After deciding to patronize an online broker, the first step is to sign up for a new account with the brokerage. Many brokers offer multiple account types and attach benefits, specific services, and minimum deposits to them. But, Hugosway chose to go with only one real and one demo account type.
There are many trading platforms available for forex and CFD trading but MT4 is the most popular third-party platform in the industry. Since Hugosway offers only the MT4 trading platform, the “Hugos’Way MT4 ECN” is the only real account type available with the brokerage.
Hugosway Overview
Hugosway is the trading name of “Hugo’s Way Ltd” which is a company registered in St. Vincent and the Grenadines in 2017. It is a global broker that boasts of cutting-edge trading infrastructure and a straight-through processing (STP) execution model powered by over 50 banks. All clients trade on the MT4 platform on the web, windows desktop, and mobile apps.
Bitcoin is the fastest method used to directly fund trading accounts but you can also make deposits via bank transfer, debit/credit cards, etc courtesy of third-party partners like PayRedeem and Instacoins.
| Trading Platforms | MT4 |
| Regulations | None |
| Minimum Deposit | $10 |
| Maximum Leverage | 1:500 |
| Scalping | Allowed |
| Hedging | Allowed |
| Instruments offered | Forex, stocks, indices, commodities and crypto CFDs |
Does Hugosway Offer MT4 Accounts?
Yes, all Hugosway accounts are MT4 accounts. Hugosway only offers the “MT4 ECN” and “MT4 demo” accounts.
Advantages of Hugosway Mt4 Accounts
The only way to start analyzing the markets and opening trade positions on the brokerage is through a Hugosway MT4 ECN account. It has the following advantages:
- It gives traders access to speculate on the prices of more than 150 trading instruments including forex, crypto, indices, commodities, and stocks CFDs.
- Since it is an MT4 account, it supports automated trading via Expert Advisors (EAs). You can buy or rent EAs directly on the MT4 platform.
- The account can be denominated in BTC, USD, EUR, or GBP.
- You have the option of choosing account leverage; from 1:50 to 1:500
- You can join the MQL5 community which gives access to social trading; forums, trading signals, etc.
- It does not expire or become inactive.
Hugosway Mt4 vs. Mt5: What Are the Differences?
Hugosway offers only the MT4 platform, hence all its accounts are MT4 accounts. It does not offer MT5 accounts and the MT5 platform.
How to Open Hugosway Mt4 Account and start trading
Method 1: Opening an account from the Hugosway Website
Sign Up
Visit the Hugosway website and click on ‘Sign up’. The new account sign-up form is displayed. Complete the form in 3 steps. First, enter your name, email and choose a password. Check the boxes to confirm that you are above 18 years and agree to the terms and conditions. Click the button ‘Sign Up’.
Once you have completed the first step, you will be asked to verify your email. All you have to do is to open your email, find the mail from Hugosway and click on the link. It will open the next step in the ‘sign up now’ form.
Notice the green checkmarks signifying that you have completed your ‘basic info’ page and verified your email. Input your date of birth, gender, account currency, your address, and click “Create your account”.
If you have entered every info correctly, a welcome message will be displayed and you will notice that all the check marks have turned green. Click on “Get started” and you will be logged into your new account.
Verify your phone number
From the personal area, click ‘Settings’, under ‘phone number’ input the digits and click ‘verify’. A six-digit code will be sent to your phone number, enter the digits correctly and your phone will be verified.
Enable 2-Factor authentication (2FA)
In the Hugosway client area, if you have not enabled 2FA, you will not be able to create demo accounts, make deposits or do anything. So, it is important as it also adds extra security when logging into the clients’ area.
From the clients’ area, click on ‘Settings’ on the left-hand menu. Under Security, Click and activate the button beside “Enable 2FA via an Authenticator App”. The QR code displays.
At this juncture, you can use a 2FA Authenticator app on your smartphone to scan the QR code. If you do not have any authentication app, go to your phone app store, search, download, and install a trusted authenticator app. Use the QR code reader in the app to scan the QR code generated by Hugosway. The app reads the codes and adds them to the token list. Enter the six-digit code generated quickly before it expires in about 30 seconds.
If successful, the button turns green showing that 2FA has been enabled.
Verify Account
On every page of the client area, you will be prompted to verify your account in order to add a layer of security to your account. Click on the ‘KYC Verification’ on the menu list to read the detailed requirements. Then click on the ‘Documents’ menu.
Select ‘Proof of ID’ under Document type and choose the type of ID that you have. It must be your international passport, driving license, or a government-issued ID card.
Next, locate the ID card file on your computer; drag and drop it into the provided space or click the space to upload your file. Drop a few lines of note if you wish. Then click ‘Upload a Doc’.
You can follow the same procedure to upload your “proof of address” which is usually a recent utility bill containing your name and address.
Make a deposit
Click on “Deposit Funds” from the menu, and select the deposit type; the fastest is Bitcoin. Select a wallet that is denominated in USD, EUR, GBP, CAD, AUD, or BTC. Enter the deposit amount and click “Direct me to the Payment page”. You will be presented with a BTC address. You have up to one hour to make the payment.
Create a trading account
After making the payment, you can now create your real account. Click ‘My account’ from the left-hand menu. Under account type, select “Hugo’s Way MT4 ECN”, select account currency, and account leverage, and click “Create account”. Your new account details as well as MT4 platform access details will be sent to your email.
Transfer funds to the new account
Hugosway requires you to transfer money to your account before trading can commence. Click “Internal Transfer” from the menu. Under transfer type, choose “Wallet to MetaTrader”, select the wallet under ‘transfer from’ and select the MT4 account under ‘Transfer to’. Finally, choose an amount and click ‘Request transfer’.
Log in and Start Trading
From the link in your email, choose the MT4 version that suits you. If you choose the web trader, just click on the link and the platform will be loaded on a new browser. Login with your details and start trading. If you choose the desktop or mobile versions, you will need to download and install it on your device before logging in and trading.
Method 2: Creating account from the Platform
This method works for traders who want an additional account. Below are the steps to follow:
Download the MT4 Platform for Your Device
From the Hugosway website or link sent via email, download and install the MT4 platform and launch the application.
Open a live account with your broker
From the menu bar, click File> open an account. Select the appropriate server for a live account. Click ‘next’.
Select ‘New real account’ and click ‘Next’.
Input your personal details such as name, phone number, address, email, leverage, etc, and click ‘next’.
Login to your Metatrader 4 trading platform
The account will be created, click “Finish” to complete the setup and log into the new account.
Fund your trading account
The new account can be funded from the personal area of the Hugosway website. Use the same method earlier described.
Start Trading
After funding the account, you can start opening trade positions.
Hugosway Mt4 Platform for Different Devices
Hugosway offers the MT4 in multiple versions built for different devices. They are as follows:
Hugosway MT4 Web trader
This version of the MT4 platform was designed using html5. It can be accessed using any browser. It works on all operating systems and requires no downloads or installations.
Hugosway MT4 for Windows and MAC PC
This is the main version of the platform which was developed for the windows operating system. You can download and install it on your PC. It can also run on macOS through apps like “PlayOnMac”.
Hugosway MT4 for iOS (iPhone and iPad)
This is the mobile version of the platform that allows iPhone and iPad users to trade while on the go. The platform can be downloaded from the Apple store.
Hugosway MT4 for Android (Smartphones and Tablet)
Android phone, phablet and tablet owners can also trade while on the move with the android version of the MT4. It can be downloaded from the Google Play store.
Key Takeaways
Hugosway MT4 accounts are flexible, easy to open and it gives access to trade multiple instruments in real-time. You can easily create a new account on the Hugosway website by filling out the ‘new account opening form’. To unlock the full features of the account, you will need to enable 2FA and undergo KYC verification.
Funding the account requires a BTC deposit in any of the 6 wallets assigned to you upon registration. Finally, you can transfer the funds to the real account and trading can start on the platforms which are available on the web, windows/MAC, android, and iOS devices.