Hugo's Way Review (2024 Update)
Reason to avoid: Offshore license
Listed Date: February 12, 2019
Top 3 Forex Brokers
Beware Hugo’s Way is a Non-Regulated broker. It is NOT SAFE to trade.
- Our Review
- Hugo's Way (2024 Update) User Reviews
- Hugo's Way (2024 Update) News
Is Hugo’s Way Scam or Legit Broker?
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 no 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.
About Hugosway
| 🗺️ Registered in | St. Vincent and the Grenadines |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is Hugosway safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
What is Hugo's Way?
Hugo’s Way offers forex currency pairs, indices, commodities, 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.
Based on the provided information on the broker’s website, the company is in 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, therefore any of the statements about True ECN or quality trading can not be proved since Broker is never checked by serious audit Regulators usually do
Overall Hugo's Way Ranking
Due to the regulation and safety issues, we found during our research of Hugo’s Way, we do not rank positively Hugo’s Way, based on our Expert Opinion with over 10 Years of experience in Forex Trading.
- Hugo’s Way Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
| Ranking | Hugo's Way | BlackBull Markets | FP Markets |
|---|---|---|---|
| Our Ranking | ⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Is Broker safe? | No | Yes | Yes |
| Advantages | None | Good Instruments | Trading Conditions |
Hugo's Way Alternative Brokers
We found that Hugo's Way has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to Hugo's Way with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below:
- Dukascopy – Excellent for Shares, Futures Trading
- AvaTrade – Good Instrument and CopyTrading
- InteractiveBrokers – Good for US Trading and Trading of Real Stocks
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 of the Broker himself, which means the broker accepts US residents. However, as per U.S law, brokers regulated by CFTC are the only brokers allowed and safe for USA traders. So, in other words, the Hugos Way doesnt follow the US regulatory advise and may be suspended at any times, meaning US traders are only permitted to trade with U.S-regulated trading platforms besides trading with Offshore and non-regulated firms is never advised due to high risks of scam too.
- There are also countries the broker does not accept client from including: 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.
Hugo's Way Deposit & Withdrawal
The minimum Hugo's Way 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. The broker's availability is 24 hours, from any spot worldwide. The app is supported by iOS and Android OS, it has a full set of trading orders as well as analytics and technical indicators.
Demo Account
Hugo's Way offers 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.
Hugo's Way Review Conclusion
Overall, the company's offering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading. Besides, we do not recommend signing in with Hugo's Way as the broker is not regulated by serious regulators like FCA company.
Since the capital and the security of the investors’ funds is a primary goal, it is advisable to choose among well-regulated companies that hold all necessary licenses such as Pepperstone with authorized operations and great customer support.
- Overall ranking and experience for Hugo's Way is Negative
VERY SUSPICIOUS activity. Won't let you close trade in profit. Either due to 'liquidity provider' is 'down,' or 'server' is 'down,' or etc... This is the second time in the past year something like this has happened. Despite the plethora of 'bad reviews' and what appears to be 'fake reviews' found online on hugosway, I wanted to believe they were legitimate because of the variety of assets to trade on their platform and especially due to being able to fund and withdraw via bitcoin. However, having experienced 'not being able to close trades' TWICE within a year, for the same very 'suspicious' reasons stated as 'liquidity provider' issues.... I now report this online. So, what happened this time is; *I couldn't close a trade in profit, whilst getting the error 'off quote' being displayed. *I contacted them via their ONLY AVAILABLE MEANS of contact which is their 'live chat' on their website. Upon explaining the situation, and asking many many questions demanding some sort of actual feasible answer, after the very generic 'the investigative team has been notified and they will look into it and respond by email...' answer, after more questions, finally they responded 'the systems are down and the teams are aware of it..... our liquidity provider is also aware of it.....' And 30 minutes or more later, no response by email, no fix to the problem, nothing... *I specifically asked them to answer "what happens to my funds while i wait for your team to answer via email? what is the trade goes against me? what if my account gets liquidate?....." To which, NO ANSWER AT ALL. Only a constant repeat of 'our team is looking into it right now and will follow up via email....' again and again and again. *While i still wait with no follow up from this 'investigative team' to answer via 'email,' my account is about to get liquidated as markets move, and now the trade has gone against me ***I have ALL OF THIS DOCUMENTED via screen capture both pictures and video recording the live chat conversation via their website, and recording my mobile phone screen proving hugosway not letting me close my trade in profit on MT4 ****FYI, this is NOT THE FIRST TIME SOMETHING LIKE THIS HAS HAPPENED. It happened either earlier this year (2021) or late last year (2020) as well. But last time something like this happened, they actually DID follow up relatively quick via email, rectified the situation, and made right with my funds lost as a result of the incident. HOWEVER, this time round, it is a much larger amount, a much bigger of a problem and situation, and apparently is happening to EVERYONE USING HUGOSWAY AT THIS EXACT CURRENT TIME SIMULTANEOUSLY. Also, maybe i'm mistaken, but if it's really a 'liquidity provider' system down issue, it shouldn't take more than a few minutes if that at all for them to contact them to alert of a system down issue and to rectify it immediately. And as it's clear as day, it's all a lie, they are manipulating peoples' trades, i.e. highway robbery of peoples' live funds. It seems i cannot upload screenshots and videos here, which i wanted to share with the world, to prove how blatantly hugosway is a illegitimate broker, displaying extremely suspicious behavior, all pointing to blatant 'robbery' of peoples' money. >>> UPDATE: a few hours later..... Hugosway emails me; They email after all of this, more than 4-5 hours later, NO APOLOGY, NO SOLUTION, NO ACCOUNTABILITY, AND DEFERRING THE BLAME ONTO THEIR 'LIQUIDITY PROVIDER,' CLAIMING NO LIABILITY FOR ANYTHING AT ALL. In addition, by this time, I went to bed only slept for 3 hours due to anxiety from this matter, the trade had gone way far against me and my trade was auto-closed and account liquidated. To which, again, hugosway claims 'NO LIABILITY. IT WAS THEIR LIQUIDITY PROVIDER, THUS, THEY ARE NOT RESPONSIBLE.' Serious!!!!????? To prove, this is their actual email text copied and pasted here = "Dear Jung, Please note that you can close your trade now. There was a disconnection on the side of our liquidity provider and some crypto pairs were not available during that time. " >>> FACT = HUGOSWAY IS A SCAM 100%, HUGOSWAY LITERALLY CAN ROB YOU OF YOUR FUNDS 100% AS PROVEN 100% FROM PERSONAL EXPERIENCE OVER THE PAST 12 HOURS,T HUGOSWAY WILL REFUSE TO TAKE RESPONSIBILITY FOR SYSTEM ERRORS BY BLAMING EVERYTHING ON THEIR 'LIQUIDITY PROVIDER' (THEY'VE DONE THIS LITERALLY EVERYTIME ANYTHING WENT WRONG WITH THEIR PLATFORM, ALWAYS THE SAME ANSWER OF 'THE LIQUIDITY PROVIDER IS DOWN' FOR ANY AND ALL PROBLEMS, MEANWHILE THEY ARE DOING WHAT > TAKING YOUR MONEY!!!!!! AGAIN, I SAY ALL THIS FROM PERSONAL EXPERIENCE USING HUGOSWAY FOR OVER A YEAR (SINCE JULY OR AUGUST 2020). SO AGAIN, TO BE CLEAR > "HUGOSWAY IS 100% A SCAMMING BROKER, THEY WILL ROB YOU OF YOUR MONEY."
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
No news available.
thanks, interesting read
don’t think anything
Excellent article. I definitely appreciate this website. Thanks!
Hogostrades.com is fu*king joke!! They are thieves!! Pieces of sh*t id like to get my hands on! They stole over $32 000.00 from me!! They will not let me withdraw anything. Local authorities and FBI are looking into it now!! SVG & AML have also been notified in Grenadines. FTC, BCA, IC3, and others I can’t recall. Ive notified a lot of the app platforms where you buy from also. I’m out for blood!!! They will be caught!
If you spend your free time playing or learning how to play, what instrument do you face, which instrument is your favorite?
In my opinion, the piano sounds the best and also has the highest scale among all instruments and sounds beautifully in it as chords.
Please briefly justify why this particular instrument deserves to be called your favourite.
TheTrombone the sound
I’m a trader in the US. The statements above say that “So, except for Hugo’s Way, you are only permitted to trade with U.S-regulated trading platforms” I”m confused by that statement because just before that it says that US traders can only trade with CFTC regulated brokers and Hugosway is not. Can anybody shed light on this for me? I’m working with a group that are doing trading together and this was one of the brokers that was recommended.
Hi Emily,
Hugos Way is unregulated Broker and is not eligible to accept US traders, in fact only US Regulated by CFTC Brokers can accept US traders. Besides, it is never recommended to sign in with solely offshore brokers due to high risks.
Please refer to the paragraph about US trading above (some notes been updated)
Nice answer back in return of this issue with solid arguments and telling all about that.
mokoean
I’ve been using Hugosway for around 9 months. And I have to say, I’ve found them to be reliable and costumer service is great if there are ever any problems, which there haven’t been many. I always recommend them to anybody who has ever asked.
Been trading here for a while and have to say I’ve always felt safe and never had any kind of problems with withdrawals or customer service, despite this being an offshore broker. Also, I don’t think people are using VLoad anymore, at least I know I’ve made $10 BTC deposits so the funding info seems a bit outdated. Overall, this is a solid broker in my opinion.
Been with Hugosway for over 2 years now trading US30. I have never noticed any fishy stuff with the company. Surprised to read some of the negative comments.
I have been trading with Hugosway for a year. I find them quite decent. I trade cryptos. Their 24/7 crypto trading is a good option for me. Decent spread, low commission and high leverage are some of their features that I personally find very handy.
On some occasions, I had to talk to their customer service. They were very helpful as well.
Today I had 2 positions running and at the time of closing both positions I couldn’t because of a liquidity provider problem that was their excuse, I also recorded everything for a YouTube video, stop using this broker because the same thing can happen to you at any moment.
Great review. I personally never had problems with my Hugosway account. I find trading cryptos and Forex markets with this broker to be more affordable and convenient than other brokers out there. Their support team is very accessible too which is a big plus for me.
HugosWay has been my go-to for nearly a year, and they have never let me down. Being able to trade crypto 24 hours a day, seven days a week is my favorite thing. Plus, having the option to use 1:500 leverage on FX and 1:100 leverage on crypto is also quite handy. The recent addition of a new server has improved stability even further, and the additional 24/7 chat feature is a plus. I hope they keep adding new altcoins, it’s easy to trade with them compared to exchanges.
I just want to say thank you for this great website. I found a solution here on 55brokers.com for my issue.
Have used Hugosway for some time now and the fact their not regulated doesn’t make a difference to me. To get the leverage I want it needs to be offshore and being one of the better known ones I have no worries. Plus they allow me to trade crypto 24/7 which is a real plus. Personally would recommend
Been using Hugosway for the last year and I have had no issues at all they have been solid. I mainly started using them for there 24/7 Crypto trading which I like
ive found these to very solid. I have used them for a year now and my withdrawals are on time and they have more cryptos available than anywhere ive seen. I like the 500:1 leverage and i can compound small accounts up. Overall would have to say im pleased with them.
Pls someone, can I fund through local bank and withdraw through crypto. Since it is not regulated, is it possible?
I’ve revisited my Hugosway account for the past 6 months. A lot has changed since my last run with them. The server speeds are super fast now, with no drops in the markets during volatile times. They keep adding crypto pairs to trade, most recently doge, which is great for retail traders like myself.
The spreads for FX pairs are on par with my last broker and the same day withdrawals are always on time. Support is as good as ever, always available on live chat and very helpful with BTC funding.
Been using Hugosway for well over a year now, and never seen any issues. withdrawals on point, support on point, and 0 manipulation unlike some other brokers that are regulated.
Been using This broker for a little while now and so far I’ve found them to be pretty good. I haven’t come across the issues that people have been speaking of my experience so far had only been positive. Withdrawals have been processed and received quickly and they have all the currencies and crypto’s I’m interested in trading. Personally I think they’re worth a try.
Not sure where some people get their negativity from. Have been fine the time I have traded with them. People talk about regulated brokers but doesn’t mean as much as you think. A un regulated broker with the history and service hugosway offer is better than a crappy regulated one. I’ll be sticking with them for my forex and crypto trading.
Today is the day, after almost 2 years of using Hugo’s Way, where i decided to withdraw my funds. Almost 1 hour later, i got my funds back. The reason of why i left this broker , is because they do not offer the option to trade as an “Islamic Account”. Nonetheless, I did not experienced any weird stuff/scams from them.
Will I come back to Hugo’s Way? probably yes when they do offer an “Islamic Account. Another reason of why i would come back is because of their HUGE amount of different crypto pairs which i personally love. Anyways if it was not for Hugo’s way not having an Islamic account, I would’ve stayed with them.
Would 8/10 recommend.
Never had a problem with this broker. Fast withdrawals and allow Crypto trading on a weekend.
I’ve used Hugo’s way for years and now I’m finally opening my eyes to the nastiness. I’ve had trades closed out on me and the person managing my account and we blamed eachother, but now to see other people are having the same issues, it’s no way a coincidence. I’ve also always lost money because I was greedy in the markets, but now that I have someone managing my account, I am profitable. With that being said, I’ve NEVER had issues depositing thousands when I was losing money. Now I’m making it and I had to jump through several hoops to get my money. I ended up having to deposit more money just to get my money out. Customer service referred me to an email which just told me something customer service could’ve easily. I would steer clear if I were you, I am now looking at other brokers.
Quite surprised at some of the reviews I’ve read here to be honest, used Hugosway for just under a year (start of the pandemic) and I’ve had no problems.
Customer service was helpful when I started and I’ve had no issues with withdrawals hitting my account.
All around I’ve been pretty pleased, sometimes the spreads can be pretty large, but I think this is an issue you’ll face with any broker offering 1:500 leverage.
Either way, things are good.
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.
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.
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
is there any broker that can offer 1 pip per dollar as the way hugosway offers in the wall street US30.
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.
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.
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.
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.
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.
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”
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.
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.
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 .
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.
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 ;+)
Are you profitable with them though 🤔
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!
You sound like an affiliate
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.
Great all round broker with tight spreads and the fastest withdrawal speed
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.
Exactly, I’ve been with this broker for over 3 years now and believe me, no complain at all.
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%.
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.
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.
I was asked to do the photo ID too. I tried several times throughout a week or so but they kept denying it. Eventually they allowed it through and I haven’t traded with them since.
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.
Did you end up by getting paid? How long did it take for them to send you your withdrawal?