HugosWay Review

2.937 · 117 REVIEWS

Hugo's Way

Updated: Oct 29, 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: 2017
Address: Global Gateway 8, Rue de la Perle, Providence Mahe, Seychelles
Contact: support@hugosway.com
Regional offices:
Regulators:
Prohibited countries:
Trading platforms: MT4, WebTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (55+)
Cryptocurrencies: (30+) Bitcoin, Litecoin
CFD: (125+) 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
Withdrawal Methods: Bank Wire, VISA, MasterCard, Bitcoin

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2.937 · 117 REVIEWS
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Traders Reviews

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.
Liverpool, United Kingdom,
Jun 3, 2020,
Registered user

Decent broker.

Length of use: over 1 Year

Been using this broker for the past couple of years now and I've never had any problems. Withdrawals are always fast and appear in my Coinbase account within 2 hours, even on weekends.

I like the fact that you can deposit and withdraw with Bitcoin, makes the process a lot faster. There's a lot of brokers out there where you have to wait 3-5 days for your money! Scandalous.

It's also a big plus that you can trade Crypto on a weekend, this is especially good for holding trades, as most brokers out there shut Crypto markets on a Friday at close, which means you can get hit hard by gaps.

Would recommend this broker to anybody that is either looking to switch, or who is new to trading.
 
Reply by hugosway submitted Jun 9, 2020:
Thank you for your kind words and recommending us to other traders
Anoymous,
Michigan, USA,
Jun 3, 2020,
Guest

Hugosway EXPOSED stole $90,000 from me

Service use: Live

Length of use: 3-6 Months

I have been full time trading for a long time now, gaining knowledge each and everyday. I found hugosway of course by all these youtube forex traders recommendations. I was skeptical at first with it because it was not regulated, but the high leverage and being able to deposit/withdrawal bitcoin got my attention and I signed up. For the past few months I did not have a problem with it at all. I was using the MT4 platform with no problems, was able to deposit money quickly, and most importantly had no problem withdrawing my profits. Long story short on June 1st 2020 I deposited a large sum of money and I shorted the dollar index future and made $100,871 profit to be exact. I left $10,000 in the MT4 and withdrew the rest which was around $90,000. Having 2 BTC wallets I split the $90,000 by half so $45,000 would each go to my 2 BTC addresses. I wake up to a email from them saying that my withdrawals was rejected due to “indirect price values given from pricing error on HUG-GEN-USD-PRO” which I don’t know what that hell thats means nor does it make sense. I log in my account and see my $90,000 vanished no where to be found the only thing they left was the money I deposited (thankfully). I contacted the customer support but they kept covering their asses saying the same thing from the email. It was a real bummer and most importantly I have proof of everything. PLEASE TRUST ME DON’T KNOW USE THIS BROKER YOU WILL LIKE IT AT FIRST BUT THEN THEY WILL COME AND BITE YOU IN THE BUTT, THEY DON’T CARE. Not only was I fooled by them but I was also fooled by these youtube so called “rich forex traders” that recommend you to use hugosway. IT IS A SCAM.
  2 traders have found this review helpful
Reply by hugosway submitted Jun 9, 2020:
Hi, we are unsure as to why you felt the need to write a negative review about the pricing error that was clearly explained to you via support.

Please review the following screenshot that clearly highlights the pricing error
http://prntscr.com/swtjzo

We responded to you with the following via support:
We are aware of an issue with the Dollar Index that mistakenly showed the price as around 100x that of the actual market price. This caused large profit and large negative on accounts that were not legitimate. We have ensured all those with negative accounts were set back to their previous balance and those with illegitimate profits were removed back to the actual account balance.
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.
London, United Kingdom,
May 27, 2020,
Registered user

Had a really positive experience

Service use: Live

Length of use: over 1 Year

I have been using Hugosway for just over a year now, I do most of my online trading with Bitcoin so was good that they use this for both deposits and withdrawals which are pretty quick. plenty of cryptos to trade over the weekends is also good, only had to contact support once, was decent support, took about 24 hours to sort my issue. Really do not have any complaints about them so will continue to use for now.
 
Reply by hugosway submitted Jun 9, 2020:
Thank you for your positive review of our service
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

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