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.
Content
| Official site | https://hugosway.com |
| Year of foundation | 2018 |
| Regulated by | |
| Trading instruments | 178+ Forex (55), CFDs on stocks (64), indices (10), metals (5+), energies (5+), cryptos (39) |
| Spreads and commissions | Above 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 popular | Hugo’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 size | 0.01 |
| Leverage | Up to 1:500 |
| Account types | |
| Minimum deposit | $ 10 (Vload) $ 50 (other methods) |
| Minimum withdrawal | $ 50 |
| Deposit & withdrawal methods | 4+ |
| Payment Fees | Fee for Vload 5% Fee for other payments varies from conversion rate |
| Trading hours | 24/5 24/7 (For crypto) |
| Trading platforms | MT4 |
| Mobile App | |
| Demo | |
| Copy Trading | |
| AT/Robots | |
| Bonus | |
| Affiliate program |
Is HugosWay regulated and legit?
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.
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.
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.
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.
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.
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
Pros
Free and unlimited demo accountSmall minimum deposit
Sometimes commissions for major forex are below average (For example, spread 0.5 pips + commission 5 $ / lot)
Original and pleasant design
Cons
HugosWay is an unreliable and unregulated broker founded in 2018Doubtful 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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