Hugosway vs IC Markets

Hugosway vs IC Markets: Account Types – Understanding What Each Offers

In an attempt to reach out to a wider customer base, many Forex brokers offer multiple account types.

No matter what is your trading experience or skill level, risk tolerance or financial objectives, retail clients will be able to choose a forex account that will suit their trading needs.

If we take IC Markets, which has proven to be one of the best Forex brokers globally, we should point out that it offers its clients a choice of three main live account types:

• Standard Account
• Raw Spread Account (MT4 and MT5)
• Raw Spread Account for cTrader

In comparison, Hugo’s Way, which is still in the early stages of its business experience, offers Forex traders only one live account type.

Hugo’s Way vs. IC Markets Review: Popular Account Types

Over the years, IC Markets’ Raw Spread Account has become quite popular among retail traders. It allows for Forex trading with the lowest possible spreads (starting from 0.0 pips), while the average spread offered on major pairs such as EUR/USD is 0.1 pips (one of the lowest worldwide).

In comparison, Hugo’s Way’s MT4 ECN Account, which allows access to true ECN trading environment, has variable spreads, with the average spread on EUR/USD being around 0.7 pips (according to price data measured by Compare Forex Brokers).

IC Markets’ Raw Spread Account provides access to:

• 65 currency pairs – major FX pairs (EUR/USD, GBP/USD, etc.) minor FX pairs (EUR/GBP) and exotic pairs (USD/ZAR)
• 16 major Stock Indices (US E-mini S&P 500 and US DJIA Index)
• 19 commodities (energy, agriculture and metals)
• 6 bonds CFDs (5-Year US Treasury Note)
• 10 cryptocurrency CFDs (Bitcoin, Ethereum, Ripple, etc.)
• +152 stocks (Apple, Facebook or BHP) from global stock exchanges (ASX, NASDAQ, NYSE)
• 4 future CFDs (DXY – Dollar index)
• On the popular MetaTrader 4, MetaTrader 5 and cTrader platforms

Hugo’s Way’s MT4 ECN Account provides access to 55 currency pairs and complex instruments (Contracts for Difference) on 31 Cryptocurrencies, 104 Stocks, 11 Stock Indices, 6 Metals, 3 Energies and 1 Future contract.

For a head-to-head comparison of Hugosway vs IC Markets range of markets see the table below.

Note* IC Markets offers two additional assets classes (Bonds and Soft commodities) in comparison with Hugo’s Way.

Forex Account Features Comparison

IC Markets requires a minimum deposit of $200 and allows clients to use maximum leverage of 1:30 for Forex in Australia and Europe (500:1 outside Australia and Europe). Hugo’s Way requires a minimum deposit of $10 and allows retail clients to use maximum leverage of 1:500 for Forex and Metals trading.

Since both brokers ensure deep liquidity and decent order execution speed, the Raw Spread Account and the MT4 ECN Account are an appropriate choice for day traders, scalpers as well as traders using Expert Advisors.

We should also note that both brokers will charge a commission on their popular trading accounts. IC Markets will charge a commission of $6.00 per round turn for 1 Standard Lot traded, while Hugo’s Way will charge a commission of $10.0.

Note* HugosWay’s commission is almost double that of IC Markets’ commission.

Last but not least, IC Markets’ Raw Spread Account supports 10 base currencies (EUR, USD, AUD, GBP, SGD, NZD, JPY, CHF, HKD, CAD), while Hugo’s Way’s MT4 ECN Account supports 6 base currencies (GBP, USD, EUR, CAD, AUD, Bitcoin).

Both brokers offer a Free Demo Account, which allows retail clients to test trading strategies in real market conditions and to familiarize themselves with trading platform features and tools.

Forex Islamic Account

As for an Islamic Account option, at present, Hugo’s Way does not offer a Swap-free Account. However, clients of the Islamic faith can open such an account with IC Markets. The broker’s all three main account types support a swap-free account option, “where no interest fees will be credited or debited.”

Account Types Overall Winner

IC Markets range of account types has more features than Hugo’s Way. This is why, based on our star scoring system, IC Markets scored the most points being the overall winner in this category. Make sure you choose your trading account based on what type of trader you are and what are your trading needs.

Hugosway vs IC Markets: Regulation Matters, Trust A Tier-1 Regulated Broker

The practice has shown numerous cases of unethical behaviour by Forex brokers over the past two decades, including client trading account manipulation, use of client funds as operating capital, rejection of client withdrawal requests, or simply cutting off any contact with clients.

Because of these and other cases of scam within the Forex industry, many traders may not be willing to put their trust in a Forex broker that lacks any regulation by a reputable authority.

IC Markets is one of the largest FX CFD providers in terms of Forex volume worldwide and has over 100,000 active clients. On a daily basis, IC Markets is processing over 500,000 transactions.

IC Markets conducts its business by following the strict regulatory standards imposed by two of the most reputable regulatory authorities globally:

• The Australian Securities and Investments Commission (ASIC), AFSL No. 335692
• Cyprus Securities and Exchange Commission (CySEC), Licence No 362/18

Disclaimer: To serve the need of clients in other areas of the world, IC Markets Global is regulated in Seychelles by the Financial Services Authority (FSA) with licences No SD018.

In comparison, at present, Hugo’s Way is conducting its business operations from an offshore location with no tier-one regulator. As an offshore broker, Hugo’s Way is not licenced by any government financial authority. Trading with an unregulated broker comes with a high risk associated with fraudulent activities.

Note* Not all unregulated brokers are scams. Offshore forex brokers are the primary destination for United States residents looking for unrestricted access to forex trading. US traders have only a limited number of regulated forex brokers (OANDA, Forex.com or IG Markets) which is why offshore brokers may look attractive.

Hugo’s Way is taking the necessary steps and investigating different regulatory jurisdictions to ensure that our clients have the best cover possible.

The difference between regulated brokers vs unregulated brokers is that forex regulation gives you an extra level of security and protection of your money.

Forex Fund Safety

When it comes to client fund security,  IC Markets assures that it keeps client money in Segregated Client Trust Accounts at AA-rated financial institutions such as National Australia Bank (NAB) and Westpac Banking Corporation (Westpac). Thus, the use of client funds for any operational expenses or purposes is not possible. Hugo’s Way also states that client funds are kept fully segregated from the broker’s bank accounts, but it does not provide more details.

Since Hugo’s Way claims to take client security seriously, it has added an extra layer of security for Forex traders, known as a Two-factor authentication (2FA). This way clients’ trading accounts remain protected against any unauthorized access.

IC Markets does not offer 2FA, but on the other hand, it assures all electronic payments are processed via Secure Socket Layer (SSL) technology and are encrypted.

No Negative Balance Protection Policy

Along with all the above-mentioned advantages, however, there is one disadvantage. Both brokers do not seem to follow a negative balance protection policy.

As a result, trading CFDs, which are high-risk derivative instruments, with high leverage ratios may lead to losses that exceed initial deposits on retail investor accounts. This generates the necessity for traders to use all other risk management tools, which brokers offer, to protect their active positions.

Forex Regulation Overall Winner

The bottom line is that forex traders can enjoy higher protection with IC Markets. Regulated and licenced brokers ensure fair prices, transparent trading conditions, protection from fraud and safety of funds.

Hugosway vs IC Markets: A Good Trading Platform Makes Trading Better

A multi-functional, user-friendly and fast-responsive trading platform is what every trader seeks, no matter their knowledge or skill level. If you want to climb the ladder and become a successful trader, you need a trading platform that can assist you to achieve your goals.

Our team of experts factored in the various trading platforms offered by IC Markets and Hugosway.

With IC Markets, retail traders can choose from a selection of trading platforms, including:

• MetaTrader 4 trading platform – the world’s most popular forex platform
• MetaTrader 5 trading platform – next-generation platform
• cTrader trading platform – designed for high-speed trading

In comparison, Hugo’s Way offers its clients the MetaTrader 4 trading software only with “true ECN connectivity,” which allows clients to trade with Straight Through Processing (STP) execution model.

The trading software offered by IC Markets can be accessed via several devices. There is a downloadable desktop version for both Windows and macOS. Online trading can also be done via the web-based application MetaTrader WebTrader and cTrader Web.

Additionally, IC Markets offers trading on the go via fully functional forex trading apps (iOS and Android devices).

Note* Hugo’s Way’s MT4 is not compatible with macOS.

Hugo’s Way vs. IC Markets: Order Execution

IC Markets MetaTrader 4 server is located in the Equinix NY4 data centre, which ensures low latency, minimized possibility of slippage and an average order execution speed of 36.5 ms. Hugo’s Way, however, does not disclose specific execution speeds.

The exceptionally fast execution of trade orders ensures no requotes.

Note* Hugosway claims to have 50 different liquidity providers compared to IC Markets which streams its quotes from only 25 LPs.

Trading Platform Features

When it comes to a variety of analytical tools and MT4 platform features, IC Markets definitely offers a superior software solution.

MT4 platforms by both brokers have no limits on trade sizes, as the minimum lot size is 0.01. Also, both brokers allow news trading, scalping and hedging on their MT4 software. With IC Markets, there is no “first in, first out” rule.

Note* The FIFO rule says that if multiple positions are held involving the same currency pair, you need to close first the earliest position.

IC Markets’ MetaTrader 4 has no restrictions on limit orders. This means traders can place their Stop Loss and Take Profit orders at the closest pip distance possible from the current market price. This is not valid for Hugo’s Way’s MT4.

IC Markets allows access to a high-quality VPS service, which enables clients to run automated trading strategies 24/7 with the fastest possible connectivity to the broker’s trading servers. In comparison, Hugo’s Way does not provide access to a VPS service.

In order to improve the overall trading experience for its clients, IC Markets offers an extra set of advanced trading tools, previously not featured in the MT4 trading software. The set includes 11 applications (Alarm Manager, Correlation Matrix, Sentiment Trader, Stealth Orders among others) and 17 technical indicators (Candle countdown, Donchian, Keltner, Linear regression, Renko, Chart – in – Chart indicator among others).

In comparison, MetaTrader 4 by Hugo’s Way offers a rather limited set of features and technical analysis tools. There are 3 trade execution modes available (instant, request and market), 2 market orders, 4 pending orders, 2 stop orders and a Trailing Stop feature. There are no extra trading tools.

Social Trading Features

Another useful feature IC Markets clients can benefit from is copy trading platforms. Clients can copy leading traders from social networks operated by ZuluTrade and Myfxbook. In comparison, Hugo’s Way doesn’t provide clients with copy trading features. While Hugo’s Way doesn’t provide copy trading integrated into their software package, traders can use third-party software that is compatible with MT4.

Forex Trading Platform Overall Winner

Overall, IC Markets offer a wider option of trading platforms, faster execution speed, no FIFO rule, high-quality VPS service and advanced trading tools. Traders looking for more than just the MT4 platform can satisfy their needs by opening an account with IC Markets.

Hugosway vs IC Markets: Customer Support, Customer Service, Education, Market Analysis

Nowadays, a forex broker is expected to provide its clients with additional high-quality services that can come in the form of:

• Client support specialist
• Educational section
• In-house market analysis

Professional customer support service is another important aspect of any brokerage. It is always a good thing when clients can contact a dedicated user-friendly team of professionals, if they are looking for a resolution to some technical or account-related issue, or if they are simply willing to provide some feedback on the broker’s service.

Forex Customer Support

If an FX broker can’t offer reliable customer service and communication with its clients, you’re going to struggle to get resolved any problem that might arrive while trading. The first responsibility and duty of reliable FX customer support are to assist customers with all their inquiries and to be efficient. The main tasks of a client support specialist include:

• Answer all forex traders’ inquiries, requests and complaints
• Offer information about the financial services and products they offer
• Assist clients with the account application form
• The broker dealing desk should be capable of opening and closing new and existing positions

The forex support team plays an integral role in the overall good standing of the forex brokerage trading firms. Before you choose a forex broker, make sure you test their technical support and see for yourself how you’re treated as a potential client.

With IC Markets, clients can take advantage of a 24/7 customer support service via 3 main channels of communication:

• Live chat
• Email
• Over the phone

Note* The broker’s dedicated support team can be reached either on the global phone number +61 (0)2 8014 4280.

Both brokers can assist their clients over the weekend which is very handy, as most brokers are only offering support during market trading hours. By comparison, Hugo’s Way can only be contacted via live chat and email. Traders can get hold of Hugosway on the phone by requesting a “Request a Callback.”

Forex Educational Section

Aside from the customer service, you also need free forex educational resources to help you reach your trading goals. This is especially true if you’re a beginner trader, then you need to first put your trading foundation before risking any real money. Most brokers have their educational centres equipped with resources that are available for traders with different levels of trading experience:

• Beginner traders
• Intermediate traders
• Advanced Traders

Not all forex brokers provide training for their clients, and if this is something that you need, make sure you chose an FX broker that can satisfy your needs.

IC Markets does have a well-structured education section, covering topics such as Forex Trading, Technical Analysis, Fundamental Analysis, Risk Management, Trading Psychology and Trading Plan.

The broker also has a video section with tutorials about how to download a Demo Account, how to use the One-Click Trade Manager, how to hedge orders in MetaTrader 4, among others.

In comparison, Hugo’s Way has provided only several education-oriented articles on general topics concerning the Forex market and the Crypto market.

Market Analysis

Forex brokers can offer their clients additional services to help them better navigate the financial market. This help can come in two forms:

• In-house market analysis by an in-house team of experts
• Third-party market analysis

A good team of in-house experts can keep you up to date with the latest forex news, help you determine which currency pair to buy and sell, spot new trading opportunities, understand the latest fundamental trends and many more market insights.

IC Markets provide insight into global markets in a set of daily publications, while Hugo’s Way does not offer such content. Additionally, IC Markets Web TV will give you more insights from the forex analysts at IC Markets. The short video analysis is recorded directly from the NYSE in collaboration with Trading Central.

Customer Service Overall Winner

Comparing the customer support service, IC Markets is a better broker. Based on our assessment, IC Markets offer professional customer support, trading guides, in-house market analysis along daily market insights.

Hugosway vs IC Markets: Lots Of Choices For Deposits And Withdrawals

After you submit your application form to open a forex brokerage account, funding your account is the next step before you can start trading with real money. Most brokers will offer more than one option to deposit and withdraw your money. However, besides the range of funding options, you should also take into consideration factors like:

• The average transfer time
• Deposit and withdrawal fees
• Intermediate bank fees
• Maximum and minimum limits on deposit and withdrawal
• Supported base currencies
• Check on forums if traders are reporting issues withdrawing the profits

With IC Markets, retail clients can choose from up to 16 different account funding options. In the meantime, Hugo’s Way allows 4 payment methods. But what definitely tilts the scales in favour of IC Markets on this front is the fact the Australian brokerage will not charge any additional fees on deposits and withdrawals.

Credit And Debit Card

Depositing by a Credit Card or a Debit Card by Visa or Mastercard is one of the popular methods offered by both brokers. Hugo’s Way requires a minimum deposit of $50 with this method and will charge no fees on withdrawals. With both brokers, withdrawals may take several business days to reach clients’ card.

Bank Wire Transfer

Another frequently used method is bank wire transfer. IC Markets emphasizes that International Bank Wire Transfers will incur a processing fee of AUD 20 or equivalent currency, which will be deducted from clients’ withdrawal amount.

With Hugo’s Way, the minimum deposit allowed ranges between $50 and $100, depending on the bank. We should note that the offshore broker will charge a deposit fee of $25 for deposits of up to $5,000, while withdrawals will also incur a fee of $25!

Bitcoin Funding Method

Both brokers allow depositing with Cryptocurrencies such as Bitcoin. Hugo’s Way requires a minimum deposit of $50 with this method, while withdrawals will take 1 to 3 hours or 3 to 6 confirmations on the Blockchain. No fees will be charged on deposits, but the cryptocurrency networks will charge a small commission on withdrawals.

Note* IC Markets will process BTC deposits in about 1 – 2 hours. 

Additional Payment Options

Hugo’s Way also allows account funding with VLoad. The broker requires a minimum deposit of $10 and will charge a deposit fee of 3%. On the other hand, withdrawals are instant and fee-free. VLoad is not an available option with IC Markets.

However, the Australian company offers a variety of other account funding methods, including:

• PayPal
• Skrill
• NETELLER
• NETELLER VIP
• UnionPay
• BPAY
• FasaPay
• Rapidpay
• POLi
• Klarna
• Broker to Broker
• Thai Internet Banking
• Vietnamese Internet Banking

Payment Options Overall Winner

Our final verdict is that IC Markets is better than Hugo’s Way in the funding methods category. As a trusted global brand, IC Markets supports 15 different funding options with no deposit and withdrawal fees on the most popular payment methods.

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