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

2.938 · 137 REVIEWS

Hugo's Way

Updated: Jun 22, 2022 · HugosWay.com  · Is this your company?

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.
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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.

HugosWay

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum Deposit: $10
Established: 2018
Address: Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines, Saint Vincent And Grenadines
Customer Service: support@hugosway.com
Regional offices:
Regulations:
Prohibited countries:
Trading platforms: MT4, WebTrader, Desktop Terminal
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes
ECN: ✅ 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: ✅ Yes
News Spike Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

Deposit Methods: Bank Wire (Bank Transfer), VISA, MasterCard, Bitcoin, VLoad
Withdrawal Methods: Bank Wire (Bank Transfer), Bitcoin, VLoad

Live discussion

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2.938 · 137 REVIEWS
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Traders Reviews

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
 
Shah,
Cap, USA,
Apr 16, 2021,
Guest

Manipulation, spread traps, stop loss hunting program.

Service use: Live

Length of use: over 1 Year

Convinced there is market manipulation occurring after years of research.

Absolutely terrible spreads.
Limited deposit options.
Horrible withdrawal options.
Market timing off and not aligned with the rest of the worlds they should change their server times seeing as they do scheduled maintenance so often.

Customer service is terrible.

Leverage is the only thing they have going for them.

Surprised people haven’t sued this broker yet. Additionally, manipulate spreads to target people’s stoplosses and avoid take profits.

Their “liquidity provider” that they do often quote in response to these comments is none other than themselves because they don’t take trades to the interbank market.

Absolute trash of a broker. Wish it was somewhere where someone could sue them because in all honesty, they are the worst broker I have worked with in my 8+ years.
  2 traders have found this review helpful
Reply by hugosway submitted Apr 23, 2021:
Hi Shah,

Hugo’s Way is an ECN/STP broker, meaning all client trades are sent directly to external liquidity providers. This means that no trades may be altered on behalf of a client as our quotes are provided by liquidity providers based on available rates at the time of trading.

Our withdrawal options ensure fast and efficient access to your funds at all times, as Bitcoin deposits are processed within 24 hours. The time taken for funds to land in your account after being approved depend on blockchain traffic at the time of transaction. With regards to server maintenance, which is carried out to ensure the smooth running of the platform, our team always informs clients of scheduled downtime prior to it taking place.

Since you have only provided your name and not your email address, we are not able to locate your account to look into your query. Please do get in touch with a member of our customer support team, available 24/7, should you wish for us to investigate your concern further: https://hugosway.com/

Thank you,
The Hugo’s Way Team
Merrillville, Indiana, USA,
Apr 7, 2021,
Registered user

Ease of use and getting around on site.

Service use: Live

Length of use: 3-6 Months

Deposit and withdraws are easy to do, with fairly fast return time with BTC and the 24/7 support was very helpful.
 
Ao,
mesa, USA,
Apr 5, 2021,
Guest

Scam

Service use: Live

Length of use: 6-12 Months

This broker is terrible! Many times I set a buy/sell limit for FX and it tags it but more than acceptable it does not enter me in the trade, missing out on a lot of money... I would post screenshots if I could but it does not allow it on here. Anyways stay away from this broker. Currently looking for a non scammy one.
  2 traders have found this review helpful
Reply by hugosway submitted Apr 23, 2021:
Hi Ao,

Hugo’s Way provides a safe and secure trading environment for clients through the award-winning MT4 platform. As an ECN/STP broker, we offer fast transactions without any intermediaries, meaning there can be no third-party interference whatsoever. Moreover, our low spreads are provided directly by our liquidity providers.

Since you have not provided any contact details in your review, we are unable to locate your account in order to look into your account history.

When trading with Hugo’s Way, clients can be assured that all funds are kept safe through our cold storage system. We also offer 24/7 customer support to provide clients with any assistance they may need at all times.

Please get in touch should you have any questions about your trades, by including your email address within your message.

Regards,
Hugo’s Way Support Team
florida, USA,
Mar 22, 2021,
Registered user

This is a honest review (SCAM SCAM SCAM)

Service use: Live

Length of use: over 1 Year

hi everyone i want to be honest in this review to help any traders thinking of using this broker. some traders come here and complain only of the mistakes they made as a trader and some come with honest reviews. well i used this broker for over a year and i noticed a pattern of stop losses hit and spikes i ignored it and thought it on lt to e the market and this practice made me doubt my trading it really did spending hours back testing just to be b booked and i thought let me try another broker so i made the switch and kept only a few hundred dollars in hugosway the scam. each trade i would put in would go instant in the opposite direction but on my other broker trades would be in profit and i noticed it as of last month but continue to just get proof before i made this review and i also have in the chat where the agents got made and admit they said we can manipulate your trades this morning then said my bad exact words my bad and there i talked nice until i got my money out this scam. traders save yourself the headache this is a complete scam broker i was one of those guys who wanted to be (TEAM HUGOSWAY) and not switch, reply in the forum and i will send screenshots etc.
  2 traders have found this review helpful
Reply by hugosway submitted Apr 5, 2021:
Hi,

Thank you for getting in touch. We were able to locate your account and your chat history and found that our Customer Support Agents were helpful and professional when responding to your request and explained that we cannot be responsible for the trades that you choose to place. We always encourage traders to practice on Demo account first, do their own research and make use of stop loss/take profit and other MT4 features.

Hugo’s Way is an ECN/STP broker committed to ensuring maximum security on client funds by providing cold storage for all client deposits. We are able to offer fast transactions and low spreads, directly from our liquidity providers.

Our customer support is open 24/7 to provide clients with any assistance they may need at all times. Please get in touch should you have any questions about your trades. We wish you all the success and a positive experience with us!

Regards,
Hugo's Way Support
Delaware, USA,
Mar 20, 2021,
Registered user

Kind of sketchy

Service use: Live

Length of use: 0-3 Months

This was my first broker when I started getting into Forex at the end of 2020. For the first month or so, everything was fine, deposits were quick. - But then one day I logged into my account one day and saw where it usually says "Welcome, (Your name)" it didn't say my name at all. It actually said "Welcome, Tawny Royal" and that didn't make any sense to me so as soon as that happened I contacted support. Granted this problem should have never happened in the first place. The service was quick to fix it, but the fact that I happened at all concerns the hell out of me. Were they doing it to see if I check my actual Hugosway Account frequently? And if I didn't then who knows what kind of other changes they would have made without even me knowing about it. So be weary about this broker. I've since been using a different broker.
  2 traders have found this review helpful
Reply by hugosway submitted Mar 30, 2021:
Hi Mitchhall,

Please be aware that Hugo’s Way provides a safe and secure trading environment for clients through the award-winning MT4 platform. As an ECN/STP broker, we offer fast transactions without any intermediaries, meaning there can be no third-party interference whatsoever. Moreover, our low spreads are provided directly by our liquidity providers.

Since you have not provided any contact details in your review, we are unable to locate your account in order to look into your account history. We strongly advise clients to enable the 2FA function on their account for added security.
When trading with Hugo’s Way, clients can be assured that all funds are kept safe through our cold storage system. We also offer 24/7 customer support to provide clients with any assistance they may need at all times.

Please get in touch should you have any questions about our service or your account, by including your email address within your message.

Regards,

Hugo’s Way Support Team
VEGAS, USA,
Feb 5, 2021,
Registered user

Stop-Out scammers

Service use: Live

Length of use: 0-3 Months

They always stop you out every time, how can your stop out be 70%, that's criminal and rubbish, by stealing people's money. Most winning trades usually have drawdowns before winning, but you guys just close out the person in little drawdowns, SCAMMMMMMMM
  2 traders have found this review helpful
Reply by hugosway submitted Feb 11, 2021:
Kindly note that we operate as an ECN/STP broker so market orders are sent directly to liquidity providers. Additionally, our stop-out rules are in line with the industry standard in order to protect clients from going into excess loss.
We are saddened to hear of your bad experience and would love to learn more so we can investigate further for you. As such, we would like to invite you to get in touch with our team of professional customer support staff. Once you provide us with your MT4 account number we will happily look into this matter for you.
Michael W.,
L.a, USA,
Nov 11, 2020,
Guest

stay away from this broker.

Service use: Live

Length of use: 0-3 Months

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.
  4 traders have found this review helpful
Reply by hugosway submitted Nov 16, 2020:
Hi Michael

We are unable to locate your account as you have not provided your email address in your review. We operate as a fully transparent ECN/STP Broker, and all orders are executed using Straight Through Processing to exclude the possibility of any manual interference. Our margin requirements are in line with the industry standard, and we ensure that these rules are followed by all clients in order to protect their trading accounts from excessive loss.

We provide clients with the option to practice trading risk-free using a demo account, which allows you to get used to how margin levels work on the MT4 platform. We also suggest adjusting leverage settings according to the level of risk you are willing to take, and you can also practice trading with different leverage levels through a free demo account.

In order for us to look into this issue further, we encourage you to get in touch with our customer support team, who are available to help with any questions or issues, 24/7. We look forward to hearing from you.

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