What is Hugo’s Way?

Hugo’s Way offers forex currency pairs, indices, commodities and stocks and also cryptocurrency trading. It claims to offer a new level of trading and is able to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with true ECN connectivity. Hugo’s Way offers a wide variety of instruments, including 24/7 trading on 35 Cryptocurrency Pairs with leverage of up to 1:100.

About Hugosway
🗺️ Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is Hugosway safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

Licenses & Regulation

Is Hugo’s Way regulated?

It is not safe to trade with Hugo’s Way, as it is unregulated. Hugo’s Way is owned by Hugo’s Way Limited which is an offshore company registered in St. Vincent and the Grenadines

However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. 

Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.

Is Hugo’s Way a scam?

According to the broker’s website, the company is going through the process of applying for a license, however, for now, it remains unregulated. As proof, the website states that Hugo’s Way is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

hugosway reviews from 55 brokers.com

Hugo’s Way in India

Hugo’s Way has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Hugo’s Way in the USA

The USA is not on the restricted list, which means the broker accepts US residents. However, as per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Hugo’s Way, you are only permitted to trade with the U.S regulated platforms

There are countries the broker does not accept: Bahamas, Botswana, Burma, Cambodia, Congo, Cuba, Democratic Republic of Congo(DPRK), Democratic Republic of Congo(Republic of Zaire),Ethiopia, Ghana, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, United Kingdom, Vietnam, Yemen, Zimbabwe.

Deposit & Withdrawal

The minimum deposit is $50 via Credit/Debit Card and $50 via BitCoin and $10 via VLoad. They are constantly adding new funding sources. The minimum withdrawal amount is $10. There are NO fees to withdraw the funds, however, the additional profits will incur withdrawal fees depending on the additional withdrawal method.

Apps

Hugo’s Way gives a trading opportunity by staying up to date with the latest market events with MT4 mobile trading. Smartphone and tablet-optimized, MT4 mobile supports all trading functions and comes equipped with broad analytical capabilities featuring technical indicators among other graphical objects. Available 24 hours a day, anywhere in the world. The app is supported for iOS and Android OS, it has a full set of trading orders as well as the analytics and technical indicators.

Demo Account

Hugo’s Way offers an unlimited MT4 Demo Accounts to its clients. By opening a demo account, traders are able to improve their trading skills and learn everything about the basics of Forex trading, rules and conditions, and movements and crises of the Forex market.

Conclusion

Overall, the company offering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading, as well as the unlicensed environment of Hugo’s Way company puts some question marks either to enter the trading or not. Since the capital and the security of the investors’ funds is a primary goal, it is strongly recommended to choose among well-regulated companies that hold all necessary licenses, upholds authorized operations and delivers customer service on a proper level. 

You can also share your trading experience with Hugo’s Way by commenting on this review.

Lee Baxter From Hong Kong | | Monday, June 1, 2020

Ive been with hugosway for over a year now, i honestly dont have a problem with their service whatsoever. Their spreads are competitive and the platform performs quick enough for me and i do often scalp. I deposit in Bitcoin and withdraw in bitcoin also which makes the process so much faster than any other broker ive been with. Theres a certain satisfaction of requesting a withdrawal and receiving it the same day. I would recommend

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29 responses to “Hugo’s Way”

  1. Been with Hugos for around a year, the only positive point I could find is their support. Very reponsive, they have weird opening hours if you trade WTI and some commodities, stupid high spread but that didn’t bother me that much since I do swing trades. You will get a ”market closed” or ”invalid” when theres a lot of volatility in the markets which makes you unable to place trades.

    I used BTC to fund my account because it didn’t require any KYC (I like BTC because of its privacy aspect) When I asked a withdrawal because I am leaving their broker they made me take a selfie of me while holding an ID while holding a piece of paper where I had instructions of putting date/withdrawal amount/signature, they tell you it’s for ”safety purpose” Keep in mind that the only info they had was my name and phone number, for me this is total bullshit (I had an authenticator and been using the same IP/IPS since the opening of this account a year ago)

    They don’t know how to do business, if a customer wants to leave just give him his money, because of this I will not recommend this broker to any of my friends+ will tell my close people to move over to vantagefx because they now offer BTC funding/withdrawal, better spread, more instruments..everything better basically except if you’re a 100+ lot trader. I will take 2 hours of my time posting this comment on every possible review website.

    If you read this hugosway, consider paying your customer the respect they deserve, reputation is everything in this game. Imagine how much customers will look for another broker after reading this comment, a unhappy customer can have a huge effect these days with all the medias and shit.

  2. They were recommended by a friend and it makes me question his judgment. Their lack of regulation makes it likely I will never see my money again. There was amazing customer service, email and chat, when I set up the account and funded it. Now that I’m trying to get funds out, I can’t get a response.

    All along there were red flags such as their lack of regulation, no phone, and their shifting funding methods. I thought their dropping of the bank wire option was to avoid the US regulatory regime but now I think it’s just one more indication to run from these guys. Currently you can fund with Bitcoin, credit/debit via Instacoins, or VLoad.

    When I first tried to withdraw funds Friday morning, it only gave me the option of a Bitcoin withdrawal. They rejected that and said I had to do a VLoad withdrawal as that was how I funded the account. So I submitted that. The website says withdrawals can take several hours. It’s been over 96 of them so far (Monday evening). The only contact I have received was a Sunday night email questioning why I wanted to withdraw funds! Until I submitted a response, my withdrawal would remain pending as it has even after my response.

    I have sent several emails and attempted to use their vaunted 24/7 chat service. The chat just runs through its scripted routine and you cannot talk with a customer service rep if they still have any.

    I’m not sure if it’s zoo monkeys or carnival barkers running this show but save your money and get a different broker.

  3. I have to disagree with a lot of what was said; I have been a client of this broker for well over 12 months and I actually have never encountered any issues with my trades as such asides from one issue which I did not fully identify as slippage at first until the trading desk explained and analyzed for me what I did not fully understand. all resolved. I am also very impressed with their spreads, low commissions, and decent leverage which is a combo not all that common in brokers nowadays.

    Hats off also to the fast withdrawals- 2/3 hours?! yes please! I’ve been with other brokers that take days, even up to a full working week which is not ideal.

    Overall a decent broker, I would say, personally speaking not had any issues so can’t complain.

  4. Would not recommend Hugosway I have had two great trades deleted from my account after they were closed and I guess if you have a good trade and make some money they can take it away. Dave

    • THANKS DAVE for your comment, I have been tradding with Hugo’s way for just about a year. I thought I noticed some discrepancies. But being new to there platform i over looked the small anomalies. It wasn’t until being laid off and having the time to monitor my charts that uncovered a major discrepancy. (YES,IT WAS JUST AS U SAID) 2-21-21 I was closed out of my trade with no clear reason. I’ve even taken snap shots of the event to prove our theory;thus turning it into (FACT). INDIVIDUALS IF YOUR USING HUGO’S WAY LEAVE NOW WHILE U CAN. I can elaborate more just kinda pissed at the moment. Last (1) then I’m going to drink a little. The other flash anomaly I noticed; was that at critical times,the candles are not insync with the time. So while your thinking your tradding in real time your candle 🕯 hasn’t appeared for up to an hour. What im sharing is the truth %100%.

  5. I’ve used these guys for a good while now since I started trading live in the markets and have to say I’ve not had the issues listed above and they surprise me. Withdrawals have always been quick when doing BTC withdrawals and I’ve never been asked for photo ID or anything.

    On the few times I have required any help the chat service were very helpful and quick to resolve my issue. Find the trading conditions great to use with decent spreads and rates. I’ve never been given cause to worry that I can’t withdraw and have removed my whole balance on a few occasions when I needed to. Overall a good experience for me and no complaints.

  6. Scammy broker, they will rob you of your money without any evidence of why your trade failed. They will blame it on fictional spreads that they make up on the fly 20+, 30+ pip spreads on major and minor pairs that are typically only a couple pips!! They will try to use these fake spread amounts to somehow justify them sucking hundreds out of your account instantaneously!! Stay away from this broker if you care about your money!

    • That’s what I’ve been experiencing and didn’t know why. I would lose 20 to 30 pip’s in the middle of a positive run and seem to lose more on the drawdown. Thank you for opening my eyes to this shady practice.

  7. I have been using Hugos for 18 months or so now and have found them to be a very good all-round broker. The main attraction for me was the crypto trading, as it has really good leverage and is open 24/7 (my previous broker was only open on the traditional market open days. I’m surprised to read some of the other reviews regarding spreads, etc. Yes, you can find tighter spreads, but then you sacrifice the other benefits such as the leverage, etc. A pip or two here and there doesn’t matter unless you are a scalper, I think they don’t understand that spreads can increase dramatically at times of low liquidity (i.e. when the largest markets are closed), this is the same with any ECN and entering trades at these hours is best avoided.
    The other thing I’ve been getting into a lot more lately too is the stocks. It’s so good being able to trade them on the same account (or sub-account).
    As for the customer service, I have always found it to be prompt, friendly and useful.
    Happy I chose them!

  8. I mouth full of comments here to think about. Just to think that there is no way of verifying ANY of the comments here. I can be a representative for the company (Hugos) and post pretty things to make the company look good, but in the end all this is food for thought. As the saying goes, “buyer be ware !” I wish everyone a great experience with who ever they choose. The best way i can sum this up is by saying “RISK vs REWARD”

    Cheers Mates !

    Auzzie Dollar ;+)

  9. I found them to be generally reliable tbh, a lot of people say that unregulated brokers will take your money but they seem to have operated fairly for the year I have been with them and always processed withdrawals promptly etc.

    • Are you profitable with them though 🤔🤔
      Cause honestly everyone is in the excitement phase of trading but all of them are not even profitable.

  10. I have been using Hugosway for at well over a year now . I find these guys quite good overall .
    I’m a big Crypto fan and they have this down to a T . I’m often too busy during week days so weekend trading is a big plus for me .
    Withdrawals are fast often within a few hours, customer support was good for one server issue I had .
    No complaints from me .

  11. I’m with them for an year and a half already. For this time i didn’t have any issues. Absolutely agree with some others opinions about their support. It’s very responsive and professional. Deposits and withdraws are one of the fastest i’ve ever had. Think that some of the negative comments are just from traders which don’t know what are they doing in the trading at all and others are just haters. As i said all’s fine for me for that time i’m using them.

  12. They have been a really good broker for the approximate 2 years I have been with them. Theur support team is really helpful and act quite quickly. Deposit and withdrawals are quick and I hav had an overall very good experience with them.

  13. Hmmm not really sure about the negative comments. Been with them for about 2 years on and off, friend first introduced me to them. So far withdrawl/deposit have been very fast, and like everyone says, the customer support is pretty good. But just a remember that they are offshore broker, so they do have the power to manipulate your account and place unwanted trades and even just delete your acc and say “bye! we dont know you/we never knew you”

  14. Surprised by this, Hugosway enabled me to get started in Forex, well over a year ago now and never had any issues with them being off shore.
    They enabled me to get started with a low deposit and 1:500 leverage.
    Don’t think you can tar all unregulated brokers with the same brush.

  15. Been with them for a while now and seem a perfectly average broker. They do what they say on the tin and thats why i use them. It’s their cryto offer and trading leverage that got me using them and as long as they keep doing as they advertise then will be fine to continue.

  16. Ive used them quite a lot and i haven’t had any issues. Withdrawal speeds are good and spreads are decent. cant really ask for much more.

  17. I have been with Hugosway for a few months, no issues yet really. Fast withdrawals and deposits with BTC. I use Cashapp to deal with BTC, makes things easier and faster.

  18. Have been live with this broker for about 6 months and had been pretty solid so far.

    Moved to them as regulated brokers in my country can’t offer 1:500 leverage.

    BTC wthdrawals usually arrive in my account in under 2 hours which is much faster than the usual 5 day bank transfer.

    Spreads seem average but are also fixed so you know how entry is going to go.

    Never had trouble withdrawing, never dealt with customer support yet.

  19. I’m very bad I’m with them luckily they took my my quickly and l noticed that was a bad company to trade with if you want to be a real trader

  20. I’ve read alot of comments and I feel like many people just had a bad trade or their blaming their failure to the broker. I’ve been using Hugosway for 3 years now and Ive never had an issue with deposit or withdrawal.
    Ofcourse every broker has its pros and cons.
    From my point of view its pro are the low spreads and high leverage.
    Cons: When the market opens or its about the close most of the time it will not let you open or close a trade which to be honest it does sucks. Also, I have to deposit through BTC and well I get certain % taken away from my profits from Hugosway and Coinbase.

    Other than that everything goes well. I’ve had trades in US30 with 6k and they never “dissappear anything”.

    Either way always make sure to do your own research before you open up an account and give out your info.

  21. Hugosway is a broker that I have used for over 2 years now. I have been happy with the service that they provide as I use them for both forex and Crypto. I use bitcoin and have found that deposits and withdrawals are processed smoothly. The fact that you can trade is 24/7 is great for me.

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