Hugosway is not a regulated online broker that offers more than 150 trading instruments on the MT4 platform, Whereas they are available for all traders and they don’t have any trading tool, educational materials or contact number. In this Hugosway review, you will find out everything you need to know before engaging with this broker.
Hugosway is closely related to a utopian Laissez-faire world of trading products. The brand ECN trading is new to the market that brings lots of fresh wind in terms of supple lot sizes, liberal leverage, low minimum deposits, tight spreads, Hugo Insights, quick transactions, 24x7 trading with analytics, and an active customer support team. As a new brand, it works for each criticism that traders have with well-established brokers.
Well, its novelty does not include its spread and users may have to face with ultra-tight pips even during unstable market conditions. All this is possible just because of the exclusive order execution model called Straight Through Processing that transmits order directly through a “pool of crown level liquidity financial institutions.”
Is Hugosway Regulated?
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:
Hugo’s Way clearly explains that investigating the regulatory authorities is taking time to discover a suitable regulatory body that can meet the requirements of their clients.
For now, the brand is not regulated, and this can be the most important thing for possible clients.
With an authentication app, you can enable Two Factor Authentication (2FA). For verified phone numbers, it can be done through SMS as well. Hugo’s Way insists that 2FA provides additional security to the accounts of clients.
All the registered clients need Hugo’s Way for the verification of their accounts with the help of “know your customer” procedures.
The “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, as you already know, welcomes all traders from all over the globe. Just because of some legal restrictions, some of the features of this broker are not available for some traders.
Hugo’s Way review claims that it offered only the MT4 trading platform, which is popular for its customers. Among traders, the MT4 platform is used generally, due to its countless features and functions.
With this broker, you can have the Mt4 WebTrader, Mt4 Windows, and MAC OS desktop apps together with the MT4 mobile applications for Android and iOS devices.
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, Hugo’s Way 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.
When it comes to trading assets, you may find different pairs of metals, cryptocurrencies, FX exotics, FX crosses, indices, futures, energies, and stocks.
More than 150 trading instruments are there, and the broker provides seven main forex pairs, 27 forex exotics, and 21 forex crosses. This broker has six metals, 31 crypto assets, 63 stocks, 11 indices, three energy instruments, and one future asset.
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. Hugo’s Way 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.
- Minimal Deposit amount $10
- All traders are welcome
- More than 150 tradable assets
- 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
Is Hugosway Scam?
We cannot say that it is a scam because it has a well-organized site with other features. Just because it is not a regulated broker does not mean that it is a scam.
Is Hugo’s Way Safe or Not?
No, for trading purposes, Hugo’s Way is not safe at all. Hugo’s Way Limited owns this broker, which is an offshore company registered in Seychelles.
Seychelles is notorious for the smooth procedure of investment firm establishment, with an extremely low list of requirements and a small budget. For shady brokers, it is an easy zone.
So, ultimately, the Hugosway review shows that you should avoid trading with this broker as it is not regulated and can waste your investment.