Our Hugosway vs Tradersway 2021 comparison found Hugosway has a better range of markets while Trader’s way had lower spreads and fees. Compare the broker’s traders accounts, forex platforms and other core trading features.
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Hugosway and Tradersway are two offshore forex brokers offering online trading services on the foreign exchange market and CFD instruments. Our Hugosway vs Tradersway review will give you a side-by-side comparison to find the right offshore brokers for your needs.
Tradersway is an STP Forex broker founded in 2011 and based in Dominica. The company offers an ECN execution model and access to four markets (Forex, Metals, Energies and Cryptocurrencies) via popular trading platforms such as MetaTrader 4, MetaTrader 5 and cTrader.
Tradersway is licensed to conduct online trading business only by the local regulator, the Financial Service Unit of the Commonwealth of Dominica, and does not fall under the regulation of any reputable Forex regulatory body worldwide. The tradersway.com website is operated by TW Corp. The broker does not accept clients from the United Kingdom and the United States.
Note* Tradersway offers its financial services to clients that are predominantly from the EU, Asia, Australia and the African continent, including South Africa.
Established in 2017, Hugo’s Way is a Forex broker operated by Hugo’s Way Ltd, an entity based in Seychelles. The company also has an office in Kingstown, the capital city of Saint Vincent and the Grenadines.
The brokerage states that it provides a secure ECN trading environment and welcomes traders from any part of the world. It also states that it operates an STP order execution model with no dealing desk manipulation and no re-quotes. Clients can trade 55 currency pairs and CFDs on:
Note* At present, Hugo’s Way is not regulated by any tier-one Forex authority!
In the table below, we outline regulated brokers by the most important forex financial institutions (FCA, ASIC, CySEC, NFA, IIROC and FSCA). The list includes popular names such as Pepperstone, IC Markets, Oanda, FXCM and many more.
Compare Best Regulated Brokers >>
Putting side-by-side the two offshore brokers, Tradersway comes out as the winner in terms of the variety of account types offered. Tradersway offers 4 different account types that accommodate the needs of all levels of traders compared to the single account type offered by Hugosway.
First of all, our team of industry experts reviewed the different account types, offered by the two offshore brokers. A client’s choice of a particular trading account usually depends on several factors, including:
The table below outlines the head-to-head comparison between Hugosway and Tradersway’s account features.
With TradersWay, clients have a choice of several types of trading accounts, including:
Hugo’s Way, unlike Trader’s Way, only offers only one live account type – the MT4 ECN Account, which supports base currencies – GBP, USD, EUR, CAD, AUD and Bitcoin. According to the brokerage, clients are provided with true ECN connectivity while pricing is derived from over 50 banks and dark pool liquidity sources.
Hugo’s Way offers variable spreads that depend on market conditions. The average spread on EUR/USD is about 0.7 pips, according to a calculation by Compare Forex Brokers. The broker will charge a commission of $5.00 for every 1 Standard Lot traded.
The maximum leverage offered by Hugosway:
The table below outlines the head-to-head Hugosway vs Tradersway leverage comparison across different asset classes.
Broker Leverage Comparison >>
Hugo’s Way ECN account is an appropriate choice for day traders, scalpers and traders who use Expert Advisors. The smallest possible trade size equals 1 micro lot (0.01), while the minimum deposit is $10.
Clients can open a free Demo Account to familiarize themselves with the broker’s platform and test trading strategies in real market conditions by using $10,000 in virtual funds.
Overall, after reviewing Hugosway vs Tradersway trading account features, the best offshore forex broker is Tradersway. Tradersway accommodates the needs of all types of traders, offers high leverage of 1:1000 and overall lower trading commissions ($3 per 1 standard lot) on the ECN account.
While the forex market has a daily turnover of over $5 trillion, an amount unmatched by any other financial market segment, high liquidity and seemingly endless trading opportunities, it is a volatile and risky environment. With so much liquidity, the Forex industry is an easy target for unethical behaviour by brokers. For this reason, many countries have their own financial regulator to ensure brokers within their regulatory territory are operating in a reputable manner.
There have been cases when shady offshore Forex brokers:
What we should also note is that very often there may be no reviews of offshore brokers on the web forums, or if there are some reviews, they may tend to be predominantly negative.
Because of all these risks of scam, many potential clients may feel reluctant to put their trust in an unregulated or insufficiently regulated broker based in some offshore area.
While even the strongest regulation can’t entirely protect retail traders against dealing manipulation or broker bankruptcy, using regulated brokers is a good start. Unregulated brokers generally don’t offer any benefits over-regulated brokers in terms of costs or features, so there often is little benefit in selecting an unregulated broker. As a comparison broker, we only actively recommend regulated brokers. We, however, respect that everyone has their own reason for choosing a broker so we advise all clients thoroughly, research brokers before signing up.
TradersWay conducts business only with offshore Dominica registration and is authorized under local legislation, which does not cover the Forex market in particular and does not necessarily ensure a safe trading environment. Since it is not licensed by any reputable Forex authority, TradersWay does not comply with the strict international Forex regulatory framework.
Yet, it states that it has “an optimized and effective business model with a high factor of sustainability in various market conditions.” The broker also claims that it has a “range of internal policies and procedures to ensure high standards concerning our business processes and staff activity”, including stringent Anti-Money Laundering and Know Your Customer policies and an “extremely conservative” risk management policy. The broker also assures that client funds are kept fully segregated.
In the meantime, Hugo’s Way is not yet regulated by any Forex authority. The broker states that finding “the right regulation to satisfy and protect all of our clients can take a lot of time” and that it is.
Taking the necessary steps and investigating different regulatory jurisdictions to ensure that our clients have the best cover possible.
HugosWay protects investors’ money by taking the following security measurements:
The company states that it takes client security seriously. Therefore, it has an additional layer of security is included known as Two-factor authentication (2FA), which is aimed to safeguard their trading account from any unauthorized access. 2FA will also be required when clients attempt to withdraw funds from their account. It is completely free of charge and can be turned off in the future if clients do not want to use it anymore.
Hugo’s Way websites assure that the brokers keep customer funds are fully segregated from the company’s bank accounts.
It also assures it conducts stern risk management, which includes “evaluating on an ongoing basis the performance of the policies and procedures which we have in place” to ensure its ability to cover all of its “financial and capital requirements with ease.”
It is up to an individual whether he/she will take the risk to open a live account with an unregulated broker and without employing the services of a non-bank custodian firm.
Overall, both offshore brokers Tradersway and Hugosway carry non-regulation risks. The lack of forex regulation is offset by several protection measurements that both FX brokers have undertaken. Hugosway outperforms Tradersway in our scoring system due to the additional layer of protection offered to their clients.
When we compare TradersWay and Hugo’s Way trading platforms, our review focused on the following set of factors:
After taking into account all of these factors, we concluded that TradersWay outpaces Hugo’s Way in this category. With TradersWay, CFD and Forex traders can choose from a selection of platforms:
On the other hand, Hugo’s Way offers only one trading platform – the MetaTrader 4 platform, with rich functionality.
Still, the trading software solutions of both brokers are available as a:
Compare Best Trading Platforms >>
Both brokers claim to operate a true STP + ECN order execution model by working with multiple liquidity providers. As such, both brokers claim to offer:
In terms of a variety of analytical tools and platform features, the trading software solution by TradersWay stands out over Hugo’s Way.
Hugo’s Way MT4 platform offers a rather limited set of features and technical analysis tools. Clients can take advantage of:
On the other hand, TradersWay gains the upper hand in terms of trading platform capabilities, as:
Tradersway was picked as the overall winner in this category due to the wide range of trading platforms offered to their clients (MT4, MT5 and cTrader supported across all devices). At the same time, Tradersway scored big on its MT4 features which includes QuickDeal 2.0, FxStat Autotrading, VPS hosting, cAlgo algorithmic and cMirror application.
Another aspect worth taking into account when selecting a CFD and FX broker is the range of markets offered. Both offshore forex brokers offer the most popular CFD instruments. TradersWay offers a total of 4 asset classes on its 4 available account types:
On the other hand, Hugo FX has a richer Forex and CFD offering, with more than 200 trading instruments available.
Tradersway offers its clients a selection of a few currency pairs up to 42 FX pairs depending on the account type chosen:
By comparison, Hugo FX offers a wider selection of currency pairs, which includes 55 currency pairs traded with a maximum leverage of 1:500 and a typical spread of 1.5 pips on EUR/USD and 1.0 pips on USD/JPY.
TradersWay offers 2 Metals contracts (Gold and Silver) available for trade on 3 of its account types:
By comparison, Hugo’s Way offers its clients CFDs on 5 Metals (Gold, Silver, Copper, Palladium, Platinum).
TradersWay offers 2 Energies contracts (US Crude Oil and Brent Oil) on 3 of its account types:
By comparison, Hugo’s Way manages to offer its clients more trading opportunities on CFDs on 3 Energies (Natural Gas, US Crude Oil, Brent Oil).
TradersWay offers 9 digital currencies (Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Dash, Monero, Litecoin and ZCash) on 3 of its account types (MT4.ECN., MT5.ECN., MT4.VAR.). Bitcoin can be traded with an average spread of 610 pips on all three types of accounts.
By comparison, Hugo’s Way offers its clients 31 crypto pairs traded with a maximum leverage of 1:100 and a typical spread of $21.00 on Bitcoin.
Additionally, Hugo FX offers its clients market access to:
For stock trading, the go-to brokerage trading firm remains TD Ameritrade, one of the biggest online trading brokers worldwide.
Note* Tradersway does not offer CFDs on Shares, Bonds or Stock Indices.
For a side-by-side comparison of the range of markets, these 2 offshore brokers offer, please study the table below.
Compare Best CFD Brokers >>
Overall, Hugo’s Way beats Trader’s Way when it comes to the range of markets offered for trading. With Hugosway, traders can buy and sell more than 200 tradable instruments across 7 asset classes, including the largest market in the world.
Customer support is another broker aspect we took into consideration. TradersWay offers 24/5 support service via three channels of communication:
Clients can contact the broker’s customer service department at firstname.lastname@example.org and technical support at email@example.com. The brokerage will process all inquiries within 24 hours on business days. Another way for clients to contact TradersWay is over the phone by dialling +1 849 9370815.
Note* On the downside, the broker does not offer live chat support over the weekend.
In comparison, Hugo’s Way claims to offer 24/7 customer support via a live chat. Another option to contact the broker’s customer support department is via email (firstname.lastname@example.org).
However, what our review has found out is that Hugo’s Way does not disclose any contact phone numbers. The brokerage only has a “Request a Callback” section, where clients can fill in certain details, including their phone number, so that they can receive a call from the broker itself.
Overall, both offshore trading brokers offer standard channels of communication. Our client support assessment revealed that TradersWay failed to provide its clients with a physical address. On the plus side, both FX brokers offer a detailed FAQ section where they answer the most common type of questions.
Last but not least, our review took into consideration the various account funding options offered by both Forex brokers. Besides the standards deposit and withdrawal methods, both offshore brokers offer more modern funding options and they accept Bitcoin and other cryptocurrencies.
Note* Accounts that are funded using Bitcoins and other cryptocurrencies have as the base currency the US dollar.
TradersWay allows deposits and withdrawals by using a range of methods:
At the same time, Hugo’s Way allows account funding with one of the following methods:
Withdrawals can be conducted by using the same methods. The brokerage will usually process all withdrawal requests within 24 hours. Once processed:
Overall, TradersWay allows deposits and withdrawal methods using more options than HugosWay. On the downside, you need to be aware that TradersWay charges a withdrawal fee up to 5% if you’re using VLoad, and 2% when using wire transfer. Additionally, TradersWay doesn’t support credit and debit cards, which are only supported by Hugo’s Way.
Our team of industry experts at Compare Forex Brokers compared Hugosway vs Tradersway trading features including the trading platform, trading account types, regulation, range of markets, customer support and funding methods.
All in all, TradersWay seems to be the better choice for retail Forex traders, since it offers a greater selection of account types, trading platforms and tools, more competitive trading conditions and lower fees on withdrawals.
However, when we compared the range of markets, Hugosway scored more points due to its wide range of CFD instruments.
Risk disclaimer: Trading with an unregulated forex broker comes with a high risk of losing money due to fraudulent activities. However, the demo account can provide you with a risk-free environment to test the broker out before committing any real money.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.