HugoFX, sometimes also referred to as Hugo’s Way FX, is a relatively new forex & CFD broker registered in the Seychelles in 2017. Although the Seychelles generally regulates forex brokers through the Seychelles Financial Services Authority (SFSA), Hugo FX is one of many unregulated forex brokers that operate out of the country in what appears to be a regulatory grey area. Hugo’s Way is a new competitor in the social trading sphere. The space is fairly crowded with services like MyFxBook’s Autotrade, Zulutrade and eToro. That being said, Hugo’s way is still in “beta” - the company is not fully operational and we will have to update this review in the future.
IronFX opened for business in Cyprus in 2010 and has now expanded into more than 180 countries. In addition to EU regulation through the Cyprus Securities and Exchange Commission (CySEC), they are licensed as a registered investment firm in the United Kingdom, Australia, and South Africa. IronFX has closed down operations in China, Russia, and Nigeria in recent years, focusing client development in more traditional venues.
|#||Broker's Features||IRONFX Availability||HUGOFX Availability|
|#||Accepts US traders||❌||❌|
|#||24 hour trading||✔||❌|
|#||Trading by phone||❌||❌|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||❌||❌|
|#||Interest charges on the balance||❌||❌|
|#||24 hour support||✔||❌|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will compare IronFX vs Hugofx.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. IronFX offers Online Financial Trading and Investment Services Such as Forex, Spot Metals, CFDs on commodities, indices and shares, futures, Cryptocurrencycurrency, while Hugofx offers Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities, Cryptocurrencycurrency.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. IronFX is STP, while Hugofx is ECN, STP.
Minimum Deposit Requirement: To compare these two FX brokers, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. IronFX recommended minimum capital is 100, while Hugofx has a Minimum Deposit Requirement of .
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. IronFX is regulated by CySec, FCA, ASIC, FSCA, while Hugofx regulated by Not regulated. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Account currencies: Next lets consider the Account currencies each broker offers. IronFX offers USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, CZK, HUF, BTC different account currencies for each account types, while Hugofx offers account currencies.
Languages Available: Next lets have a look at each broker's different Language options. IronFX offers Arabic, Czech, German, English, Spanish, French, Italian, Japanese, Korean, Polish, Portuguese, Russian, Chinese, while Hugofx offers Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. IronFX offers Credit/Debit Cards, Neteller, Skrill, Bank Wire Transfer, Ecommpay, Webmoney different payment methods for each account types, while Hugofx offers Credit/Debit Cards, Bitcoin, Bank Transfer payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, IronFX makes MT4, MT5 available to clients, while Hugofx offers MT4, Web-trader.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, IronFX is more reliable based on our criteria above. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. IronFX broker is regulated in more major hubs. IronFX offers a wider range of Account currencies. Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged. Customer service in your national language might not be a major concern for traders based in English-speaking countries, but it is a defining requirement for traders from other regions such as Asia and South America. IronFX has a wider range of languages in which customer service is offered making the broker more accessible. One of the criteria we looked at before opening an account on a forex broker is the minimum deposit amount. IronFX broker offers lower minimum deposit requirement. Only IronFX provides training and education resources which is extremely critical to beginner traders who may not be familiar with most of what goes on in the Forex markets.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.