Can You Trade Forex with Hugo’s Way?
Guide to forex, crypto, and commodities available at Hugosway
For years, only a couple of assets dominated the trading and investment sector. However, there has been a huge increase in people's interest in this form of trade with new entrants. And these new assets somehow make it easier for people to trade.
Another important factor that played a big role in the rise of trading activities worldwide is the introduction of online trading platforms like Hugo’s Way.
Take a Hugo’s Way account for example. The high-tech platform offers various digital tools that help an investor make the right decisions. It also has a variety of trading assets, making it even more convenient for investors to start their trading activities. Why so? Many investors won't be comfortable choosing high-risk assets that may lead to irrecoverable financial losses.
After "gold" ceased to be the prime trading asset, the US dollar-dominated the world. It is one of the strongest currencies today, and many people plan to keep the dollars with them for various reasons – travel, etc. It also allows hoarders to deal with inflation.
This discussion brings us to an important question: does Hugo’s Way let investors trade in forex? The answer is a resounding “yes.”
Can You Trade Forex with Hugo’s Way?
Hugo’s Way allows its users to invest in forex currencies. The minimum deposit requirement for this asset is only $10. The platform also provides the shockingly impressive leverage of 1:100. This leverage is shocking for one thing: Hugo’s Way is a relatively new company. But its offer does tell that a company is here to make investors' decision-making processes easier and provide them with a helping hand to gain ground in the highly saturated trading arena.
There are three options available at Hugo’s Way in case you choose to invest in forex with Hugos Way:
- Foreign currency
- Foreign cross-currency
- Foreign exotic currency
It is imperative to look at the features of all three options. The section below laid down the pros and cons of these trading assets.
Foreign Cross Currency
How do you trade with foreign currency? Say you buy a US dollar for your euro. But in cross-currency trades, you don't buy a single currency. You buy a combination of currencies, most of which don't involve the US dollar. Other major world currencies include the yen, Canadian and Australian dollars, Euro, British pound, and Swiss Franc.
Trading in cross currency pairs means that you combine any two of these currencies for your trade. A benefit of this type of trading is that it widens trading opportunities for you. When trading a single currency, you are inherently bound by the available seven to eight major currencies. But with cross currency pairs, you could make various pairs to up your trading game and earn more cash. Another good point of this trading asset is that it is relatively stable. In that case, you don’t have to have sleepless nights worrying about the future.
But there are a few drawbacks to this trade, as there are in almost every kind of trade. One thing that may inconvenience investors is that the settlement process of this asset is a bit complicated. Since you're trading it in a currency that is not your local currency, you also earn profit in a foreign currency.
Now, this profit has to be converted to your local currency if you want to reap your trade benefits. But here is a thing: when you convert it back to your local currency, you will lose some value in the conversion fee, etc. There are chances that your overall profit will take a dip. But if you are comfortable with losing a small fee in conversion, there is nothing wrong with opting for this form of trade for your investment purposes.
Foreign Exotic Currency
All investors are familiar with the world's major currencies. But there are other currencies which are frequently used for trade and lead to high returns. These "exotic" currencies are rarely used, but they turn out to be quite profitable if they are traded wisely.
What are those currencies, you may ask? Currencies like the Turkish lira, the Indian rupee, the Russian ruble, etc., are classified as "exotic." They are seldomly traded but are a good trading asset. One of the drawbacks of these currencies is that they lose their value sharply whenever there is a political crisis in their home countries.
For example, a few years ago, the Turkish lira started plummeting when the US and Turkey had some roadblocks in their relations. Similarly, the Ukraine war has had a huge impact on the ruble. For investors, it is impossible to determine future events. Hence, they can never be sure about the volatility of these currencies.
But this uncertainty shouldn't deter investors from trying out this asset, providing good returns. Before buying these currencies, it is essential to have a complete understanding of the factors that may impact the chosen currency's performance. This step will help investors choose their currencies wisely.
The simple of the major currencies come under the trade of foreign currencies. It is simple and doesn't require investors to remain glued to their screens, trying to learn about the different aspects of a foreign currency. Since the currencies of developed countries are usually stable, it is unlikely for an investor to witness huge losses if they have invested in foreign currencies. On Hugo's Way, you can easily trade forex. All you need to do is have $10 in your account as a minimum deposit.
Major currencies like the US dollar don’t depreciate sharply. Investing in such a currency is stress-free as well. These currencies can also be kept as a saving option for those people who love to travel for fun and leisure. At the time of your trip, getting your local currency converted to the largely acceptable currencies like the US dollar gets a bit expensive as investors won’t have the option to negotiate. But this way, it gets easier for travelers as the money remains with them in the dollar form for a long time.
Frequently Asked Questions
Q: Can I trade metals with Hugo’s Way?
Ans: Absolutely yes! Metals are a good asset for trading as they usually appreciate in value, allowing you to have a fixed investment without any worries. Hugo’s Way does offer metals as one of its trading assets. Also, trading in metals is quite easy and doesn’t require investors to go through the complex trajectory of the asset. It is also one of the most-favourite trading assets of investors.
Q: Can I trade cryptocurrencies with Hugo’s Way?
Ans: Hugo’s Way offers interesting features for cryptocurrency trade. All it asks its investors is to invest $50 in their accounts as the minimum deposit.
Q: What is Hugo’s Way leverage for cryptocurrency?
Ans: The company lets its investors enjoy 1:100 leverage. It means that for every $1 in an investor’s account, Hugo’s Way pays $100 in leverage. This money can be used by investors to make better trade decisions.
Q: Which foreign currency is the best for trading?
Ans: Currencies of Western developed countries usually perform better. And since these countries have more resources, their currencies usually dominate the world. However, for trading purposes, sometimes even exotic currencies lead to high returns. In the world of trading, nothing could be said in absolute terms. You must analyze all the available economic data and choose the currency you think has been performing well.
Q: I am not sure if I should trade forex. What can I do?
Ans: New investors get butterflies in their stomachs when someone talks about trading in forex. For some, it is unchartered territory – and they rightly feel overwhelmed when they are asked such questions. What is good about Hugo’s Way is the demo account that it offers to its users. With this account, investors can understand the basic concepts of online trading and check for themselves how good they are at trading and how to handle setbacks. Once their training is done, they can move on to create a real account.
The Final Word
Many people have no idea that forex can be used for trading. Some get their currencies exchanged only when there is a desperate need for such currencies. But it is true that forex can lead to amazing profits if it is traded wisely and with patience. Hugo's Way provides a list of currencies that could easily be traded on the platform. Also, it provides real-time analysis and data of the currency to help investors understand how a particular currency is trading.
While it is true that many currencies are volatile, their prices do remain steady for a considerable amount of time. You can comfortably invest your money in them without worrying about a major disaster awaiting you. However, as the saying goes, "don't put all your eggs in one basket" you should consider dividing your investment into various units and diversifying your portfolio. Such diversification helps keep your money while simultaneously enjoying high profits.
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