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

2.938 · 137 REVIEWS

Hugo's Way

Updated: Jun 22, 2022 ·  · 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.


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:
Regional offices:
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
Forex Peace Army

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

China, Hong Kong,
Nov 10, 2020,
Registered user

NOT Regulated. They use bitcoin to get your money.

Service use: Demo

Length of use: 0-3 Months

1. Its NOT regulated, even though site looks good with details, but if not regulated, that means something is FISHY.
2. They use Bitcoin. Because it has no trace. Even when using Credit/Debit Card, the clients are redirected to a third-party to buy Bitcoin. That's Crazy. Meaning they don't want any paper trails. So that's negative.
3. The address "Kingstown, St. Vincent and the Grenadines" is totally FISHY too.
Because Grenadines is in Caribbean sea which is a location for shady brokerage. So stay away from this broker as they are anonymous and that they can disappear any time without notice.
In the end I am not saying the company is totally bad. There are many people working with them, and from the loos of the review response, it shows that they are trying to keep the good picture. You may trade with them, you may make good bucks, I am sure you can if you understand the market trends, but is your money secure, there is NO guarantee. So if you have no problem losing money, and you wana have fun playing in the market, go a ahead. But if you are a concerned person then find regulated broker for YOUR country. (Cuz some times even regulated brokers are NOT allowed to do business or have customer from certain countries. So DO your research.
  2 traders have found this review helpful
Reply by hugosway submitted Nov 12, 2020:
Hi, we understand that your review is not based on first-hand trading experience. Yes, we do operate as a fully-transparent unregulated broker, and nowhere on our website do we state otherwise. The reason behind this is that being unregulated allows us to provide more opportunities for our clients to profit.

Regulation comes with a downside. Regulated brokers need to pay hefty fees, which are ultimately paid by clients through hidden fees and/or commissions. Moreover, regulatory bodies impose strict limitations on the features that brokers are allowed to offer, such as leverage and trading strategies.

As an unregulated broker, we can provide clients with up to 1:500 leverage and we don’t prohibit any profitable trading strategies, such as scalping. Our clients are free to trade using their preferred methods, and should they have any questions, we are always available to assist. Moreover, we enable Bitcoin transactions as a quick way to deposit funds to your account and we do our best to process all withdrawals requests within 24 hours. For maximum security, we store all client funds in offline wallets and we encourage clients to use a Two-Factor Authentication setting when logging into their account.

Should you wish to open an account, we provide access to both Demo and Live accounts with a minimum deposit of $10. If you have any further questions, please get in touch with our 24/7 Customer Support Team, via Web Chat, email or phonecall.
Nigeria, Nigeria,
Nov 3, 2020,
Registered user

Terrible, criminals, unregulated.

Service use: Live

Length of use: 6-12 Months

They always manipulate the trades and take you off before you know it. Don’t use them for any reason.
  2 traders have found this review helpful
Reply by hugosway submitted Nov 16, 2020:
Hi there,

Being an ECN/STP broker, all market orders are sent directly to our liquidity providers to exclude the possibility of any manual interference. This means that manipulating trades, spreads or market orders is not possible through our platform.

Based on the account ID provided in your review, we were able to look up your account and it appears that you have not incurred any significant losses when using our services. Moreover, you currently have open positions in profit, meaning that you continue to use our services even after posting this review.

We understand that trading can lead to feelings of frustration or disappointment at times, however, our 24/7 customer support team is always available to help. Should you have any questions, you may get in touch via the live web chat services on our website, or via email. You may even request a callback through our website, if you prefer.
Kent, United Kingdom,
Oct 29, 2020,
Registered user

A good choice for forex and crypto

Service use: Live

Length of use: over 1 Year

I have used Hugosway now for about 2 years and they have been solid in that time. On occasions the spreads have been a bit off but largely they are decent and competitive especially on crypto pairs. I like being able to trade cryptos on the weekend particularly and even though I am not adventurous enough to try more than a couple of them they have quite a few pairs to choose from. Withdrawals have taken anywhere from a hour to about 4hrs which is ultimately down to the blockchain. It might be worth considering allowing for ETH deposits and withdrawals for even faster processing to be honest. That being said they are always the same day so no real complaints here.
Reply by hugosway submitted Oct 30, 2020:
Hi Shaun, thanks for the positive feedback. We will pass on your suggestions to our management.
Saint louis,
Scammers, USA,
Oct 28, 2020,


Service use: Live

Length of use: 0-3 Months

Use a regulated broker they are stop hunters every trade Iis automatically pushed the other way I would sue them if I could honestly do not use this 10 dollar buy in you will get stopped out they want u to use low amounts to keep stopping you out trade with a regulated broke and fund your account 2500
  2 traders have found this review helpful
Reply by hugosway submitted Oct 30, 2020:
Hi there,

We operate as a fully transparent ECN/STP Broker, and all orders are executed using Straight Through Processing to exclude the possibility of any third-party 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.

I was unable to locate your account as you have not provided your email address or Account ID in your review. However, please be aware that 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 and stop outs work on the MT4 platform. As an unregulated broker, we give our traders the option to trade using higher leverage than regulated brokers do. We 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.

If you require any more information, 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.
Ohio, USA,
Oct 27, 2020,

Terrible broker

Service use: Live

Length of use: 0-3 Months

Funded my account via bitcoin through instacoins. The transaction shows as complete on instacoins side. Meanwhile 10 hours later my funds still aren’t in my Hugosway account. Completely missed the setups I was looking at. Contacted their customer service several times and all they say is “ your transactions being verified in the blockchain”. 100k nodes and your telling me it takes 10 hours for my funds to show in my account? Ridiculous
  2 traders have found this review helpful
Reply by hugosway submitted Oct 29, 2020:
Hi Aaron, thank you for your feedback. We offer multiple deposit methods for our clients to choose from when depositing funds into their account, including Bitcoin, Credit/Debit Card, Vload and Bank Wire Transfer. Naturally, the processing time differs for each method, but our clients are free to select the method that suits them best.

When depositing using a Credit/Debit Card, our clients are redirected to a third-party payment provider which allows them to buy Bitcoin and send it to their account directly. Once the Bitcoin is bought, the time taken for the funds to arrive in your account will depend on the blockchain traffic at the time. While this usually takes between 1 and 6 hours, the speed of the blockchain is not something that we can control.

Should you need any further clarification, please contact our 24/7 customer support team via Live Chat, email or by requesting a phone call.
Office, USA,
Oct 26, 2020,
Registered user

Service use: Live

Length of use: over 1 Year

I have been with this broker for 4 yrs and have not had any major issues.The customer service was terrific. They addressed all issues that I had, which were minor. Deposits and withdrawals process was fast and easy. I highly recommend this broker to anyone. This broker allows you to trade many different commodities. I don’t know why there are so many negative reviews about this broker. Try it and see for yourself!!!!!!!!!
Reply by hugosway submitted Oct 29, 2020:
Hi, thanks for the review! We appreciate your loyalty to us and wish you success on your future trades.
London, United Kingdom,
Oct 21, 2020,
Registered user

Top pick for Crypto Trading

Service use: Live

Length of use: 3-6 Months

Came across Hugosway when looking to expand my trading over the weekends for cryptocurrencies.

Was a very quick and easy process to register and open an account, customer support were very responsive when needed. I am a big fan of live chat help these days, e-mail is like sending a letter haha

There is a big range of crypto pairs to trade although I stick to the majors myself so cant comment on the other smaller pairs they provide. Leverage is in line with market expectations and Bitcoin deposits and withdrawals made everything quick and easy.

Overall not experienced any negative sides to Hugosway when it comes to crypto trading, so very happy and they tick all the boxes i was looking for.
Reply by hugosway submitted Oct 29, 2020:
Hi there! Thanks for your feedback, we’re proud to offer 24/7 crypto trading along with 24/7 customer support to assist our traders at all times.
Essex, United Kingdom,
Oct 19, 2020,
Registered user

Service use: Live

Length of use: over 1 Year

I Thought I would add a quick review after trading crypto over the weekend with Hugosway. I found the system much quicker than I had done previously and was impressed with the amount of pairs that are available to trade. I will use them again this week and will trade Forex as well as crypto.
Reply by hugosway submitted Oct 29, 2020:
Thank you for your positive review!
cornwall, United Kingdom,
Oct 13, 2020,
Registered user

good crypto trading platform

Service use: Live

Length of use: 3-6 Months

Joined this broker to do crypto trading on the weekend as they offered good leverage and the most tradable crypto pairs from any broker, this has gone well and enjoyed using this service for this bases but also using it as my main currency trading account now and going well. found that there bitcoin withdrawals are faster then most other brokers so going to stick with them and use them more and more. get laid out easy to use platform!
Reply by hugosway submitted Oct 15, 2020:
Hi there, thanks for your positive review! We do offer 24/7 trading on over 35 crypto assets, together with high leverage and 24/7 customer support. Our team does their best to process all withdrawal requests within the same business day, ensuring our clients are given quick access to their funds. Happy trading!
Serbia, North Macedonia,
Oct 12, 2020,
Registered user

Service use: Live

Terrible broker, stay away, manipulated totally and racking people off. When u enter they change the price, when u take profits they change the price. If you look the charts anywhere those prices never reach so low but you have lost the traid.
  1 trader has found this review helpful
Reply by hugosway submitted Oct 15, 2020:
Hi Zoran,

As an ECN broker, the price quotes displayed on our platform are constantly updated to ensure that we provide the best spreads directly from our liquidity providers. All market orders are executed using straight-through processing, to ensure no interference with client trades.

Since you have not provided your email address or account number, we encourage you to contact our 24/7 Customer Support Team by quoting your MT4 account number, together with the ID of any affected trades and an explanation of your experience in your message. Our agents are available via live chat, email or phone call, for your convenience. 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:

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.


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