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

2.934 · 137 REVIEWS

Hugo's Way

Updated: Jun 28, 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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Video

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2.934 · 137 REVIEWS
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Traders Reviews

maui, USA,
Aug 26, 2018,
Registered user

best broker EVER

Very satisfied clients! Excellent broker who is improving service to client on weekly bases. Spreads are excellent. Deposit by credit card are instant up to $ 600 3 times in 24 hours.
Not many other brokers allow you to buy only 0.01 micro of cryto.

And AGAIN ...I hate FXCM that was in USA... and Me and others bankrupt them in USA....They were " regulated" haha...and cheating clients!

Hugosway ...is the best broker I have had so far! 500:1 even for usa clients.

NO BODY IS BETTER

Nov 3, 2017 - No Rating Hello. I want to highly recommend this broker who is also my friend. He is one of the only one offering FOREX BITCOINS at leverage 100:1. I am a refering broker there fyi and also a trader who you can folow with 93 % performance in 24 days. Not onoy does hugosways provide some of the best spreads and excutions in the market but we are all like a family there of clients who are fed up with regulated USA brokers. If you have a US regulated you cannot be put in a pamn account ( managed and get that 93 % ) .... REMEMBER FXCM USA...trading against their clients and trowing their winning client out! REMEMBER THAT JERK "jason" who works for fxcm representing them here? I am responsable ( me and others like me ) for BANKCRUPTCING them in USA and SEND THEM PACKING to other countries. At hugosways...I can sleep at peace at night with the best spreads and a honest broker. I have a link that you can request by email and you will not be charge 30% performance fee but only 20% . Even if I were not a ib for them ....I most highly recommend them and also LMFX...all the rest I just don't like them . I traded 20 years ...trust me I have seen it all. Most people are "o my God " not USA regulated...Seriously stop being mind controlled by USA....they dont want any of us to succeed bit ridiculous leverage of 50:1 ....you may as well burn your money !
 
Montreal, Canada,
Jan 10, 2019,
Registered user

It is true, I just chatted with the company before applying for a live account. I asked for the funding methods available, and the only one they have right now is via bitcoins. That won't do for me, not with all the upfront advertisement they have on their website. I might try at some other time to see if their politics have changed on the subject. Until then they should remove from their advertisements, offers of funding via bank wires and credit cards.
 
Reply by hugosway submitted Feb 13, 2019:
Hi Jpdlegault,

This was true for your region at the time, we have multiple deposit and withdraw methods depending on clients locations, we are constantly adding more so please do check back with us every now and then. I believe for your location now there is Cards and Bitcoin and Wires available.

We are also adding CAD trading accounts very soon

I would be happy to personally review any issues you had if you can email me robert@hugosway.com
NY, USA,
Jun 23, 2018,
Registered user

Great Broker who can be trusted

I have been trading for over 15 years and have to say Hugo's Way is one of the best brokers I have ever used. First priority of course is how they handle withdrawals and I can tell you all my request were handled promptly and funds received into my bank account within 2 days. Next, trade execution. Once again 5 stars. All trades entered properly and fast, with very low spreads. Finally, customer service. This is outstanding. Always fast, accurate and friendly response with every customer service rep I have spoken with. I am so happy with them I have open accounts for my children and also encouraged other trades I know to contact them. Trust me on this, they are a welcome relief to the typical broker BS out there.
 
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.
Peace.
  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.
KOH SAMUI, Thailand,
Nov 18, 2021,
Registered user

Scammers. Robs you of your funds and claims 'no liability' ALWAYS

Service use: Live

Length of use: over 1 Year

VERY SUSPICIOUS activity. Won't let you close trade in profit. Either due to 'liquidity provider' is 'down,' or 'server' is 'down,' or etc... This is the second time in the past year something like this has happened.
Despite the plethora of 'bad reviews' and what appears to be 'fake reviews' found online on hugosway, I wanted to believe they were legitimate because of the variety of assets to trade on their platform and especially due to being able to fund and withdraw via bitcoin. However, having experienced 'not being able to close trades' TWICE within a year, for the same very 'suspicious' reasons stated as 'liquidity provider' issues.... I now report this online. So, what happened this time is;
*I couldn't close a trade in profit, whilst getting the error 'off quote' being displayed.
*I contacted them via their ONLY AVAILABLE MEANS of contact which is their 'live chat' on their website. Upon explaining the situation, and asking many many questions demanding some sort of actual feasible answer, after the very generic 'the investigative team has been notified and they will look into it and respond by email...' answer, after more questions, finally they responded 'the systems are down and the teams are aware of it..... our liquidity provider is also aware of it.....' And 30 minutes or more later, no response by email, no fix to the problem, nothing...
*I specifically asked them to answer "what happens to my funds while i wait for your team to answer via email? what is the trade goes against me? what if my account gets liquidate?....." To which, NO ANSWER AT ALL. Only a constant repeat of 'our team is looking into it right now and will follow up via email....' again and again and again.
*While i still wait with no follow up from this 'investigative team' to answer via 'email,' my account is about to get liquidated as markets move, and now the trade has gone against me
***I have ALL OF THIS DOCUMENTED via screen capture both pictures and video recording the live chat conversation via their website, and recording my mobile phone screen proving hugosway not letting me close my trade in profit on MT4
****FYI, this is NOT THE FIRST TIME SOMETHING LIKE THIS HAS HAPPENED. It happened either earlier this year (2021) or late last year (2020) as well. But last time something like this happened, they actually DID follow up relatively quick via email, rectified the situation, and made right with my funds lost as a result of the incident. HOWEVER, this time round, it is a much larger amount, a much bigger of a problem and situation, and apparently is happening to EVERYONE USING HUGOSWAY AT THIS EXACT CURRENT TIME SIMULTANEOUSLY.
Also, maybe i'm mistaken, but if it's really a 'liquidity provider' system down issue, it shouldn't take more than a few minutes if that at all for them to contact them to alert of a system down issue and to rectify it immediately. And as it's clear as day, it's all a lie, they are manipulating peoples' trades, i.e. highway robbery of peoples' live funds.
It seems i cannot upload screenshots and videos here, which i wanted to share with the world, to prove how blatantly hugosway is a illegitimate broker, displaying extremely suspicious behavior, all pointing to blatant 'robbery' of peoples' money.
>>> UPDATE: a few hours later..... Hugosway emails me;
They email after all of this, more than 4-5 hours later, NO APOLOGY, NO SOLUTION, NO ACCOUNTABILITY, AND DEFERRING THE BLAME ONTO THEIR 'LIQUIDITY PROVIDER,' CLAIMING NO LIABILITY FOR ANYTHING AT ALL. In addition, by this time, I went to bed only slept for 3 hours due to anxiety from this matter, the trade had gone way far against me and my trade was auto-closed and account liquidated. To which, again, hugosway claims 'NO LIABILITY. IT WAS THEIR LIQUIDITY PROVIDER, THUS, THEY ARE NOT RESPONSIBLE.' Serious!!!!?????
To prove, this is their actual email text copied and pasted here = "Dear Jung,

Please note that you can close your trade now. There was a disconnection on the side of our liquidity provider and some crypto pairs were not available during that time.
"
>>> FACT = HUGOSWAY IS A SCAM 100%, HUGOSWAY LITERALLY CAN ROB YOU OF YOUR FUNDS 100% AS PROVEN 100% FROM PERSONAL EXPERIENCE OVER THE PAST 12 HOURS,T HUGOSWAY WILL REFUSE TO TAKE RESPONSIBILITY FOR SYSTEM ERRORS BY BLAMING EVERYTHING ON THEIR 'LIQUIDITY PROVIDER' (THEY'VE DONE THIS LITERALLY EVERYTIME ANYTHING WENT WRONG WITH THEIR PLATFORM, ALWAYS THE SAME ANSWER OF 'THE LIQUIDITY PROVIDER IS DOWN' FOR ANY AND ALL PROBLEMS, MEANWHILE THEY ARE DOING WHAT > TAKING YOUR MONEY!!!!!! AGAIN, I SAY ALL THIS FROM PERSONAL EXPERIENCE USING HUGOSWAY FOR OVER A YEAR (SINCE JULY OR AUGUST 2020). SO AGAIN, TO BE CLEAR > "HUGOSWAY IS 100% A SCAMMING BROKER, THEY WILL ROB YOU OF YOUR MONEY."
  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