Hugo’s Way is an online forex and CFD brokerage brand owned and operated by Hugo’s Way Ltd — a company located in St Vincent and the Grenadines. The company was established in 2017 and also has another office in Kingstown, the capital of Saint Vincent and the Grenadines. They offer forex and CFDs via the popular MetaTrader 4 trading platform and operate a no dealing desk model, with access to over 50 liquidity providers. The broker offers over 150 tradable instruments, spread across currency pairs, cryptocurrency, indices, metals, stocks, energies, and futures, but they are not regulated by any known financial regulator. Hugo’s Way do not accept UK or USA traders.
Hugo’s Way Review Introduction
In this Hugo’s Way review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
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Hugo’s Way Platforms & Tools
Hugo’s Way provides their clients with the MetaTrader 4 (MT4) trading platform, which is the most widely used platform among traders. The platform is available as a web terminal that can load on most modern browsers, desktop applications for Windows and Mac computers, and mobile apps for iOS and Android devices.
MT4 platform comes with charts, technical analysis tools, one-click trading, and algorithmic features for automated trading. But aside from the tools that are in-built in the MT4, the broker does not provide other tools, such as economic calendar, market news, or social trading tools.
Hugo’s Way Research & Education
The broker does not provide any educational resources — no learning center, e-books, trading guides, manuals, or tutorial videos. Both the broker’s website and the clients’ area are devoid of any material that teaches forex trading.
Hugo’s Way Trading Accounts
Hugo’s Way offers only one account type for traders who want to go live — the Hugo’s Way MT4 ECN Account. The broker doesn’t specify any minimum deposit, but the maximum leverage is 1:500. The spread varies, with an average of 0.7 pips, and there is a $5 commission for every lot traded. Accounts can be opened in EUR, USD, GBP, CAD, AUD, or BTC, which removes the need for currency conversion and the associated fees.
Hugo’s Way Account Funding
Hugo’s Way accepts Bitcoin, Mastercard or Visa card, bank wire transfer, and Vload. The minimum and maximum transaction amount vary with the payment channel used, and the same is true for transaction fees. Bank transfers are charged a $25 transaction fee and may take up to 7 days for the funds to enter the trader’s account.
Hugo’s Way Customer Service
The broker states that its support team is available 24/7, and they can be reached via email, live chat, contact us form, and “request a call back“ form. However, there is no phone number provided on the website. Another way to find answers to your common questions is the FAQ section.
Hugo’s Way Regulation
It is clearly stated on the Hugo’s Way website that they are still taking their time to investigate regulatory authorities to know the one that would fit their goals and meet the needs of their clients. In essence, the broker is not regulated by any known financial body at the moment, which can be a great concern for any trader who may want to register with them.
Hugo’s Way Review Summary
Hugo’s Way is a new retail Forex broker that operates from St Vincent and the Grenadines. The broker offers over 150 tradable instruments, including 55 currency pairs, 31 cryptocurrencies, 11 indices, and 63 stocks, through the MT4 platform. However, they are not regulated and do not provide educational resources and other trading tools.
It is worth mentioning that some of the trading products and services in this Hugo’s Way review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the Hugo’s Way broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.