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

uk, United Kingdom,
May 26, 2020,
Registered user

Good Broker

Service use: Live

Length of use: over 1 Year

This broker has loads of trading instruments on offer including over 30 cryptocurrencies. Spreads are good and the maximum leverage is 1:500. Customer Support is very responsive and helpful. There is a varied choice of deposit options and the minimum deposit is $10. Withdrawals are processed on the same day in most cases. Overall, a pretty good broker.
 
Reply by hugosway submitted Jun 9, 2020:
Thank you for your kind review
Charlotte, USA,
May 26, 2020,
Registered user

Always freezes Lovks you out account saysaccount disabled” / Live Backup

Service use: Live

Length of use: 3-6 Months

Again for the 100th time tonight I was up on the US30 drop it formed a triple bottom n was heading back up I go to close trade and take profit boom it won’t allow me US30 value numbers all show 0.00 just keeps loading with me blocked out I’m still currently blocked out in a OPEN trade RIGHT NOW !!!!!! It has turned around and come back up 50 pips and they are NOT allowing me to log back in mt4 is allowing me to trade on demo’s n log in to my other account so NOW I KNOW HUGOSWAY is doing some sneaky stuff and I screen recorded the whole event again. Once I’m able to log back in I will be withdrawing all of my remaining money I’m done with those crooks.
  3 traders have found this review helpful
Reply by hugosway submitted Jun 9, 2020:
Thank you for providing us with some feedback. Here at Hugo’s Way we take user experience extremely seriously. We have to hold our hands up and say that we are extremely sorry that you experienced these freezes which really are unacceptable.

This was due to our trading server being overloaded. Please could you refer to the following announcement where we addressed and fixed this issue on June 5th 2020 by launching an additional trading server to spread the load and optimised the existing trading server.

https://hugosway.com/ServiceUpgrade/

Please may i also highlight this section of the announcement:

What can I do if my trading was affected by downtime?
Hugo’s Way is fully committed to helping traders affected by infrastructure failures. If you feel that any positions were negatively affected through no fault of your own, please get in touch and quote your MT4 account number along with the Trade ID of any negatively affected trades. From here, a dedicated trading professional will review your account and look to reimburse you. Each Trade will be independently reviewed and cross-referenced with logged server issues.
Sven,
NC, USA,
May 11, 2020,
Guest

Avoid at all costs

Service use: Live

Length of use: 0-3 Months

They were recommended by a friend and it makes me question his judgment. Their lack of regulation makes it likely I will never see my money again. There was amazing customer service, email and chat, when I set up the account and funded it. Now that I'm trying to get funds out, I can't get a response.

All along there were red flags such as their lack of regulation, no phone, and their shifting funding methods. I thought their dropping of the bank wire option was to avoid the US regulatory regime but now I think it's just one more indication to run from these guys. Currently you can fund with Bitcoin, credit/debit via Instacoins, or VLoad.

When I first tried to withdraw funds Friday morning, it only gave me the option of a Bitcoin withdrawal. They rejected that and said I had to do a VLoad withdrawal as that was how I funded the account. So I submitted that. The website says withdrawals can take several hours. It's been over 96 of them so far (Monday evening). The only contact I have received was a Sunday night email questioning why I wanted to withdraw funds! Until I submitted a response, my withdrawal would remain pending as it has even after my response.

I have sent several emails and attempted to use their vaunted 24/7 chat service. The chat just runs through its scripted routine and you cannot talk with a customer service rep if they still have any.

I'm not sure if it's zoo monkeys or carnival barkers running this show but save your money and get a different broker.
  1 trader has found this review helpful
Reply by hugosway submitted Jun 9, 2020:
Hi Sven, thank you for providing us with feedback. Unfortunately you did not leave any account details so we are unable to comment on your particular case. Please could you reach out to support again so we can resolve your issue however I am sure that you received your withdrawal. Please note that although support is 24/7, weekend support is limited which could be the reason why you experienced a delay in receiving your withdrawal.
Blaine, USA,
Apr 17, 2020,
Registered user

Service use: Live

Length of use: 6-12 Months

I used them for almost a year, Save yourself the trouble and don’t take their bad reviews for granted you will regret going with them. They do not care for your trades nor do they care about their traders, they are here to make money off of you and that is all. Make sure anyone you know that trades or need a broker to stay away from Hugosway they are also not regulated currently, I will do all I can to keep anyone I can from them and save them the headaches. If you want a good broker go for another company. I myself will be switching over to a different broker after the encounter I’ve had with Hugosway they also told me they will block my account if I keep trying to reach them and figure out this issue.
  1 trader has found this review helpful
seattle, USA,
Apr 14, 2020,
Registered user

I have a terrible experience

Service use: Live

Length of use: 0-3 Months

To withdraw Money they make too complicated, to deposit money they made too
complicated, plus another bad experience, One time I was trading oil, I was in a buy position, while some other brokers had the same buy at $20.00 and when i when to look at hugusway to place the same trade, they were trading at $26.00, OMG!!! that was a huge difference, that is stealing. Since then, i decided to walk away from them, Please please walk away from HugosWay, you will thank me later.
  1 trader has found this review helpful
Tampa Florida, USA,
Apr 1, 2020,
Registered user

THIEVESSSS!! (3/31/2020)

Service use: Live

Length of use: 0-3 Months

This is no joke, all of the reviews are for real. Listen to what happened to me. I put on a position today for USOIL long at 0.13 lots. It was running smoothly and pretty much at break even. Around 6 pm I open MT4 to find out that I am $375 DOWN. I start wondering why because my trade shows that I am losing 10 bucks on that trade. I then clicked on the position and found that they charged me $375 JUST ON SWAPS. Isn’t that the definition of a scam broker? Literally that swap should have been $5. I then reached to them and DID NOTHING and blamed it on their liquidity provider and said that I should be the one checking how much swaps the asset is before I enter the trade. WHO THE **** checks for the swap charges in every single trade they make? I know they charge something but damn man this is insane.

PLEASE STAY AWAY FROM THESE THIEVES
  4 traders have 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
United States, USA,
Mar 26, 2020,
Registered user

Connectivity issue & scams

Service use: Live

Length of use: 0-3 Months

I’ve experienced the same as many people here, technical issues with their server. The problem is when I contacted them and provide evidence screenshot of me wanting to close a trade in profit until it went to loss then connection came back.. so They said that they hadn’t experienced any issues, and refuse to put a fair deal. When I contacted them back again to make sure they are considering my evidence they just ignored my email.

Don’t use!
  3 traders have found this review helpful
Houston, USA,
Mar 26, 2020,
Registered user

Scammers wtf I was in profit closed manually and you closed me as SL?

Service use: Live

Length of use: 3-6 Months

Hugo’s suck posterior wtf my trade was in profit in profit ! You took me out as SL and trade was nowhere near SL 
  1 trader has found this review helpful
East Wenatchee, WA, USA,
Mar 23, 2020,
Registered user

Great Experience So Far

Service use: Live

Length of use: 3-6 Months

Hugos Way, so far, has been a great experience for me. Their customer service is top-notch (quick, responsive, helpful). There have been a few glitches here and there but honestly, no big deal. I only give them a 4-star rating simply because I need more time and experience with them. I have had a live account with them now for about 5-6 months. When dealing in ForEx, I fully understand that there will be losses and I believe what they offer is appropriate for newbies like me. I live in the US and for starter small accounts, I believe that HugosWay offers fair and reasonable rates.
 
sandra,
atlanta, USA,
Mar 12, 2020,
Guest

Horrible company

Service use: Live

Length of use: 0-3 Months

Horrible company please do not use them. Female trader here. I literally placed a trade and was watching the charts and then hugoways closed my trade saying it hit stop loss. the trade was no where near my stoploss and was actually just by my entry point hugoway said it was by stop loss and closed it. I spoke to their customer care and they wouldnt help me. This situation happened 3 times. I eventually decided to use a different broker because i don't want no dodgy broker
  2 traders have found this review helpful
Canada, Canada,
Feb 26, 2020,
Registered user

12 months experience with hugosway

Service use: Live

Length of use: over 1 Year

Been with Hugos for around a year, the only positive point I could find is their support. Very reponsive, they have weird opening hours if you trade WTI and some commodities, stupid high spread but that didn’t bother me that much since I do swing trades. You will get a ”market closed” or ”invalid” when theres a lot of volatility in the markets which makes you unable to place trades.

I used BTC to fund my account because it didn’t require any KYC (I like BTC because of its privacy aspect) When I asked a withdrawal because I am leaving their broker they made me take a selfie of me while holding an ID while holding a piece of paper where I had instructions of putting date/withdrawal amount/signature, they tell you it’s for ”safety purpose” Keep in mind that the only info they had was my name and phone number, for me this is total bs (I had an authenticator and been using the same IP/IPS since the opening of this account a year ago)

They don’t know how to do business, if a customer wants to leave just give him his money, because of this I will not recommend this broker to any of my friends+ will tell my close people to move over to vantagefx because they now offer BTC funding/withdrawal, better spread, more instruments..everything better basically except if you’re a 100+ lot trader. I will take 2 hours of my time posting this comment on every possible review website.

If you read this hugosway, consider paying your customer the respect they deserve, reputation is everything in this game. Imagine how much customers will look for another broker after reading this comment, a unhappy customer can have a huge effect these days with all the medias.
  2 traders have found this review helpful
New York City, USA,
Feb 5, 2020,
Registered user

Inaccurate feeds

Service use: Live

Length of use: over 1 Year

Not only do they have Inaccurate fees and slow servers, they also have slow servers that take minutes to respond which is ages in forex world. their withdrawal process takes forever, if they let you. There are much more transparent brokers out there with less of a headache
  3 traders have found this review helpful
deez nuts, USA,
Jan 7, 2020,
Registered user

STAY AWAY

Service use: Live

Length of use: 6-12 Months

They stole 20k from me. Gave me some bulls*** reason of why they did it, now they refuse to give the money back. Avoid.
  3 traders have found this review helpful
California, USA,
Dec 20, 2019,
Registered user

Decent Unregulated Broker

Service use: Live

Length of use: over 1 Year

Pro's
- Accepts US customers
- Responsive
- Good Customer Service
- Lighting fast withdrawals
- Excellent back office portal (quick and secure (2FA) and can make instant transfers, deposits and withdrawals)

Con's
- Unregulated
- Deposits/withdrawals only by bitcoin (the fluctuating bitcoin prices can be a gamble... they should offer stable crypto options like trueusd)
- Trading costs and conditions, although not the worst, are not the best especially for night scalping
-They 'archived' my trading history so that I can no longer go back and see individual trade history beyond Sept 2019
  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
Tori,
Osorto, USA,
Dec 2, 2019,
Guest

Not the best

Service use: Live

Hugos way has great spreds but hate their withdrawal method, you can only withdraw with bitcoin and to deposit money it has to be through zell. This is hard to convert because I dont use bitcoin at all and dont know how to exchange it for dollars. Would not recommend as a broker if you like a smooth deposit and withdrawal.
  1 trader has found this review helpful
PA, USA,
Nov 28, 2019,
Registered user

Lies about connections - Lead to a considerable loss

Service use: Live

Length of use: 0-3 Months

Please note, I have been trading forex for 18 years and have used mt4 for all 18 years. Today I experienced what other's have but I often assumed that the user had faults on their side (connection issue = internet issue).

I run mt4 on my phone (Verizon or WIFI connection), a remote desktop with full network battery backup, and a VPS all of which held my account.

With 45 minutes prior to market close I was preparing to close my positions for the day. I had no connection on my phone, so i turned wifi off and restarted mt4on Verizon network. I still had no connection but still had internet service. I then jumped on my laptop on wifi and had no connection on mt4. I then restarted MT4 and still no connection. I then remoted into my desktop, no connection. One last try onto the VPS and still no connection. about three minutes later, surprise, I received connection but the market had moved a ton as it tends to do 30 minutes before the daily switches. Just as I went to close trades out, I lost connection again. Then about 10 minutes after the new daily started I received a margin call and thousands lost.

I reached out to their "team" and they claimed that they have no issues and that I should have logged off and re-entered my Password.

This isn't a matter of me not knowing how to use mt4, not having ample redundancies, and not having a stable network. This has everything to do with a lack of network stability on their side and/or manipulation. I have traded with several brokers over the years and I have never once had this issue unless the broker themselves had an issue.

They claim they had no server interruptions, yet several have reported on this issue on multiple occasions. It is clear to me that they do not and will not stand by their claim to technicalities and how they "refund" the customer.

Again, I am an extremely competent and experienced user of MT4 and setting up stable and reliable networks. I have never in 18 years had to log off and log back on to an account that was already running as a solution to a connection problem.

Thousands of dollars lost, learn from my mistake, stay away from this broker (it brings me no joy to report this, but the morality is clearly clouded here)

Josiah Myer (Yes I have an account with you, if they claim I don't, I will provides screenshots)
  2 traders have found this review helpful
Uk, United Kingdom,
Oct 1, 2019,
Registered user

Good all round broker

Service use: Live

Length of use: 6-12 Months

Good old round broker, have moved to another now but still have a small account, good to trade crypto and forex
  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
United States, USA,
Sep 13, 2019,
Registered user

Not Many Options for US Residents

Service use: Live

Length of use: 3-6 Months

I trade crypto and gold. Being that I am in US I do not have many options and the brokers are limited. I have not had enough issues that make me completely leave this broker. There has been slippage and compared to some of the others the spreads are crazy but I just factor that into my trading style. I would definitely stay away from scalping as the spreads are already very large and jump up pretty quick during volitility and stop loss hunting. I have had no issues with deposits and withdraws have been quick for me which is why I am still giving them a chance. Customer service is not that responsive in solution but they will respond quickly with what seems like scripted responses due to hearing the same concerns multiple times.

Due to the fast deposits and withdraws I would recommend them and as long as you can adjust your trading style to consider what issues they have then this is a great broker to trade with. There seems to be issues with most offshore brokers so you work with what you can.
 
Bob,
New Mexico, USA,
Aug 19, 2019,
Guest

I'm torn on this broker

Service use: Demo

Length of use: 0-3 Months

First off, I am a fan because as a US citizen I can trade BTCUSD, SPX500, and other CFD's and not just forex.
Issues I have. I have only been demo trading right now but this is the first broker I've ever have that had a server go down, and then you're stuck without whatever the outcome is.
The candles to not match tradingview candles, not even close sometimes. I use tradingview for my TA and the candles on MT4 are completely different, sometimes to the point it would change my mind on the the direction of trade.
ALso, why is it that the candles will move buy the worth of my position will not, or is delayed.
I have an account with a US broker that I am also demo trading in and I can trade straight off of trading view from it and their MT4 and web platform candles are identical.
Would be nice if someone could shed some light on this or direct me to another broker that allows US residents to trade Crypto and CFD's.
  2 traders have found this review helpful
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
United States, USA,
Jul 20, 2019,
Registered user

Scam

Service use: Live

Length of use: 0-3 Months

When I was trading BTC, my MT4 would go offline, nor could I log in the website. All this was occurring while I had trades in the background.
  2 traders have found this review helpful
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

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