Hugo’sWay is a relatively new ECN broker. It was founded in 2018 and provides services for forex and CFD trading on the MT4 platform. Many will find the broker’s design colorful and attractive. But there is often danger behind the pretty wrapper.

This HugosWay review reveals all the details of the broker including its reliability, conditions, pros and cons. As a result, you will understand whether it is worth trading on Hugo or not.

Upd: The broker is definitely fraudulent. This company also owns KOT4X.
Hugo's Way Total Score
Reliability & Safety
Trading platforms & Tools
Trading offers
Spreads & Commissions
Mobile app
Deposit & Withdrawal
Research & Education
Reviewer 0.1 / 5
Users (0 votes) {{ reviewsOverall }} / 5
Official site
Year of foundation2018
Regulated by
Trading instruments178+
Forex (55), CFDs on stocks (64), indices (10), metals (5+), energies (5+), cryptos (39)
Spreads and commissionsAbove average / High floating spreads
EUR/USD – from 0.5 pips
GBP/USD – from 1.2 pips
USD/JPY – from 0.5 pips
Oil – from 7 pips
Gold – from 35 pips
Additional 5$/lot per trade
Read more
Most popularHugo’sWay in Jamaica, Barbados, Nigeria, South Africa, Venezuela, Portugal, the USA, Canada, Costa Rica, Belgium, Colombia, Chile
Provision of services in the US, UK, Canada, European Economic Area The UK
The European Economic Area, US and Canada
Min. trade size0.01
LeverageUp to 1:500
Account types
Minimum deposit$ 10 (Vload)
$ 50 (other methods)
Minimum withdrawal$ 50
Deposit & withdrawal methods4+
Payment FeesFee for Vload 5%
Fee for other payments varies from conversion rate
Trading hours24/5
24/7 (For crypto)
Trading platformsMT4
Mobile App
Copy Trading
Affiliate program

Is HugosWay regulated and legit?

hugosway review forex and cfd broker

The broker was founded in 2018 and is owned by Hugo’s Way Ltd, which is authorized in St. Vincent and the Grenadines. HugosWay is not regulated.

You can find the answer to this question in the FAQ. Finding the best regulator to protect traders can take a long time.

hugosway regulatd and legit

Omg. Maybe someone will believe it. But it sounds extremely unconvincing and stupid. HugosWay could have been a regulated and legit broker for a long time. There are a lot of reliable tier-1 regulators. But they don’t and have come up with a silly excuse.

Staying in St. Vincent and the Grenadines is beneficial to them. It is offshore and home to many scam brokers. There are small taxes and weak legit control over the activities of financial companies.

The site contains very little information about the company, there is not even a registration number. This company may not even exist.

Let’s continue. Hugo’s Way claim a true ECN service and over 50 liquidity providers. They named only one liquidity provider when contacting support. This is Bitfinex and it provides the broker with liquidity only for crypto pairs. They cannot give other information.

So, the broker HugosWay restricts services and is not legal in many countries such as: 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.

The broker provides services and is popular in Jamaica, Barbados, Nigeria, South Africa, Venezuela, Portugal, Costa Rica, Belgium, Colombia, Chile and other countries. Surprisingly, but the broker also accepts traders from the USA and Canada.

Hugo’s Way trading platform and offers

HugosWay clients can only use the MT4 trading platform. It is undoubtedly the most popular terminal among brokers and traders. Almost any broker provides the MT4 platform. It is intuitive and contains the necessary tools for technical analysis.

Although this terminal alone is not always enough for traders. Especially considering that HugosWay positions itself as a ECN broker with low spreads for scalping and intraday trading. In this case, the cTrader terminal with a high rate of opening positions would be more suitable.

The broker provides only 178 trading assets. Most of them are 55 forex assets, 64 stocks and 39 crypto. The choice of a trading leverage up to 1: 500 is possible only for forex and metals.

The rest of the trading instruments have a fixed leverage:

Indices: 1:200
Energies: 1:200
Stocks: 1:20
Cryptos: 1:100

Demo and ECN accounts

HugosWay has only 2 types of accounts: demo and ecn. The client can create any of them in his personal account. The demo account is free and unlimited. This allows you to evaluate the trading conditions of the broker and practice forex trading.

All traders are offered only one real type of account – this is ECN. The main feature of ECN is to receive the most accurate and lowest quotes from liquidity providers. As stated above, HugosWay claims to have over 50 liquidity providers. But it does not prove this information in any way and refuses to disclose information about these providers, except for Bitfinex.

Another feature of ECN is low spreads, but there is a commission. Some brokers may even have zero spreads on such accounts. Hugosway has comparatively low spreads for major Forex, ranging from 0.5 to 1.2 pips.

hugo's way spreads and comission

They are averages for stocks, commodities and metals. But Hugo’s Way also charges a fee of $ 5/lot per trade. If your lot size is smaller then this changes because the commission is calculated per lot. For example, if you placed a trade with 0.4 lots, it would mean that 0.4 of 5 would be charged.

hugosway review - fees

Therefore, the total commission per trade is even higher than average. These are bad conditions for an ECN account.

Mobile app

Clients can trade at HugosWay only on the MT4 platform (web, app for PC and mobile). Accordingly, you can download the MT4 app for your mobile or PC.

It is a classic terminal with a friendly interface and good functionality. MetaTrader 4 is fully mobile-friendly and allows you to analyze asset charts with over 30 trading indicators.

Yes, MT4 is suitable for beginners and some experienced ones. But sometimes this is not enough, and Hugo’sWay does not offer other alternative trading platforms and applications for iOS and Android.

Deposit and withdrawal

There are few methods available for HugosWay FX clients to deposit and withdraw funds. Each trader can use the following payment methods: Bitcoin, Bitcoin via Instacoins, Vire Transfer via Instacoins and VLoad.

So, customers can use credit cards and bank transfers to fund their account and withdraw funds, but only after transferring to cryptocurrency on a 3rd-party Instacoins service. In fact, almost all payment transactions (except for Vload) are made via cryptocurrency. Such transactions are not tracked and cannot be proven in the event of a dispute.

Therefore, clients are absolutely not protected in the event of scam by the unregulated broker Hugo’sWay. Withdrawals are only available via Bitcoin.

The minimum deposit for crypto methods at Hugo’s Way is $ 50. In addition to cryptocurrency methods, you can replenish your account via a Vload voucher. The minimum deposit for Vload is $ 10. This method is available only after identity verification.

The broker charges a 5% fee when making a deposit via Vload. Also, all deposits are converted to Bitcoin at an unfavorable rate.

Pros and cons


Free and unlimited demo account
Small minimum deposit
Sometimes commissions for major forex are below average (For example, spread 0.5 pips + commission 5 $ / lot)
Original and pleasant design


HugosWay is an unreliable and unregulated broker founded in 2018
Doubtful ECN service. HugosWay announces over 50 liquidity providers but does not disclose any details
Most often, the total commission for opening a deal is above average
Relatively few assets
MT4 platform only
Almost all transactions take place via crypto. They are impossible to trace and prove.
No analytics and education

Conclusion on the HugosWay review

Hugo’sWay review shows that there is no reason to trade forex and CFDs with this broker.

In fact, a beautiful and original design hides a danger for traders. The broker is unregulated and completely unreliable. Almost all payments are made through cryptocurrency. Customers won’t even be able to prove payments in case of problems. In addition, the Hugo’s trading conditions are also not good.

The HugosWay broker and its conditions are extremely dangerous for traders, so it is worth placing it in the “Scam” category.

It’s better to choose one of the more reliable brokers for CFD trading.

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