HugosWay is a rogue forex broker that has earned itself a lot of bad reputation online. They are located and registered in the Seychelles which means they aren’t overseen by any third parties and their activities for the most part will be questionable. This broker offers more than 150 financial instruments to the retail clients with leverage ranging from 1:100 to 1:500.
However, do keep in mind that the conditions are subject to change and spreads are above industry average. Given the high spreads and commission structure, most day traders would certainly find it difficult if not impossible to make significant profits with them. Ever since the pandemic shook our lives, the volatility in the markets has gone up through the roof.
While many people are buying the dips and planning to hold for the long term, do not forget that the best way to do it is via regulated exchanges only. There are a lot of things to discuss about HugosWay, continue reading this review to understand every aspect about this brokerage.
HugosWay Legal Status and Contact Information
The number of people who have lost money to unregulated brokers or firms in the trading sector is increasing each and every day. Thanks to the advancement of the internet, markets are accessible more than ever before and as a result, a lot of participants are flooding the markets.
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Due to the sheer number of volume and new firms entering the sector, the regulatory authorities are having a difficult time when it comes to monitoring the activities of the brokerages. HugosWay is an unregulated broker operating from Seychelles. They are functioning without providing proper contact information and their customer support is almost non-existent.
According to their platform, they do maintain a segregated bank account and work with Tier1 banks. However, as we couldn’t find any way to verify those claims, we are not inclined towards trusting their words. After all, given the nature of this platform, clients should double check everything they see on the interface.
In case if you are wondering know that they don’t offer any type of insurance for your trading capital. To put it in simple words, if this broker goes bankrupt, then you won’t be able to get your funds back from them.
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Address – Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines, Saint Vincent And Grenadines.
Email – firstname.lastname@example.org
Trading Platform, Conditions and Account Types
HugosWay supports both web based trading software and MetaTrader 4. As a general rule, we suggest everyone to use the MetaTrader application as it is more user friendly and advanced. Furthermore, it supports a ton of custom indicators, charting styles and much more. If you are well versed with coding, then you can build your own trading bot and let it do all the heavy lifting for you.
Note that trading bots are prone to connectivity issues and it won’t work well during volatile periods. Web based platform is very basic and it is certainly not for people who are active in the market for a considerable period of time. Spreads on this broker ranges from 2 pips all the way upto 30 pips for forex pairs and for other CFDs, it is beyond acceptable figures.
If you are a scalper, then we don’t think you should ever dare to proceed with them as there is no way to make money with those kinds of conditions. Moving on to algo trading, the only way to automate the trading process is by using Expert Advisers, but before you pull the trigger, make sure that you have back tested the software. Though past results don’t necessarily guarantee results, it is always better to know certain metrics like maximum drawdown, average win rate and losses, etc,.
Leverage for all the forex pairs tops out at 1:500, but for other instruments it is around 1:100. As the leverage varies from one asset class to another, clients should check the details beforehand to avoid margin calls. Apart from trading related aspects, they also offer 2 FA methods to ensure maximum security for the accounts.
If you want to mainly trade cryptocurrencies or stocks with them, then it is better to look for other alternatives as the fees structure are too costly. Platform like Binance, Robinhood also caters to the needs of the retail clients and their regulatory status is much better compared to this firm.
Funding and Payment Methods
The minimum amount required to open an account with this broker is $10. Clients can deposit on this platform via Visa, Mastercard, Bitcoin and wire transfer. While there are no fees incurred while depositing the funds, you need to know that there is a fee of $25 on withdrawals under $5000.
The withdrawals are said to be processed within 24 hours, but according to them it might take upto 6 days for the money to be credited to the client’s bank account. There is no information on inactivity fees and note that, if you ever run into problems with the transaction, it is going to be a long time to get any response from them.
Many social media platforms have changed their policies regarding the ads from online brokers. So, to gain more clients and be in business for longer, the brokers are forced to look at alternative solutions which are beneficial for both the marketers and the firm. HugosWay offers an easy way for the people who have access to traffic to make money.
All the promoters have to do is divert the traffic to them and for every person who deposits, they will get certain fixed commissions. We are not saying that there is anything wrong with the affiliate business model and all of the brokers follow this method. However, the point we are trying to make is that, due to the conflict of interest you can’t believe anyone who reviews them and puts in an affiliate link in the same post.
Before selecting any broker, it is always wise to check the reviews online as it will give us much better clarity about the situation. HugosWay is pretty popular on niche forums such as Forexpeacearmy.
See the comments from the frustrated users and reach your own conclusion. Think for a minute, do you believe any broker who is regulated would dare to treat their clients in that way?
Stay away from this broker. They are shady they will force close your trades before hitting the stop loss to take your money. This happened to me on multiple occasions today. I took notice because I had the exact same trade and stop loss with a regulated broker and those trades were still active while Hugo’sway closed it out to steal money and manipulate the markets. Shady brokers. If you value your money then don’t value this broker.
They always manipulate the trades and take you off before you know it. Don’t use them for any reason.
Is HugosWay a Scam?
In a way, all unregulated brokers will scam their clients in one way or the other. They will have a high degree of control over the data feeds which means they can manipulate the prices to an extent. Things like stop loss hunt, huge spreads are common tactics used by offshore brokers and HugosWay is no exception to that rule.
Moreover, their client testimonials section clearly shows the daunting things they have carried done on their platform over the last couple of years. At the end of the day, after seeing all these data, we strongly suggest our readers to avoid them at any cost.
Furthermore, remember that they don’t even have the courtesy to provide professions support team or ensure security of the funds deposited.
HugosWay Scam Review Verdict
HugosWay’s user base is growing rapidly due to their extraordinary marketing abilities. However, the expanding user base increases their profits at the cost of their clients. Their policies are weird and vague. The customer support is pathetic and the spreads are huge which means it is not going to end well for you if you use them as your primary broker.
For your own safety, deal with brokers who are regulated by Finra or ASIC as they uphold things like ethics and fair treatment. If you have lost money to this broker and are unable to get it back from them, then leave a comment below or fill the contact form and we will gladly assist you for free.