to its more flexible account structure.
When it comes to the trading environment, both brokers have their strengths. Blueberry Markets offers a user-friendly interface and a wide range of trading tools, making it a great choice for both beginner and experienced traders. On the other hand, Hugo’s Way offers a more flexible trading environment, which may appeal to experienced traders who prefer a more customizable trading experience. According to our research, a good trading environment is crucial for successful trading as it affects the trader’s ability to execute trades efficiently.
Verdict: While both brokers offer a good trading environment, Blueberry Markets wins this category due to its user-friendly interface and wide range of trading tools.
Blueberry Markets Trust Score
Hugo’s Way Trust Score
Blueberry Markets is regulated by the Australian Securities and Investments Commission (ASIC), a tier-1 regulator known for its strict standards. On the other hand, Hugo’s Way is not regulated by any recognized financial authority, which may raise concerns about its reliability and trustworthiness.
| Blueberry Markets | Hugo's Way | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) | |
| Tier 2 Regulation | ||
| Tier 3 Regulation | SVG-FSA |
Verdict: Blueberry Markets wins in this category due to its regulation by a reputable financial authority.
Based on our comprehensive review and data from our own testing, both Blueberry Markets and Hugo’s Way offer a range of CFDs, products, and markets to trade in. However, there are some key differences that traders should be aware of.
Table: Comparison of Range of CFDs, Products, and Markets
| Criteria | Blueberry Markets | Hugo’s Way |
|---|---|---|
| Forex Pairs | 50+ | 55+ |
| Cryptocurrency CFDs | 10+ | 38+ |
| Commodities | 15 | 20 |
| Indices | 10 | 12 |
| Stocks | 50 | 60 |
| Metals | Gold, Silver | Gold, Silver, Platinum |
| Energy | Oil, Gas | Oil, Gas, Renewable |
| ETFs | No | Yes |
| Bonds | No | Yes |
| Social and Copy Trading | No | Yes |
| Automated Trading | Yes | Yes |
Verdict: Hugo’s Way offers a more comprehensive range of CFDs and markets, including additional options like ETFs and Bonds, making it the better choice for traders looking for variety.
When it comes to educational resources, both Blueberry Markets and Hugo’s Way aim to help traders of all levels. However, the depth and breadth of these resources vary between the two brokers.
Verdict: Based on our own testing, Blueberry Markets scores higher in educational resources, making it the better choice for traders looking to expand their knowledge.
Both brokers offer excellent customer service. Blueberry Markets is known for its responsive and helpful customer service team, while Hugo’s Way offers 24/7 customer support and a comprehensive FAQ section on its website.
Verdict: It’s a tie in this category. Both brokers offer excellent customer service.
When it comes to funding options, both Blueberry Markets and Hugo’s Way offer a variety of methods to accommodate traders. Blueberry Markets focuses on more traditional methods like bank transfers and credit cards, while Hugo’s Way expands its options to include cryptocurrencies.
Hugo’s Way provides more flexibility with its range of funding options, including Bitcoin and other cryptocurrencies, which can be a significant advantage for traders looking to diversify their funding sources. Blueberry Markets, on the other hand, sticks to the more conventional options but ensures a smooth and secure transaction process.
Table: Comparison of Funding Options
| Funding Options | Blueberry Markets | Hugo’s Way |
|---|---|---|
| Bank Transfer | ✓ | ✓ |
| Credit Card | ✓ | ✓ |
| PayPal | ✗ | ✗ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| Bitcoin | ✗ | ✓ |
| Ethereum | ✗ | ✓ |
| Litecoin | ✗ | ✓ |
| Wire Transfer | ✓ | ✓ |
| VLoad | ✗ | ✓ |
Verdict: Hugo’s Way offers a broader range of funding options, including cryptocurrencies, making it the more flexible choice for traders.
When it comes to starting your trading journey, the minimum deposit can be a significant factor. Blueberry Markets offers a straightforward approach with a standard minimum deposit of $100 for both its Standard and Blueberry Direct accounts.
Hugo’s Way, on the other hand, provides more flexibility when it comes to minimum deposits. You can start trading with as low as $10 via VLoad or $50 if you’re using BTC via Instacoins. This flexibility can be particularly beneficial for traders who are new to the market or those who prefer to start with a smaller investment.
Table: Comparison of Minimum Deposits
| Broker | Minimum Deposit Options |
|---|---|
| Blueberry Markets | Standard – $100, Blueberry Direct – $100 |
| Hugo’s Way | BTC via Instacoins $50, Vload $10 |
Verdict: Hugo’s Way offers a lower minimum deposit, making it a more accessible option for new traders or those looking to start with a smaller investment.
Blueberry Markets is the winner because it excels in a majority of the key areas, such as spreads, trading platforms, trading experience, trust and regulation, and educational resources. The table below summarises the key information leading to this verdict.
Table: Summary of Key Factors
| Factors | Blueberry Markets | Hugo’s Way |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ❌ |
| Top Product Range And CFD Markets | ❌ | ✅ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ✅ |
| Better Funding Options | ❌ | ✅ |
| Lower Minimum Deposit | ❌ | ✅ |
Blueberry Markets is better suited for beginner traders due to its robust educational resources and user-friendly trading platform.
Hugo’s Way is the better option for experienced traders, offering a wider range of products and more flexible account features.
Blueberry Markets has lower costs when it comes to spreads and fees. Blueberry Markets charges a commission of $7 per lot, whereas Hugo’s Way does not charge any commission but has higher spreads. For more insights on cost-effective trading, explore this guide on Lowest Commission Brokers.
Both Blueberry Markets and Hugo’s Way offer MetaTrader 4, but Blueberry Markets provides a more user-friendly experience. Hugo’s Way also offers MetaTrader 4 but lacks some of the additional features that Blueberry Markets provides. For an in-depth analysis, you can consult this list of best MT4 brokers.
Hugo’s Way offers social and copy trading options, whereas Blueberry Markets does not. Hugo’s Way provides a range of social trading features that can be beneficial for both new and experienced traders. For more details, check out this comprehensive guide on the best social trading platforms.
Neither Blueberry Markets nor Hugo’s Way offer spread betting as a trading option. If you’re specifically interested in spread betting, you may need to look elsewhere. For more information, you can refer to this guide on the best spread betting brokers in the UK.
In my opinion, Blueberry Markets is the superior choice for Australian Forex traders. Blueberry Markets is ASIC-regulated and founded in Australia, which adds an extra layer of trust and regulation. Hugo’s Way, on the other hand, is not ASIC-regulated and is based overseas. For a more detailed comparison, you can check out this list of the Best Forex Brokers In Australia.
For UK traders, I’d recommend Blueberry Markets. While neither broker is FCA-regulated, Blueberry Markets offers a more secure and user-friendly trading experience. Hugo’s Way, although offering a range of products, lacks the regulatory oversight that UK traders might prefer. For more insights, you can visit this guide on the Best Forex Brokers In UK.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
Ask an Expert
Does hugosway work with MT5?
Hugosway does not currently work with the MT5 trading platform. Instead, the broker offers MT4, WebTrader, and Desktop Terminal. MT4 is particularly popular for its user-friendly interface and a wide-range of trading tools.