HugosWay Review

2.918 · 121 REVIEWS

Hugo's Way

Updated: Nov 16, 2020 · HugosWay.com  · Is this your company?

Hugo'sWay is a forex broker. Hugo's Way offers the MetaTrader 4 forex trading top platform. HugosWay.com offers over 50 forex currency pairs, cfds, indices, stocks, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

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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2.918 · 121 REVIEWS
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Traders Reviews

Jay,
Usa, USA,
Mar 21, 2019,
Guest

Great Traders get Lock Out and Shown Different Chart

WARNING! Do Not Use Hugosway! They are not Connected to a Real Server. Not Regulated for US Clients, what is Un-Regulated Broker means? They create there own Chart so they can Manipulate your trade. Lastly, HUGOSWAY LOCK ME OUT Because I Keep Winning 90%-95-%. Stay away from this Broker. If your a newbie this is for you. If your a great trader, stay away. Just trust me, again if your a great trader, they will lock you out. You don’t believe me, then try. When they lock you out, go back to this comment and say thanks!
  1 trader has found this review helpful
Phyllis - Annie Feliciano,
New Jersey, USA,
Sep 25, 2019,
Guest

THIEVES!!! STAY AWAY and go to a different broker

Service use: Live

Length of use: 0-3 Months

I started ok with the software. Then out of no where when I am almost $50.00 in profit. I had a few open trades that were in the blue - when I closed them. They closed out in the red for some reason (BIG AMOUNTS). Swiping almost $70.00 easily. I then built account back up $30.00. - Almost to my starting amount of $94.00

The same thing happened in a London session, swiping my account and bringing to 40 and some change. The next day randomly - out of no where, my account was negative $10 and this morning two trades completely closed on their own.. I put a ticket in, lets see if they genuinely adjust
  2 traders have found this review helpful
Harry robson,
Uk, United Kingdom,
May 9, 2019,
Guest

Awful

SwaP, is horrendous, get stopped out basically every daily closure, pay 25$ for a withdrawal complete scam and useless broker
 
MADD Maddy,
DC, USA,
Jul 3, 2019,
Guest

Problems

Service use: Live

Length of use: 3-6 Months

They always have a problem every time I am going to hit a big profit. Then you get to customer service promising to help, but they do NOTHING and pass the blame on someone else. Tired of the passing the blame.
  1 trader has found this review helpful
Daniel,
Miami, USA,
Mar 30, 2020,
Guest

Horrible ... took my money

Service use: Live

Length of use: 0-3 Months

Everything was great until it was time to withdraw my funds. Easy to take your money , taking your money is no problem at all it’s the quickest thing to do . Withdrawing your money however is the biggest issue , and then they end up stealing all of it .
  2 traders have found this review helpful
San Diego California, USA,
Dec 12, 2019,
Registered user

Hugo’s Way is Fraud. Please BEWARE.

Service use: Live

Length of use: 6-12 Months

I have been using this broker for the last 6 months. I have a solid history trading just about everyday excited and looking forward to everyday trades. I have built a good history of trading I Studied XAUUSD pretty well. I’ve lost many trades along the way. But when it went my way I made good money I woke up to my account being down $13,000 and in the negative for $607. If The trades had went against I’d suck it up like a man. But they took all off my money and erased all the trade history that I built so there isn’t any evidence against them. Fortunately I had many screenshots of my trades off which I'm going to be sharing. after looking back at the candles. I have learnt my TP was met but they STOLE ALL OF MY FUNDS. I reached out to them via chat support. Answer I got was I AM NOT GOING TO ARGUE WITH U....I responded with if I’m asking for my trade history and funds how is that arguing. She left the chat I got an email saying it is correct. If it is where is all the EVIDENCE ? Why have u deleted it? THEY ARE A SCAM. I know another gentleman they did the same to as well please beware. They’re not only u regulated THEY ARE FRAUDS. HOPE THIS HELPS FOR ALL TRADERS THAT NEED BROKERS STAY AWAY!!!! CoinXx is a broker that has solid reviews, but they also aren’t regulated but they have decency and hopefully WILL NOT RUN AWAY WITH YOUR FUNDS AND ERASE YOUR HISTORY. Please I do not want anyone else to go through what I went through please STAY AWAY FROM HUGO’s way.
  4 traders have found this review helpful
New york, USA,
Jun 15, 2019,
Registered user

2 weeks and still no money

Service use: Live

Length of use: 6-12 Months

So hugosway is holding my money hostage. They must've read my honest and accurate reviews and decided to purposely make me go through hoops.

Even after I've given them everything they requested, it's now been over 2 weeks and my money hasn't reached my bank account.

What a sorry excuse for a broker.

Please avoid them if you like your hard earned money.

Jun 4, 2019 - 1 Star Last update for hugosway. 06/04/2019.

So I had an open trade with a trail stop in place. But as soon as the price hit, right before my eyes the candle changed shape, gapped and then I wasn't able to update the trade. Obvious price manipulation.

I opened a ticket with hugosway but they refused to refund me the losses even after admitting that THEY had server issues. This alone cost me 1800 dollars. They claim that if it's their fault they will refund you, but it's all a lie. This is a scam broker. They have convenient server issues all of the time and don't care about thier customers. They got off to a good start but quickly fell off. Stay away from this broker if you want to keep your money.

I have withdrawn all of my money. Goodbye hugosway.

Apr 5, 2019 - 1 Star So this is an updated review. This broker started off well so I had given them a 4 star review but now I see why there are so many recent bad reviews. Here are the things I've noticed:

1. Terrible slippage - Slippage is normal in trading but man is it bad with hugosway. When a trade hits your SL, there is plenty of slippage, but when it hits your take profit, they give the exact amount, no matter how fast the trade goes past it.

2. Server down - HW's servers go down frequently. During NFP today, they were down for a whole 3 hours which is ridiculous. If they manage to retain any customers after today, it will be a miracle. I personally missed out on about 5k thanks to this "hiccup."

3. Customer Service - I've noticed that they are very responsive but not necessarily very helpful. They give you scripted answers every time and tell you they are not trading experts.... wtf? Then why even be there?

4. We're about to find out today how good they are with withdrawals... I'm taking my 6-figure account out of there before any worst damage is done!

In summary, I no longer recommend hugosway. What a shame.

Feb 24, 2019 - 4 Stars I'm reading a lot of recent bad reviews for Hugosway, but I haven't had any issues yet. I've grown my account by over 70% in 1.5 months and haven't see anything shady from them.

I will mention that an inordinate amount of trades in the past week have gone 0.3- 0,5 pips (yes less than one pip) away from Take profit and then reversing, but this I attribute to bad luck. If more of this happens, then maybe I'll raise an eyebrow.

Other than this, Fast deposits/withdrawals and good options, decent spreads and 1:500 leverage, half pip commissions and great customer service via chat, this makes HW a top broker in my opinion. Haven't noticed anything shady like stop hunting or any other type of manipulation, but I've been winning so haven't looked too closely.

I just opened a decently large account with them, so I'll have more in the coming days/weeks. Hopefully they maintain this awesome track record.

Some recommendations for HW to get 5 stars:
1. Add more deposit/withdrawal options (i.e. CC). Although, I did do a wire and from submittal to money being in my account, it took 2 business days, which is awesome.
2. Offer free/paid VPS for those who want to use EA's or trade multiple accounts with trailing stop losses. I fall into the latter.
3. Consider increasing leverage.
4. No commission option.
5. I've been with good brokers that really fall off due to greed. Please keep up the good work and don't fall into the greed trap.
 
Joe,
South Carolina, USA,
Aug 7, 2019,
Guest

Stop Loss NOT honored

Service use: Live

Length of use: over 1 Year

I had a trade open with this broker. News was hitting soon so I tightened my Stop loss to only 10 pips. News hit and my stop was slipped nearly 70 pips. Emailed Customer support and they told me they tried to close the trade but they were unable to, due to the News event. What is the point of using this broker if they don’t honor a STOP LOSS.
  1 trader has found this review helpful
Illinois, USA,
Jun 3, 2020,
Registered user

Stole my money

Service use: Live

Length of use: 0-3 Months

On Wednesday morning (June 3rd, 2020) I was up early in the morning and my last trade had closed out at around 5am. I checked over everything one last time at about 7:30am. I woke up from a nap at 8:30am and there was a Gold trade that had been entered with a 2.0 lot. Two trades to be exact. Neither of them were executed by me. And the trades lost $2344 of my $2740.94 balance. A 2.0 sized lot is totally inconsistent of my risk history especially being a Gold trade. I have no idea why this was able to happen without my authorization but these trades were not my doing. This broker ran with my money and basically told me they won't do anything when i reached out for support.
  2 traders have found this review helpful
Reply by hugosway submitted Jun 9, 2020:
Hi KDORSEY13, thank you for providing us with your account information via FPA for us to properly reply to your complaint. I have managed to locate your account and analysed the two gold trades you refer to in your review. I can see that both trades were placed via the mobile app (which you normally use to place trades), however I do also see that it was made from an IP address that you do not normally use. This leads me to believe that you have shared your MT4 account credentials with a third party.

We have also analysed the trades that were placed which you can see in the following screenshot: http://prntscr.com/swsx1a . The red arrow shows the time and price your trades were entered (7 seconds apart). It appears that the two BUY trades were entered in an upward trend with the hopes that the trend would continue. Unfortunately a few minutes after the trades were opened the trend changed, which as a result of no stoploss in place, the account got margin called.

We cannot stress enough for traders to never share their account information with third parties. We can assure you that HW did not and will never open any positions for clients and categorically did not steal your money as your review claims.
Michigan, USA,
May 29, 2020,
Registered user

B Booking Brokers

Service use: Live

They B book your trade hardcore if you can't make profit consistently. It means they will trade against you and don't send your order to liquidity provider. so, basically they make money when you lose. if you make big money when they are not watching, they not gonna pay you guys. Be careful.
  2 traders have found this review helpful
Reply by hugosway submitted Jun 9, 2020:
Hi Daduush and thank you for providing us with this feedback. Please be advised that we are in no way a market maker. Here at Hugo’s Way, we take great pride in providing our clients with some of the best trading conditions on the market. We are a true ECN STP broker, meaning that when a trader executes a trade, there will not be any manipulation from any dealing desk as well as ruling out any possible re-quotes. Using this method removes any potential conflict of interest.

Each and every trade is processed via the Hugo’s Way aggregator, which guarantees the very best rates on your trades, as these are pulled from a pool of top-tier liquidity financial institutions.

Here at Hugo’s Way, client funds are segregated, kept completely separate from the companies. All clients are free to withdraw funds at any time with Bitcoin being the quickest method available. Submit a request and receive funds within 24 hours of submission.

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 support staff. Once you provide us with your MT4 account number and the ID of any affected trades, we will happily look into this matter for you.

Contact us 24/7 via LiveChat, email or request a call back at a time that suits you best.

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