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

2.956 · 134 REVIEWS

Hugo's Way

Updated: Nov 22, 2021 · HugosWay.com  · Is this your company?

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. 5 star review by HeavenLeighRob, USA
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HugosWay is a forex broker online since August 2018. Headquarters is located in St. Vincent and the Grenadines and the broker is not regulated.

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

MetaTrader 4 platform is the sole trading platform with this broker. It is available as browser WebTrader, Mac and PC desktop versions, and also as Apple and Android mobile.

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

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

HugosWay

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
Contact: support@hugosway.com
Regional offices:
Regulators:
Prohibited countries:
Trading platforms: MT4, WebTrader, Desktop Terminal
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (55+)
Cryptocurrencies: (35+) Bitcoin, Litecoin, Ethereum
CFD: (170+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Bitcoin, VLoad
Withdrawal Methods: Bank Wire, Bitcoin, VLoad

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2.956 · 134 REVIEWS
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Traders Reviews

KOH SAMUI, Thailand,
Nov 18, 2021,
Registered user

Scammers. Robs you of your funds and claims 'no liability' ALWAYS

Service use: Live

Length of use: over 1 Year

VERY SUSPICIOUS activity. Won't let you close trade in profit. Either due to 'liquidity provider' is 'down,' or 'server' is 'down,' or etc... This is the second time in the past year something like this has happened.
Despite the plethora of 'bad reviews' and what appears to be 'fake reviews' found online on hugosway, I wanted to believe they were legitimate because of the variety of assets to trade on their platform and especially due to being able to fund and withdraw via bitcoin. However, having experienced 'not being able to close trades' TWICE within a year, for the same very 'suspicious' reasons stated as 'liquidity provider' issues.... I now report this online. So, what happened this time is;
*I couldn't close a trade in profit, whilst getting the error 'off quote' being displayed.
*I contacted them via their ONLY AVAILABLE MEANS of contact which is their 'live chat' on their website. Upon explaining the situation, and asking many many questions demanding some sort of actual feasible answer, after the very generic 'the investigative team has been notified and they will look into it and respond by email...' answer, after more questions, finally they responded 'the systems are down and the teams are aware of it..... our liquidity provider is also aware of it.....' And 30 minutes or more later, no response by email, no fix to the problem, nothing...
*I specifically asked them to answer "what happens to my funds while i wait for your team to answer via email? what is the trade goes against me? what if my account gets liquidate?....." To which, NO ANSWER AT ALL. Only a constant repeat of 'our team is looking into it right now and will follow up via email....' again and again and again.
*While i still wait with no follow up from this 'investigative team' to answer via 'email,' my account is about to get liquidated as markets move, and now the trade has gone against me
***I have ALL OF THIS DOCUMENTED via screen capture both pictures and video recording the live chat conversation via their website, and recording my mobile phone screen proving hugosway not letting me close my trade in profit on MT4
****FYI, this is NOT THE FIRST TIME SOMETHING LIKE THIS HAS HAPPENED. It happened either earlier this year (2021) or late last year (2020) as well. But last time something like this happened, they actually DID follow up relatively quick via email, rectified the situation, and made right with my funds lost as a result of the incident. HOWEVER, this time round, it is a much larger amount, a much bigger of a problem and situation, and apparently is happening to EVERYONE USING HUGOSWAY AT THIS EXACT CURRENT TIME SIMULTANEOUSLY.
Also, maybe i'm mistaken, but if it's really a 'liquidity provider' system down issue, it shouldn't take more than a few minutes if that at all for them to contact them to alert of a system down issue and to rectify it immediately. And as it's clear as day, it's all a lie, they are manipulating peoples' trades, i.e. highway robbery of peoples' live funds.
It seems i cannot upload screenshots and videos here, which i wanted to share with the world, to prove how blatantly hugosway is a illegitimate broker, displaying extremely suspicious behavior, all pointing to blatant 'robbery' of peoples' money.
>>> UPDATE: a few hours later..... Hugosway emails me;
They email after all of this, more than 4-5 hours later, NO APOLOGY, NO SOLUTION, NO ACCOUNTABILITY, AND DEFERRING THE BLAME ONTO THEIR 'LIQUIDITY PROVIDER,' CLAIMING NO LIABILITY FOR ANYTHING AT ALL. In addition, by this time, I went to bed only slept for 3 hours due to anxiety from this matter, the trade had gone way far against me and my trade was auto-closed and account liquidated. To which, again, hugosway claims 'NO LIABILITY. IT WAS THEIR LIQUIDITY PROVIDER, THUS, THEY ARE NOT RESPONSIBLE.' Serious!!!!?????
To prove, this is their actual email text copied and pasted here = "Dear Jung,

Please note that you can close your trade now. There was a disconnection on the side of our liquidity provider and some crypto pairs were not available during that time.
"
>>> FACT = HUGOSWAY IS A SCAM 100%, HUGOSWAY LITERALLY CAN ROB YOU OF YOUR FUNDS 100% AS PROVEN 100% FROM PERSONAL EXPERIENCE OVER THE PAST 12 HOURS,T HUGOSWAY WILL REFUSE TO TAKE RESPONSIBILITY FOR SYSTEM ERRORS BY BLAMING EVERYTHING ON THEIR 'LIQUIDITY PROVIDER' (THEY'VE DONE THIS LITERALLY EVERYTIME ANYTHING WENT WRONG WITH THEIR PLATFORM, ALWAYS THE SAME ANSWER OF 'THE LIQUIDITY PROVIDER IS DOWN' FOR ANY AND ALL PROBLEMS, MEANWHILE THEY ARE DOING WHAT > TAKING YOUR MONEY!!!!!! AGAIN, I SAY ALL THIS FROM PERSONAL EXPERIENCE USING HUGOSWAY FOR OVER A YEAR (SINCE JULY OR AUGUST 2020). SO AGAIN, TO BE CLEAR > "HUGOSWAY IS 100% A SCAMMING BROKER, THEY WILL ROB YOU OF YOUR MONEY."
 
USA, USA,
Aug 5, 2021,
Registered user

Hugosway trader

Service use: Live

Length of use: over 1 Year

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.
  2 traders have found this review helpful
England, United Kingdom,
Jul 29, 2021,
Registered user

Ticks the boxes

Service use: Live

Length of use: over 1 Year

Have been using Hugosway for just over a year now, changing to them from previous broker as they offered 24/7 crypto trading. My other offered 24/5. Leverage is also 1:100 on the crypto which was needed. Mainly trade Bitcoin but they have plenty of others if this is your thing.

There support is also available 24/7, so if there’s a particular market you prefer to trade and it’s first thing in the morning, the support is there if needed.

Would suggest trying these out as been going a while and spreads, leverage and amount of pairs to trade tick the boxes I need.
 
Chelmsford, United Kingdom,
Jul 25, 2021,
Registered user

Easy and hassle free to use for first time trader

Service use: Live

Length of use: 6-12 Months

Starting out in Forex was pretty daunting, and the vast number of brokers (when i worked out what was what) is a mindfield. And then there was all the conflicting advice about what broker you should go with and what one you should avoid!
Headache much!
After deciding that I wanted a broker with higher leverage and one that enabled me to trade both Crypto and Forex I chose Hugosway. I was able to sign up and use a demo account first and then moved onto a live account when I was ready, and it was very quick and smooth.
I will say the live chat has been incredibly helpful. As a new trader, I had what I now regard as very silly questions but at the time having someone there to answer them and keep me moving forward was a lifeline, or at least thats how it felt :)
So for me, it is so far so good trading on Hugosway.
 
Dublin, Ireland,
Jul 15, 2021,
Registered user

Solid broker for beginners

Service use: Live

Just thought id hop on and give a heads up to anyone looking for a broker for beginners. im helping my brother with his trading and he had a Hugosway account. I hadn't used them before and they are actually solid. The customer were helpful funding his account and we deposited 40US so the starting point is low I think you can deposit even lower. Anyway thought this might help some beginners with a decent platform starting off.
 
Liverpool, United Kingdom,
Jul 6, 2021,
Registered user

Been using this broker since I started trading

Service use: Live

Length of use: over 1 Year

I've been trading around 1.5 years now and this is the only broker that I use, they offer everything from Forex, Stocks, 24/7 Crypto so I can't complain with the amount of markets that they offer.

If I ever have a problem (hardly ever), I contact their live chat and my question is answered promptly.

Payouts are fast (usually same day), even on a weekend - however this can depend on the speed of Blockchain on the day.

Also an added bonus is that they have up to 1:500 leverage on Forex pairs.
 
TN, USA,
May 28, 2021,
Registered user

Hugosway!!! STAY AWAY!!!

Service use: Live

Length of use: 0-3 Months

Guys stay away from this company...Once you make some money they will lock you account...ask you to all kind of crazy stuff to get back in!! deal with this poop forex company at your own risk!!!
 
Reply by hugosway submitted Jun 3, 2021:
Hi there,

Please be aware that at Hugo’s Way we provide traders with same-day access to their funds as all withdrawal requests are seen to within 24 hours. Unless there is anything unusual or suspicious with your trading activity, we will not require you to answer any questions related to withdrawing. Should this not be the case, we have a system in place for AML procedures in order to protect your account.

Please contact our 24/7 support team should you require more information.

Regards,
Hugo’s Way
Uk, United Kingdom,
May 27, 2021,
Registered user

Very good

Service use: Live

Length of use: 6-12 Months

So far I’ve been using Hugosway for nearly a year, haven’t experienced any problems or issues my self just found them to be exactly what they say they are.
The leverage they have a better than what a lot of brokers are offering especially on the crypto’s and they also have a good variety of them to trade along with the currency pairs and other assets.
Ive withdrawn a few times with them and each time it’s arrived in my wallet the same day, if you’re after a broker that excepts bitcoin funding it’s definitely worth checking these out.
 
brighton, United Kingdom,
May 26, 2021,
Registered user

Decent all round broker

Service use: Live

Length of use: over 1 Year

I thought i would leave a Review here as this is the only broker i use.

So i found out about Hugosway when i first started my crypto journey about a year ago now, i was looking for a broker that had decent leverage as i didnt just want to buy a coin and hold it, i wanted to make some money trading the charts. selling the dips and then buying again.

After i finished my research (as we all should be doing) i came across these guys, and as i do with all new brokers i want to test to see how well they do, so i open a demo account first of all, then contacted customer support and asked a ton of questions which they replied pretty quickly. so that was a very good thing to see.

i then opened a live account, deposited my money and withdraw it the very next day and i was so surprised how fast the withdrawal took, within a few hours it was back in my account without any issues what so ever.

As ive been trading for a good few years on another broker, i want to check out their forex leverage, i was happy to see it matched my previous broker with 1:500 leverage which is just what i was used to, with there crypto option for weekend trading at 1:100 it was a no brainer, i completely did a switch so now Hugosway is the only broker i use for forex and Crypto, withdrawals havent slowed down at all still a year later i get my withdrawals within a few hours.

Spreads are decent. i cant complain on this at all.
Customer support are out of this world.
forex and crypto leverage are exactly what i need.

Overall opinion on this broker 5 stars easily and wouldnt change to anyone else now. so thank you. keep up the great work.
 
Maria Moon,
florida, USA,
May 22, 2021,
Guest

AMAZING!!!!!!!!!

Service use: Live

Length of use: 3-6 Months

most of the reviews on this page complaining about spread and how they have simultaneously used 2 accounts on the same trade and claimed that on Hugo's Way their stop was hit before their other brokers but what they fail to realize is that there is the ask line for a reason you get filled on the ask line at every single time because that's how their liquidity providers make their money which is fair because they provide many great features and as far as stop loss it gets hit by the ask line that is why your stop gets hit before the actual candle reaches your stop and so you can only buy at ask and sell at bid which in turn gives incredibly fast execution speeds which is another pro on this list of great features this broker has . The fees are incredibly low for the potential you can make relative to your positioning size and the fact that they auto liquidate your account at 70% is in my opinion something that should be recognized as a strength that this broker has because it protects your capital and you can find the perfect position size relative to your account size by finding the most suitable margin level percentage and don't even get me started on the leverage its insane how much little capital you can start with yet still take big lot sizes and protect your capital with the margin level percentage over all this broker is amazing i highly suggest using it but make sure you start of by using the demo account as that will help build an idea of how the spread , stop losses and take profits work
 

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: https://www.forexpeacearmy.com/forex-reviews/14070/hugosway-forex-brokers#faq-is-hugosway-a-regulated-broker

And recent forums posts here: https://www.forexpeacearmy.com/community/tags/hugosway/ 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 blockchain.info.
  • 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.
Link: https://www.forexpeacearmy.com/forex-reviews/14070/hugosway-forex-brokers#faq-how-long-does-it-take-to-withdraw-money-from-hugosway

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.

Link: https://www.forexpeacearmy.com/forex-reviews/14070/hugosway-forex-brokers#faq-how-do-i-deposit-money-into-hugosway

Where is HugosWay located?

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

Link: https://www.forexpeacearmy.com/forex-reviews/14070/hugosway-forex-brokers#faq-where-is-hugosway-located

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.

Link: https://www.forexpeacearmy.com/forex-reviews/14070/hugosway-forex-brokers#faq-what-is-hugosway

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

Link: https://www.forexpeacearmy.com/forex-reviews/14070/hugosway-forex-brokers#faq-is-hugosway-legal