If you have come across Hugosway and wondered what it was and whether it is trustworthy or not, wonder no more. This detailed Hugosway review will answer all the questions you may have about the broker, its legitimacy, pros, cons and many more.
Hugosway is a not-regulated online broker that offers more than 150 trading instruments on the MT4 platform. In this Hugosway review, you will find out everything you need to know before engaging with this broker.
- Minimal Deposit amount $10
- All traders are welcome
- More than 150 tradable assets
- STP (Straight Through Processing)
- A limited number of trading platforms
- Limited account types
- No trading tools, market news, educational material and analysis
- High withdrawal charges for bank transfers
- No contact numbers available for customer care
Hugosway is a CFD and online forex brokerage that was established in 2017. Hugo’s Way Ltd owns and runs the broker and is situated in St Vincent and the Grenadines. They have a no dealing desk model (STP - Straight Through Processing) with CFDs and forex available for their users through the Award-winning Meta Trader 4 trading platform. Hugo’s way offers 150 tradable instruments including; cryptocurrency, indices, currency pairs, energies, metals, stocks and futures.
It also offers quite a liberal leverage, low minimum deposits, tight spreads and some trading analytics to help you out with your own forex trading career. It also gives you access to an active customer support team, which is considered extremely important when it comes to Forex and Cryptocurrencies.
Is Hugo’s Way Regulated – Is It Safe?
The short answer to that is "NO", Hugosway is not a regulated broker. Still, Hugosway, in collaboration with other standalone features, becomes a brand for passionate traders. Let’s explore more with Hugosway review:
First things first, let’s answer one of the vital questions that brought you to this page, is Hugo’s Way regulated? As of now, Hugosway is not regulated meaning that they are not authorised by any regulatory body. Regulation being an important aspect people normally look for to determine the legitimacy and safety of an online broker, does it make Hugosway a scam or a platform that is not safe to indulge in?
Regardless of their regulation or rather lack thereof, Hugo’s broker has put in place certain measures to ensure the safety of their clients. First of all the broker has a risk disclosure that you must read to understand some of the risks involved before you embark on a journey with them (you should do this with ALL of the forex brokers out there), that way you know what you are getting into.
Segregated Bank Accounts & Tier-1 banks
Secondly, Hugosway has segregated bank accounts where all payments made by traders to Hugosway are kept separately from their "expense money". Which means they are not allowed to use your money for everyday transactions.
Moreover, the broker uses Tier-1 banks for more security (tier-1 is a status for banks that indicate financial health and strength. Hugosway also offers two types of bank accounts; a demo account where you have fake money to practice your trading before putting your real capital at risk, and then a real account where you deposit your real money to trade.
One other thing to note about Hugosway is that, usually regulated brokers do not tend to manipulate market prices, however, Hugosway with its lack of regulation still honours this.
While doing this Hugo's Way review we saw that this broker has placed several security measures. With an authentication app, you can enable Two Factor Authentication (2FA). Hugo’s Way insists (and we do too) that 2FA provides additional security to the accounts of clients.
All the registered clients need Hugosway for the verification of their accounts with the help of “know your customer” procedures. A “proof of identity” and “proof of address” are necessary to upload for the clients. With a 256-bit Secured Socket Layer (SSL) encryption, the network of Hugo’s Way is protected. All the user data get encrypted with the SSL technology before transmitting to the servers of Hugo’s Way. In this Way, the hackers of the internet are frightened of striking the network.
Hugo’s Way MT4 and Trading Tools
While writing this Hugo’s way reviews, we have seen that like several other brokers they offer the prestigious award-winning MetaTrader 4 trading platform. Even though MetaTrader 5 was released people still prefer MT4, therefore offering MT4 on the Hugosway website was a great move for the broker.
Hugo’s Way has download links on their website for both iOS and Android OS app versions. These app versions have a full set of trading orders as well as technical indicators and analytics tools. Hugosway users can also use the browser version of MT4 called WebTrader as long as they are connected to the internet. Some great MT4 features include;
Have a look at some MT4 features:
- One-click trading
- Automate strategies via Expert Advisors EAs
- Traders can get signals, EAs, indicators, VPS Services and applications that may boost the MT4
- Lightning-fast ECN trading on MT4
- Multiple order types such as pending orders, stop orders, and market order
- Alert notifications
- 30 built-in indicators
Other than the tools that are with the MT4, Hugosway does not offer any other trading tools. No market news, analytics, and economic calendar are available. To help traders, most of the online brokers provide a huge range of trading tools.
How To Fund Your Hugosway Account
Currently, according to Hugo’s Way website, there are four methods of funding your account, these are as follows;
Credit or Debit Cards
One way to fund your Hugosway account is via Debit/Credit card. However, making payments with either of these two has a maximum of $600 per transaction. Moreover, when you deposit by card, you have to withdraw the same sum of money by card before you and take any profits using another method.
Deposit Any Amount With Bitcoin
A good thing about Hugo’s Way is that it accepts Bitcoin both for Deposits and withdrawals. As we all know by now, Bitcoin is a digital currency that you can buy or sell for real money or another digital currency. With this, you can also track your deposits on the Blockchain.
Deposit Directly Via Online Banking
One of the most widely used money transfer methods in the world is wire transfer. Hugosway allows you to transfer money directly from your bank account to your Hugosway account. According to their website, there is a $25 fee for deposits of up to 5k.
Deposit Through VLoad
A Hugosway user can also fund their account using VLoad, which is an efficient funding method that makes use of vouchers to quickly top up your account.
Hugo’s way accepts a minimum deposit of $10 which is a fair amount. Furthermore, because Hugosway also allows micro-lot trading (trading in small increments), traders are able to experiment on the platform with real money with little risk.
When trading with Hugosway, there is a $5 commission charged per lot traded. With trade sizes which are less than a complete lot, the charge will be altered accordingly.
There are also Swap fees or rollover that are charged depending on the asset. One can view any of these costs on both the demo and live version of MetaTrader4.
All you need to do is select an asset, then click on specifications and all detailed information about the selected asset will appear.
Withdrawals with Hugosway are processed on the same business day, and you can ask for withdrawals directly from your account.
You can withdraw your amount to your debit or credit cards. Hugosway can transfer your profits through bitcoin by just making a withdrawal request in your account. Not only this, but you can use Wire Transfer as well. It is the most accepted money transfer method in the world. You can send money from your Hugo’s Wallet to the bank account you want. With only $25 charges of banking fees for withdrawals of up to 5K, you can successfully transfer your money.
Opening a Hugosway account
On the top right corner of the website you will find a ‘signup button’ click on it to begin your registration process. Once you fill in all your details, you will receive a verification email which you will click to continue your account setup. Fill the form presented to you with the required information and submit it.
Once you do that your account will be activated and you will be able to login to your new account.
Final Thoughts – Is Hugosway A Scam?
Hugosway has a lot of pros and cons, and just like with anything else in the world, some will love it some will hate it. Is Hugosway a scam? I believe that making a conclusion based on people who engaged in something before analysing the risks involved and getting burnt because of it, is biased. Therefore, I’ll conclude that Hugo’s Way works for others and just does not work for the rest.
It is important to notice that they are not regulated, but we have seen time and time again that even regulated brokers can do harm and not be punished by it. So is regulation really stopping brokers from playing us? The fact they are registered in Seychelles gives Hugosway certain freedoms, such as the Leverage, that a European broker would not have.
Seychelles is though notorious for the smooth procedure of investment firm establishment, with an extremely low list of requirements and a small necessary budget. For shady brokers, it is an easy zone.
So, ultimately, the Hugosway review shows that you should start small and see whether are the type of broker you need. Avoid trading with this broker without making YOUR due diligence.