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

Michael,
USA, USA,
Jul 6, 2020,
Guest

Very Scammy Broker - Poor Customer Service(Hugosway or Highway)

Service use: Live

Length of use: 3-6 Months

Scammy broker, they will rob you of your money without any evidence of why your trade errored out. They will blame it on fictional spreads that they make up on the fly 20+, 30+ pip spreads on major and minor pairs that are typically only a couple pips!! They will try to use these fake spread amounts to somehow justify them sucking hundreds out of your account instantaneously!! Stay away from this broker if you care about your money!
  3 traders have found this review helpful
Reply by hugosway submitted Jul 20, 2020:
Hi Michael, I was unable to locate your account based on the information you provided on FPA. We are a genuine broker and offer full transparency to our clients through a 24/7 professional support team. At any time if you feel like a trade was affected through no fault of your own, one of our dedicated trading professionals can investigate this for you. Once an investigation has taken place, they will contact you with a report of exactly what happened and look at reimbursement options - if warranted. Please get in touch with us quoting your MT4 account number and the trade ID of any affected trade. Our support team is available 24/7 via LiveChat, email or call back request.
Ireland, Ireland,
Jul 5, 2020,
Registered user

Good all rounder

Service use: Live

Length of use: 6-12 Months

Got introduced to these guys on another forum .
I'm always looking for brokers that I can trade Crypto on .
They didn't disappoint. Fast withdrawals , good leverage that I cant get with other brokers and running a Crypto EA no issues with that .
The weekends are relatively free for me hence the draw of the weekend Crypto trading. Good selection of tradable assets , a good all rounder .
 
Reply by hugosway submitted Jul 20, 2020:
Thank you for taking the time to post such a nice review. Not only is Crypto trading available 24/7 on our platform but so is our professional customer support team. Get in touch at any time via LiveChat, email or call back request for all of your account needs.
Newport, United Kingdom,
Jun 30, 2020,
Registered user

Good all round broker with fast customer service

Service use: Live

Length of use: 3-6 Months

Good spreads and fast withdrawals. I like that the BTC market stays open over weekend so I can hold long term positions.
 
Reply by hugosway submitted Jul 20, 2020:
Thank you, for such a positive review!
Oxford, United Kingdom,
Jun 29, 2020,
Registered user

A winner for trading Crypto

Service use: Live

Length of use: over 1 Year

Hugosway has been very reliable in my experience, and provided me with the trading requirements I needed, from high leverage at 500:1 for Forex trading and fast withdrawals.
However, it is the crypto trading service they provide that makes this a 4 star broker for me. Again they provide a high leverage on all the 30+ crypto pairs and the golden ticket of 24/7 trading which I could not access at other brokers.
 
Reply by hugosway submitted Jul 20, 2020:
Hi Rachel, thank you for providing us with some feedback which we actively welcome in order to improve our services moving forward. If at anytime you need any help or assistance, we are here for you via LiveChat, email or call back request, 24 hours a day.
Dc, USA,
Jun 27, 2020,
Registered user

Bad withdrawal experience

Service use: Live

Length of use: 0-3 Months

My trading experience on Hugo’s way was great. No complaints on that end. I signed up and deposit my bitcoin with no issues. Made some winning trades and went to cash out. That is when all the problems began. There was no kyc required to sign up or make a deposit, but at withdrawal I’m told I have to do kyc after allowing me to already trade...... ok fine...... but after doing kyc and sending documents my withdrawals have still been sitting in pending for some days which makes me start to feel Hugosway is a scam. Talked to chat live and they took my information contacted the payment department and told me I should have funds within a few hours several different time on different days.
Im still receiving the pending status on my withdrawal. If my expert changes I will up date this post.
  3 traders have found this review helpful
Reply by hugosway submitted Jul 20, 2020:
Hi Trader, thank you for providing us with some feedback. We were unable to locate you on the system based on your FPA information. Rest assured, we are a legitimate broker and take pride in offering full transparency to our clients through our professional support team available 24/7. When submitting a Bitcoin withdrawal request, it is important that we have your true Bitcoin wallet address in order for us to send funds to you. When a member of the payments team proceeds with your withdrawal request, they will conduct some due diligence checks to ensure funds are being sent to the intended recipient. When there are irregularities, we will reach out to you via email or telephone. At Hugo’s Way, we take user experience extremely seriously and as such would like to learn more about exactly what happened in your case so we can improve moving forward. We understand the importance of clients having access to their funds and as such, we look to release withdrawals on the same day of submission. Please get in touch with us via LiveChat, email or callback request so we can look at why your withdrawal is pending and release your payment.
Brooklyn, nyc, USA,
Jun 25, 2020,
Registered user

the worst brokers scam

Service use: Live

Length of use: 0-3 Months

they are the worse do not go with this broken I started out with a $100 deposit I made a $50 profit and 10 minutes I lost it all I don't know much about hot a do business but they just basically gonna leave your broke in blind.
  2 traders have found this review helpful
Reply by hugosway submitted Jul 20, 2020:
Hi, we were unable to locate you in our system based on your FPA account information. We are a genuine broker and offer full transparency to all clients through our 24/7 support services. Trading CFD’s with leverage carries a degree of risk and as such we encourage all traders to read our ‘Risk Disclosure’ page to gain a more comprehensive understanding of leveraged trading. We offer a free to use 'demo' account for beginners to develop a trading strategy before depositing real money. Please don’t hesitate to get in touch with our support team should you need any further clarification.
South coast, United Kingdom,
Jun 23, 2020,
Registered user

Trading crypto no worries

Service use: Live

Length of use: 3-6 Months

Been trading crypto mainly BTC,ETH & NEO but had some success with LTC and IOTA. Would be cool to trade ADA as it’s flying and XRP in the future once it finally moves lol. Been making deposits and a couple of test withdrawals with BTC payments no worries so far.
 
Reply by hugosway submitted Jul 20, 2020:
Hi Alex and thank you for providing us with some positive feedback! We have 31 Cryptocurrency pairs available, all with a max leverage of 1:100. We do offer XRP as well as other altcoins including SAN, OMG, LTC and much more. Should you need any assistance in the future do not hesitate to contact us at hugosway@support.com. Alternatively, you can initiate a LiveChat through our website or submit a call back request at a time that suits you best.
Uk, United Kingdom,
Jun 21, 2020,
Registered user

Strong platform offering exciting options

Service use: Live

Length of use: 6-12 Months

Trading at Hugosway currently and pleasantly surprised with the plethora of pairs and options to trade daily. The broker offers crypto trading 247 alongside regular forex and indicies seen at most brokers in 2020.

I have tested the same day withdrawal policy on both weekdays and weekends and am pleased with the speed of withdrawal through BTC which requires a few confirmations on the blockchain which you can monitor.
Overall the experience has been positive and i can see the broker moving forward with faster servers and mors stock trading options
 
Reply by hugosway submitted Jul 20, 2020:
Hi Scott, thank you for providing us with such a nice review. Our professional customer support team is available for all of your account needs 24/7 via LiveChat, email and call back request.
Texas, USA,
Jun 17, 2020,
Registered user

Not helpful I was lied to twice

Service use: Live

Length of use: 0-3 Months

Loaded money and never saw it again.still waiting on my money to load.not sure if this is real or if they just taking time to load my money I'll keep everyone updated
  1 trader has found this review helpful
Reply by hugosway submitted Jun 19, 2020:
Hi Larry, i'm so sorry you felt the need to instantly write a negative review whilst your funds are still being loaded onto your account. You have not provided any account information via FPA so i cannot review your account to see what happened. I can only presume you have loaded your account with BTC and we are still waiting for 6 network confirmations for it to be credited to your account.
timothy,
london, United Kingdom,
Jun 16, 2020,
Guest

great easy broker yo use

Service use: Live

Length of use: over 1 Year

been using this broker for a while now with some EA's and have to say the customer service is top notch. and the withdrawls are mostly same day.
 
Reply by hugosway submitted Jun 19, 2020:
Thank you
Kent, United Kingdom,
Jun 16, 2020,
Registered user

Does what I expect a broker to do

Service use: Live

Length of use: over 1 Year

With so many brokers on the market it is hard to really distinguish between bad, ok, good and great for me as they should all just serve a purpose but maybe I have my expectations set too high!

After looking around for brokers I came across Hugosway and read some reviews which were generally very good. My other broker IC Markets, while decent lacks the crypto assets that I was keen to look into. I had already aware of the lack of regulation and this was not a concern of mine as I never keep more in a broker than I can afford to lose anyway and I favoured the higher leverage and lower fees offered.

I opened a demo and account and the experience is good. The webtrader is a nice addition to use if you want access to the account without downloading MT4. Spreads were generally ok, particularly on the cryptos. The chat facility was good and the staff very friendly but in 2020 isn't that something that should be the norm?

I went on to a live account and found the bitcoin deposits ok. Takes a little longer to hit the account than card but the trade off is that withdrawals are much quicker. In my experience they take around 2 hrs, give or take. In my time of using them live I can't say I have ever noticed any voiding of trades or random movements not accounted for on Trading View or anything so it is a stable platform to trade on. The number of assets, indices, cryptos, etc to trade is also quite impressive.

Overall a decent experience, perhaps tempered by my expectations of what a broker should offer. This should be normal so I have graded based on that sentiment. Sadly there are certainly worse brokers out there. It is a shame that finding a decent one is the first battle you face without the challenge of learning to trade itself!
  1 trader has found this review helpful
Reply by hugosway submitted Jun 19, 2020:
Thank you very much for your kind review
Wales, United Kingdom,
Jun 14, 2020,
Registered user

Good broker had no issues.

Been using these for sometime now, was first interested because of the ability to deposit and withdraw with bitcoin. I found the spreads on forex pairs to be very good and the amount of crypto’s to trade there are more than most brokers have. Withdrawals have been quick and when I’ve used the customer support they’ve been very responsive.
 
Reply by hugosway submitted Jun 16, 2020:
Thank you for providing a review of our service
Lagos, Nigeria,
Jun 12, 2020,
Registered user

Withdrawal issue

Service use: Live

Length of use: 0-3 Months

I've been having a pending withdrawal issue for about a week now contacted the support with no response till now
  1 trader has found this review helpful
Reply by hugosway submitted Jun 16, 2020:
Hi, i have tried to locate your account under your profile name of Ibraheem Rahman and i'm afraid that we do not have any clients with that name on our system. Please could you reach out to support again or edit this review with some account information so we can locate your account and respond to the issues that you are having?
Some where, USA,
Jun 12, 2020,
Registered user

SCAMMERS HUGOS WAY SCAMMERS! Run!

Service use: Live

Length of use: 3-6 Months

They manipulate the market and trade against you run! I have proof from FTMO that I’m a damn good trader but for some reason I can’t win a trade to save my life at Hugo’s way!? Stay away from B book brokers! Take the bad reviews to heart and ignore the lure of high leverage because you will never be profitable with Hugosway unless your a YouTuber or a representative for Hugos way.
  2 traders have found this review helpful
Reply by hugosway submitted Jun 16, 2020:
Hi, i'm so sorry that you felt the need to provide us with a bad review based on your experience trading with us. Unfortunately you did not leave any account information via FPA when placing the review so we cannot locate your account and dig deeper into the problems that you may be facing. Please reach out to support again providing your account information or edit this review and we will be more than happy to review your account and publicly respond.
Essex, United Kingdom,
Jun 11, 2020,
Registered user

Good broker forex and crypto

I have been using Hugosway since March 2019 and would recommend them as a good all round broker. I use them for forex and 24/7 crypto. I have found the leverage good for both as well as the amount of pairs available to trade. Also impressive is the fact that all my withdrawals so far have been made same day.
 
Reply by hugosway submitted Jun 16, 2020:
Thank you for taking the time to review us

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