Hugo’s Way Fees and Minimum Deposit - TU Expert review
While reliability is paramount, fees and minimum deposits are crucial factors when choosing a broker. Lower fees with diverse options make a broker more attractive for trading. The minimum deposit is another important factor for new traders who may not have a substantial amount to invest immediately.
Traders Union analyzed Hugo’s Way fees, minimum deposit requirements, and commission structure to assess their suitability for beginner traders.
Short introduction of Hugo’s Way
HugosWay (also Hugo’s Way and Hugosway) was founded in 2017. Despite its relatively young age, the company has firmly established itself among the classic brokers working on Forex with traditional trading instruments. HugosWay aims to cooperate with clients from Europe and Asia. Registration is in Saint Vincent and the Grenadines.
| 💰 Account currency: | USD |
| 🚀 Minimum deposit: | From USD 10 |
| ⚖️ Leverage: | up to 1:500 |
| 💱 Spread: | From 1.7 pips for all instruments except commodity assets |
| 🔧 Instruments: | Currencies, assets of stock and commodity markets, cryptocurrencies |
| 💹 Margin Call / Stop Out: | 100%/70% |
Hugo’s Way Commissions and Fees
Traders Union experts have analyzed HugosWay trading conditions for explicit and implicit commissions. It is worth noting the lack of transparency in the broker's work. The site contains only general terms of cooperation and there is almost no information on commissions. The Real trading account is the only one.
| Account type | Spread (minimum value) | Withdrawal commission |
| Real | From $15 | No data |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Forex market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Hugo’s Way Minimum deposit
How to Start Making Profits — Guide for Traders
HugosWay offers a single account type for all types of assets. Trading conditions for it differ depending on the trading instrument.
Account types:
There is a demo account to practice strategies and skills of working with the platform.
Brokers similar to Hugo’s Way
When analyzing Hugo’s Way, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of Hugo’s Way and other brokers.
Comparison of Hugo’s Way with other Brokers
| Hugo’s Way | RoboForex | Pocket Option | Exness | Octa | XM Group | |
|---|---|---|---|---|---|---|
|
Trading platform |
WebTrader, MT4, Mobile platforms |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MetaTrader4, MetaTrader5 |
MT4, MT5, Mobile Trading, XM App |
|
Min deposit |
$10 |
$10 |
$5 |
$10 |
$25 |
$5 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0.6 points |
From 0.6 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
|
Execution of orders |
STP |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
No |
|
Cent accounts |
No |
Yes |
No |
No |
No |
Yes |
| Hugo’s Way | RoboForex | Pocket Option | Exness | Octa | XM Group | |
|---|---|---|---|---|---|---|
|
Forex |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Metalls |
No |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Crypto |
Yes |
No |
Yes |
Yes |
Yes |
Yes |
|
CFD |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Indexes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Stock |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
ETF |
Yes |
Yes |
No |
No |
No |
No |
|
Options |
No |
No |
No |
No |
No |
No |
Could I recommend Hugo’s Way to a beginner trader?
Analysis of Hugo’s Way shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Is there trading without fees?
No. A broker may charge a minimum fee, but it will still be a fee. However, the company’s main source of revenue could, for example, be non-trading fees.
Can the minimum deposit differ depending on the trading account type?
Yes. Brokers often encourage clients to deposit large amounts to the account by offering better trading conditions.
Are the fees charged on a demo account?
Yes, but they are written off the virtual funds you use for trading on the demo account. This allows you to learn the level of the fees.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.