If you are interested in trading, then you must find a good and trustworthy broker to collaborate with. The good news is that, nowadays, brokers are only a few clicks away. All you have to do is look for one on your search engine, and a full list will appear on your screen. Among the many results, you may see HugosWay, and something about the name may make you interested in the broker and what it could offer.
Diving in without doing some research beforehand could be a big mistake, though. You know nothing about the level of safety offered by the platform, so even if you see the products and you like them, signing up without knowing how trustworthy it is would not be a wise decision. Since it can be quite hard and time-consuming to look into all the details, we did all the research for you. So, we can tell you everything there is to know about HugosWay.
Who Is HugosWay for?
HugosWay could be a good broker for experienced traders looking for a diversified list of products. The platform offers indices, Forex currency pairs, stocks, commodities, and cryptocurrency trading. On top of that, it’s also good for people on a budget who are looking for small minimum deposits. Another good news is that there is no inactivity fee.
But it can also be a great broker for newcomers. A demo account awaits people who want to give the platform a try before they decide to start trading more seriously. Not only that, but there is only one account offered, which makes things easier for those looking to become traders. The account opening process is quick and easy and it’s unlikely for anyone to encounter issues with it.
Things We Like
HugosWay definitely does a lot of things right. Besides the low minimum deposit, it also offers a demo account, both being very good options for anyone looking to get started with trading.
Apart from that, there are other amazing things we really liked, such as the fact that there are no inactivity fees and no deposit and withdrawal fees. Then, we were also happy to find out that they keep client money in segregated accounts for safety. This way, clients’ funds can be protected. The company is also listed publicly.
Besides, we found out that HugosWay has over 55+ currency pairs. The trades are executed very fast, and there are tight spreads as well.
The customer support is available 24/7, and the MT4 platform provided is an award-winning one that works on various devices.
Things We Don’t Like
What bothered us about HugosWay is the fact that they charge CFD commissions, and also the fact that they aren’t regulated by any high authority. Also, there is no contact telephone number. While there may be other ways to contact them, some individuals prefer a faster method like calling them. The fact that this option is not available is disappointing.
Pros / Cons
- Over 150 tradable assets
- Fast trade execution speeds
- Award-Winning MT4 platform can be used on desktop, webtrader version, iOS & Android
- They charge CFD commissions
Safety and Regulation
HugosWay may seem like a convenient option, particularly when you find out about the fast deposits and withdrawals, fast trade execution, free demo account, low minimum deposit, and the number of tradable assets. But that is not enough to make someone trust a broker. There are other considerations one should make before signing up. So, let’s look into the legal matters of HugosWay.
Who Is HugosWay?
HugosWay is a relatively new broker. It was only established in 2017, and its headquarters are in the Grenadines and St. Vincent. It is a global broker, though, being available for people from multiple countries. The broker is a Forex and CFD one, and its prices are some of the leading ones on the market.
Besides, they provide the MT4 platform, and also true ECN connectivity. What’s more, the broker has a large variety of instruments to offer, and its 35 Cryptocurrency Pairs trading is available 24/7 and has a leverage of up to 1:100.
Is HugosWay Regulated?
Here is where things get bad regarding HugosWay, because the broker is not regulated. It is owned by an offshore company registered in the Grenadines and St. Vincent, a company known as Hugo’s Way Limited.
Considering the offshore aspect, it’s clear that there are very few requirements to the operation of the company, even though the financial investment firm is registered. As a result, the broker has no regulation, it is not overseen by any authority, and therefore doesn’t follow any of the international rules. Not complying with strict rules makes the broker unstable because it doesn’t offer protective measures to those using the platform.
Is HugosWay Safe?
HugosWay is unregulated, therefore it is quite unsafe to trade with it. The website mentions that they are trying to apply for a license at the moment. Until that happens, the broker will stay unregulated, prolonging the unsafe conditions the traders have to go through.
The website itself mentions how the broker isn’t directed at any jurisdiction. It also mentions the fact that it isn’t made to be used for people who would violate local laws or regulations.
There are a few safety features implemented by the platform despite the unregulated nature, though. For instance, it keeps people’s money in segregated accounts, so in case something happens to the platform, users will not lose their money. The company is also a publicly listed exchange one, and there are more than 5,000 active traders at the moment. Regularly, the platform performs ongoing evaluation reports. To increase safety, a 2-factor authentication option was provided.
Countries It Accepts Clients from
The broker accepts clients from a lot of countries, and even U.S. customers are accepted. But in order to comply with the law, one should not be using this broker as a U.S. resident considering the only brokers allowed are those regulated by CFTC.
Apart from that, HugosWay accepts clients from hundreds of countries. The ones that it doesn’t accept include Cambodia, Bahamas, Democratic Republic of Congo, Iran, Iraq, North Korea, Vietnam, Zimbabwe, Somalia, Tunisia, Pakistan, Japan, and Ethiopia.
HugosWay has not received any great awards yet.
Range of Offerings and Products
HugosWay has no shortage of products and offerings. In fact, it gives access to six different financial markets. On top of that, it also offers more than 150 financial instruments. It provides 3 different energies, 6 different metals, 11 most popular indices, 45 cryptocurrencies, and more than 104 shares.
When it comes to trading, HugosWay uses the MetaTrader4 platform. This is an award-winning system, and it features a web, desktop, and mobile platform.
The web trading platform comes with a 2-step login process, as well as the option to view past trades, fee reports, and many other things from your performance history. There is also an option for 4 pending orders, respectively Sell Stop, Buy Stop, Sell Limit, and Buy Limit. Email notifications are also provided.
The desktop app comes with the same orders, and it also allows you to use the Stop Loss order. The platform comes with extra security apart from the 2-step authentication. Expert Advisors, as well as scalping and wedging, are allowed. You can download the platform on Windows and Mac, which makes it possible for you to get notifications if you wish.
Lastly, the mobile platform is also pretty nice. You can get it on both iOS and Android, and it’s very easy to navigate. The indicators are customizable and hedging and scalping are allowed. Sadly, it has no fingerprint recognition and facial recognition.
All clients will have the same type of account, respectively the ECN/STP account. So, this is the only option no matter if you are a beginner or an expert.
What’s great is that deposits can be made using different methods. You can use bank transfers, cards, or electronic payments. They are free of any fees, and there are six dissimilar account base currencies.
The minimum deposit is $50 if you use a card, $10 with VLoad, and $50 with BitCoin.
You can make withdrawals with the same methods available for deposits. Luckily, withdrawals have no fee either.
A demo account is provided too, and it’s an unlimited one. This allows clients to test the platform and also improve their skills.
HugosWay has no promotions, but it has an FX affiliate program.
Client Support and Education
The broker has some educational resources available, respectively the FAW and Insights sections. They are pretty useful. There is also a demo account, which can be a great part of the learning process before getting serious with trading. Unfortunately, there isn’t anything else offered for education.
Verdict – Overall Rating
HugosWay has a few safety features, but you might want to be careful using it as it’s not regulated. It has very few educational resources, one type of account and it also has high commissions for CFDs. So, before using it, you need to think twice if this is a good idea considering it’s unregulated.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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