HugosWay review: Is it a legit or scam forex broker?

2.777 • 136 REVIEWS
Hugo's Way
Updated: Apr 28, 2023

5 star HugosWay review by HeavenLeighRob, USA

I opened an account with Hugosway a little over a year ago and haven't had any issues!
I liked being able to open an account with $10 in the beginning. I know that isn't much to get started, but I was hesitant as a beginner and felt more comfortable starting with a small amount. I liked that this broker didn't pressure me to deposit more and that I was able to trade with lower than average spreads without depositing hundreds or thousands of dollars. It's also helpful knowing that their customer support team can be reached so easily in case it's ever needed.

What is HugosWay?

HugosWay is a forex broker online since August 2018. Headquarters is located in St. Vincent and the Grenadines and the broker is not regulated.

Hugo Fx trading instruments include over 55 currencies, 35+ cryptos, and 170+ CFDs including precious metals, stocks, indexes, and commodities.

MT4 platform is hugo sole trading platform. It is available as browser WebTrader, Mac and PC desktop versions, and also as Apple and Android mobile.

Hugo Way's special features are Bitcoin funding and withdrawals, and the notable company blog.

Please read HugosWay com Reviews below and share your live trading experiences with this broker.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $10
Established: 2018
Address: Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines, Saint Vincent And Grenadines
Regional offices:
Prohibited countries:
Trading platforms: MT4, WebTrader, Desktop Terminal
Web Trading: βœ… Yes
Mobile Trading: βœ… Yes
ECN: βœ… Yes

Trading Instruments

Currencies: (55+)
Cryptocurrencies: (35+) Bitcoin, Litecoin, Ethereum
CFD: (170+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: βœ… Yes
News Trading: βœ… Yes
Scalping: βœ… Yes

Managed Accounts & Social Trading

Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Bitcoin, VLoad
Withdrawal Methods: Bank Wire (BankTransfer/SWIFT), Bitcoin, VLoad
2.777 • 136 REVIEWS

Traders Reviews

San Francisco, USA,
Apr 26, 2023,
Registered user

Hugosway server to MT4 response time is horrible

Service use: Demo Length of use: over 1 Year
I have a high-end laptop, AMD Ryzen 9 CPU, 64 GB RAM, 2 TB HHD with Gigabit Internet connection but whenever I load my MT4 that has only seven windows it takes forever to interact at all.

Often I have to close and reopen my MT4 with no response at all.

Whenever I reached out to their useless support department they always say reinstall MT4 but I keep my system and MT4 optimize.
1 trader has found this review helpful
USA, United States,
Apr 15, 2023,
Registered user

Ok Broker

Service use: Live Length of use: 3-6 Months
When I first started trading I used this Broker(2020). Not to bad of a broker , the interface of the platform was to basic for me. When I despoited Money it took about 2-3 Hours , my broker now is about 30-1hour . The actual trading on MT4 was good , the one thing I didn't like was they had an minimal Withdraw fee. So as beginner Traders that was annoying for me. I hope they have improved they're service now !
1 trader has found this review helpful
Houston, USA,
Mar 10, 2023,
Registered user

Good experience

Service use: Live Length of use: over 1 Year
I opened my account with Hugosway in 2020. I haven't had any issues with deposits, trades or withdrawals. The withdrawals took a few hours to go through the blockchain but the process was smooth. Hugosway have tight spreads and low commissions. Overall, I've been satisfied with my experience.
United States, USA,
Dec 28, 2022,
Registered user

The Company stole my funds

Service use: Live Length of use: over 1 Year
Apparently they are accusing me of latency arbitrage, which is impossible to detect if you are only avaliable to see the price data they provide, they allowed me to withdrawal smaller portions that I processed but then once I attempted to withdrawal larger amount all of sudden my withdrawals were starting to be delayed. Began to get this email

"We are getting back to you regarding your recent withdrawal request.

Be advised that we have implemented some new security measures, to ensure that our client's funds are safe when in our hands, and when passed on to the client upon request.

One thing that is important to be informed about is that your Margin Level will be taken into consideration, should you have any open trades. This is due to the fact that the price of an instrument can gap upon opening, which can increase the risk of an account going into a negative balance when not having a healthy Margin Level. As such, this is now part of our security checks when approving withdrawals.

This is simply one of the checks executed to ensure that your funds are being released safely. Even if you do not have open trades or low Margin Level, we still require this time to look into the withdrawal and ensure we are releasing it in a secure manner.

The withdrawal will be approved as soon as it is safe to do so. This is a security measure to protect both the trader and us as a broker. We will inform you via email if your withdrawal is approved.

Please note that this procedure could delay your withdrawal from 24-48 hours. You should receive the funds in a much less time frame than we provided, that timeframe is given just in case we need to do more thorough checks."

Then after 10 attempts of sending my photo verification with the withdrawal amounts they then prompted me to escalate my withdrawal query which led my account to be reviewed and then suspended.

3 weeks later after they suspended me, I receive an email stating that the funds I had in my wallet was transferred to a trading account.
This is wrong doing on their part and without access to my account there is no knowing what they are doing under my name.

This easily could've been avoided with better communication.
2 traders have found this review helpful
Ab, Canada,
Oct 24, 2022,
Registered user

Withdrawal issues

Service use: Live Length of use: 6-12 Months
Been having issues with them for a while I had a negative balance on the secondary acc but I have lots of money on the primary acc. They told me I couldn't pay the negative balance with the money I have on their site "for security reasons" finnaly I gathered the money 27k us and they told me I would be able to withdraw right away once the acc is "verified". I sent the withdraw request almost 2 weeks ago and it's still pending and no one will reply they emails... live chat always say the same thing (we will send it to the payment team. Finally got a call back from them and they told me the request would be approved by Friday... it's been 9 business days since the withdraw request and still pending!!
1 trader has found this review helpful
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Frequently Asked Questions

Is HugosWay a regulated broker?

HugosWay is not regulated at this time. There is no designated government or non-government body to supervise the activities of HugosWay or to resolve complaints.

Please read unbiased traders reviews on Forex Peace Army here:

And recent forums posts here: to decide whether HugosWay is a good forex broker for your trading needs.

How long does it take to withdraw money from HugosWay?

Withdrawal time from HugosWay depends on the withdrawal method.
  • Bitcoin transfers happen within one day and can be tracked at
  • Withdrawals to cards up to the amount deposited by card can take up to a week to be credited by your bank.
  • Withdrawals by bank wire are processed within 1 day, but may take up to 6 days to arrive.

How do I deposit money into HugosWay?

HugosWay accepts deposit by Bitcoin and Bank Wire as well as by Visa and Mastercard credit and debit cards.


Where is HugosWay located?

The postal address for HugosWay is at Global Gateway 8, Rue de la Perle, Providence Mahe, Seychelles.


What is HugosWay?

HugosWay is a forex trading broker. Hugos Way offers not only currency pairs, but also permits clients to trade cryptocurrencies and CFDS on stocks and commodities including precious metals.


Is HugosWay legal?

Although HugosWay is not regulated, many countries have no laws requiring regulation of forex brokers.