IC Markets vs HugosWay - Fees Review included
Which broker is better IC Markets or HugosWay? Our expert assessment conducted according to TU’s own methodology showed that IC Markets is one of the top brokers in the financial market with the TU Overall Score of 8.62 out of 10. HugosWay is one of the top brokers in the financial market with the TU Overall Score of 5.3 out of 10. Find out more about TU Overall Score.
| Feature | IC Markets | HugosWay |
|---|---|---|
Overall |
4.7 |
3.3 |
5 |
1 |
|
4.9 |
3.7 |
|
4.6 |
3.5 |
|
Investment Instruments |
4.9 |
1 |
Platforms and Charting Tools |
4.4 |
3.5 |
Deposit and Withdrawal |
4.6 |
4.1 |
Research |
4.3 |
2.5 |
Education |
4.4 |
2.4 |
Support |
4.6 |
3.4 |
Bonuses |
2.5 |
1 |
|
|
|
IC Markets vs HugosWay: Pros and Cons
IC Markets Trading Company was founded in 2007 in Sydney, Australia. The broker is licensed under the Australian Financial Services License (AFSL) and the Australian Securities and Investment Commission (ASIC). The broker is also a member of the Australian Financial Complaint Authority (AFCA), the governing body that sets the industry standard for the resolution of disputes between consumers and financial service providers, and regularly undertakes audits.
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.
| IC Markets | HugosWay | |
|---|---|---|
| Overall Pros | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | ECN/STP technology |
| Advanced ECN trading | Crypto withdrawal | |
| Order execution speed 40 mc | Order processing speed - 150-250 ms | |
| Free VPS | ||
| Trading servers in New York and London | ||
| Strong regulation | ||
| 2000+ trading assets, 60+ currency pairs | ||
| EURUSD Average spread 01 pip | ||
| Overall Cons | No forex bonuses | Not regulated broker |
| World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | Limited number of supported assets | |
| Weak research and education | ||
| No passive income tools | ||
| High spread |
IC Markets vs HugosWay: Safety and Regulation
| Regulated By: | IC Markets | HugosWay |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
AFCA (Australia) |
No |
Other Regulators |
Yes |
Hugo's Way is unregulated forex broker |
IC Markets vs HugosWay: Trading Conditions
| Trading Conditions | IC Markets | HugosWay |
|---|---|---|
Minimum Deposit |
$200 |
$10 |
Trading Platforms |
MT4, MT5, cTrader |
МТ4 |
Max Leverage (Futures) |
1-500 |
1-500 |
Supported Markets |
Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
Forex CFDs on Crypto, Metals, Indices, Stocks |
Trading assets |
2000+ |
150+ |
Trading Accounts |
cTrader, Raw Spread, Standard |
Real |
Base Account Currencies |
USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
USD |
IC Markets vs HugosWay: Fees
Forex Trading Fees
| Fee | IC Markets | HugosWay |
|---|---|---|
Standard Account EURUSD Average Spread |
0.62 pips |
0.7 pips |
Standard Account Fee |
$0 |
$5 |
ECN/STP Account Fee |
$3 per lot |
$5 |
ECN Account EUR Average Spread |
0.02 pip |
0.7 pips |
CFD Trading Fees
| Fee | IC Markets | HugosWay |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | IC Markets | HugosWay |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
$25 |
Inactivity Fee |
No |
no |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
IC Markets vs HugosWay: Trading Assets
| Asset Name | IC Markets | HugosWay |
|---|---|---|
Overall |
2000+ trading assets |
150+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
Yes (CFD) |
No |
Bonds |
Yes (CFD) |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes (CFD) |
No |
Binary Options |
No |
No |
IC Markets or HugosWay: Investment Programs
| Asset Name | IC Markets | HugosWay |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: HugosWay or IC Markets
| IC Markets | HugosWay | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
No |
cTrader |
Yes |
No |
Appropriate platform |
IC Markets terminal |
No |
Others |
No |
No |
|
|
|
IC Markets vs HugosWay: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | IC Markets | HugosWay |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
No |
Yes |
IC Markets vs HugosWay: Research
| Research Type | IC Markets | HugosWay |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
IC Markets vs HugosWay: Education
| Education Type | IC Markets | HugosWay |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
No |
Videos |
Yes |
Yes |
Cent account |
No |
No |
HugosWay vs IC Markets: Support
| Support Features | IC Markets | HugosWay |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
IC Markets vs HugosWay: Forex Bonuses and Promo
| Promo | IC Markets | HugosWay |
|---|---|---|
Forex Bonus |
Not offered |
No |
Affiliate Program |
% of trading commissions |
Yes |
Other Promos |
||
|
|
|
Top 5 Reviews on HugosWay
-
Comment
I've been working with HugosWay for four years now. Although this broker may not be as widely known as some others, its clients note that the company takes its traders seriously. If any issues arise during trading, they can be resolved by contacting HugosWay's support team. However, my support tickets haven't always been processed quickly, which is a downside to the broker.
-
Comment
When I opened an account with HugosWay, the customer support team convinced me of excellent conditions for active trading. They recommended opening an ECN account for the best experience. However, it turned out that among all ECN systems, this broker has the worst one. There are no advantages, only a commission of $8 per lot. In terms of execution speed, requotes, and slippages, everything is at a terrible level. Therefore, it's not advisable to trust everything the HugosWay managers say.
-
Comment
If you believe HugosWay, they have the fastest trading platform. However, in reality, order processing in this company can take anywhere from a few seconds to five minutes. I trade with two companies and see a significant difference in order processing speed. Unfortunately, the HugosWay customer support believes that everything is fine with the company. Therefore, I have discontinued my collaboration with this broker.
-
Comment
HugosWay is a complete scam. They lure traders with big promises of profit and then disappear with their money. I fell victim to their fraudulent actions and lost a significant amount of money. Technical support is silent because they have no intention of returning the money. Avoid HugosWay at all costs and save yourself from the headache associated with this unscrupulous company. Don't fall for their cunning marketing tactics and false promises.
-
Comment
HugosWay is blocking trader accounts for completely unclear reasons. The support service cites the possibility of hacker attacks and the use of third-party software as the main reasons. But blocking of an account results in the inability to withdraw your funds. And this is already a serious problem for its clients.
Top 5 Reviews on IC Markets
-
Comment
I decided to use the services of IC Markets not long ago. Now I think that not all negative reviews are justified. This is a good broker and I have already withdrawn profits several times, everything went without problems. IC Markets’ rates differ from those of other brokers. But you can adapt to this problem.
-
Comment
I initially paid $3000 to start with and an account manager demonstrated a growth of $500 in quick time. A specialist then came in and tried to get me to invest $25000 to which I bluntly denied and they tried with $20K, then $10K and even $5K to all of which I refused! They have now kept me hanging and I asked for a refund to which they are asking for more money from me and I don't know what more to do! Also as of yesterday, the site itself is DOWN!! I cannot log in anymore and the email contact i had from there, when i sent the email to check it came back saying that domain does not exist anymore!! I am at loss of words and my hard earned money unfortunately i was able to recover my money back with the help of Olivia teams get in touch with them oliviatrader 44 at gmail com WhatApp +1 (423) 248 - 2140
-
Comment
I was looking for a reliable broker and noticed the long existence and good reputation of ICMarkets. Moreover, my friend, who has been trading for a long time, recommended contacting them. After several years, I have become a more experienced trader and I am satisfied with the work of the broker.
-
Comment
I have been trading with IC Markets for some time now and I can draw some conclusions. The platform works stably, which indicates a serious approach to its work. Spreads are quite optimal, although for cryptocurrencies they are higher than average as compared to those of its competitors. Slippages occur, there is nothing you can do about it. But there are no problems with requotes at all. In general, I think it’s possible to rate IC Markets “good”.
-
Comment
There are many advantages to IC Markets broker. First, of course, is the presence of a license from a reputable regulator. Accounts can be opened for citizens of many countries. Second, the platform works very well. Order execution speed is high, and you can actively trade manually or with the help of an advisor. I am quite satisfied with IC Markets as a broker.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
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.