Hugo’s Way Review 2020
Hugo’s Way is an unregulated online broker offering over 150 trading instruments on the MT4 platform. Whilst they welcome all traders, there are no trading tools or educational materials provided and no contact number.
Hugo’s Way Review 2020, Pros & Cons
- Over 150 tradable assets
- All traders welcome
- Minimum $10 deposit
- Not regulated
- No market news, trading tools, analysis & educational material
- High withdrawal fees on bank transfers
- The customer care department has no contact phone numbers
- Limited account types
- Limited trading platforms
In this detailed Hugo’s Way review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Hugo’s Way is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Hugo’s Way.
Hugo’s Way Review: Summary
Hugo’s Way is a forex and CFD broker owned and operated by Hugo’s Way Ltd which is a company located in Seychelles. Established in 2017, the brand offers forex and CFDs on the popular MT4 platform. It also has another office in Kingstown which is in St. Vincent and the Grenadines.
The broker offers the trading of over 150 assets including forex, metals, indices, stocks, commodities and crypto assets. These assets are traded on the versatile MT4 trading platform. All trading styles and strategies are allowed.
Hugo’s Way asserts that its liquidity pool is made up of over 50 different banks. The spreads are aggregated from the different banks to give clients the best possible pricing. The broker gives its clients the true ECN advantage of tight spreads, swift execution speeds with minimal slippage. Hugo’s Way states that it does not manipulate trades and operate with no dealing desk (NDD). It uses Straight Through Processing (STP) execution model to process all client orders.
Hugo’s Way Review: Regulation
Hugo’s Way boldly states that it is taking time to investigate the regulatory authorities in order to find a befitting regulatory body that will meet the needs of their clients. So, the brand is not regulated at the moment. The lack of regulation is most likely to be a primary concern for potential clients.
Two Factor Authentication (2FA) can be enabled with an authentication app like Authy, Microsoft authenticator or Google Authenticator. It can also be done via sms for verified phone numbers. Hugo’s Way insists that 2FA adds extra security to clients’ accounts.
Hugo’s Way requires all registered clients to verify their accounts using ‘Know Your Customer’ procedures. Clients are mandated to upload a ‘proof of identity’ and a ‘proof of address’.
Hugo’s Way protects its network with a 256-bit Secured Socket Layer (SSL) encryption. This SSL technology encrypts all user data before transmission to the Hugo’s Way servers. That way, internet fraudsters are deterred from attacking the network and victimizing clients.
Hugo’s Way Review: Countries
Hugo’s Way does not restrict clients from any part of the world. Some Hugo’s Way broker features and products mentioned within this Hugo’s Way review may not be available to traders from specific countries due to legal restrictions.
Hugo’s Way Review: Trading Platforms
The only platform provided by Hugo’s Way for its customers is the popular MT4 trading platform. The MT4 trading platform is widely used among traders because of its innumerable features and uses. Hugo’s Way provides the MT4 WebTrader, MT4 Windows and MAC OS desktop applications and the MT4 mobile apps for Android and iOS devices. Here are some of the features of the MT4:
- It can be used to automate strategies through Expert Advisors (EAs).
- From the MetaTrader market, traders can buy indicators, EAs, signals, VPS services and apps that can enhance the MT4. The MetaTrader market is accessible from the MT4 platform.
- Multiple order types including market order, pending orders and stop orders.
- One-click trading.
- Technical analysis through charts that can be plotted against 9 different timeframes.
- 30 inbuilt indicators and analytical tools.
- Alert notifications.
- Built in MQL programming interface for creating custom indicators, scripts & EAs.
The MT4 trading platform is designed for mobile trading via iOS and Android apps. The MT4 app has a simple, customisable and intuitive interface. It can be downloaded from the Apple or Google play stores. Here are some of its features.
- Live quotes that can be customised to display and monitor the trader’s favourite instruments.
- Live charts of all tradable assets displayable in 9 timeframes.
- Technical analysis using indicators and drawing tools.
- View live account balances and order history.
- Open position, modify and close orders from the app whilst on the go.
Hugo’s Way Review: Trading Tools
Apart from the tools that come with the MT4, Hugo’s Way does not provide any additional trading tools. There is no market news, economic calendar or analytics. Most online brokers offer a wide range of trading tools to assist traders.
Hugo’s Way Review: Education
Hugo’s Way has no training videos, manuals, eBooks or learning centre. There are no traders’ educational resources found on the website or in the clients’ area. This is again disappointing as most online brokers will usually provide some educational materials to traders.
Hugo’s Way Review: Trading Instruments
Hugo’s Way offers over 150 trading instruments. The broker offers 7 major forex pairs, 21 forex crosses and 27 forex exotics. Also there are 31 crypto assets, 6 metals, 11 indices, 63 stocks, 1 future asset and 3 energy instruments.
Hugo’s Way Review: Trading Accounts & Fees
Every client is given wallets in USD, EUR, GBP, CAD, AUD and BTC. Money can be transferred from wallet to wallet, from wallet to MT4 account and vice versa. Bitcoin deposits are available to all clients upon registration. But, only verified clients can use other deposit methods like credit card and bank transfers.
All spreads vary according to market conditions. For the EURUSD, the average spread is around 0.7 pips. A commission of $5 is charged for every lot traded.
The only real account type offered is the “Hugo’s Way MT4 ECN Account”. The maximum leverage is 1:500. Demo account is available at no costs and no risks to the clients. It is preloaded with up to $10,000 in virtual currency.
Accounts can be opened in EUR, USD, GBP, CAD, AUD, BTC. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
As broker fees can vary and change, there may be additional fees that are not listed in this Hugo’s Way review. It is imperative to ensure that you check and understand all of the latest information on the official Hugo’s Way website before opening a brokerage account.
Hugo’s Way Review: Customer Service
The customer support team asserts that they are always available 24/7. The help centre has a Frequently Asked Questions (FAQs) section which is like a knowledge base. It consists of over 60 questions and answers on common questions covering account management, security, trading, etc. The support team can be reached on email, live chat, contact us form and ‘request a call back’ form. There is no contact number provided on the website which is unusual for an online brokerage.
Hugo’s Way Review: Deposit & Withdrawal
- Debit/Credit Cards: Most major credit and debit cards are accepted. Cards like Visa and MasterCard are accepted for deposits ranging from $50 to $600 per transaction. For withdrawals, the original funds must be returned to the card. Then, the profits can be withdrawn via Bitcoin or bank transfer. There are no charges and the payments are processed instantly.
- Bitcoin: This method is used for both deposits and withdrawals. The minimum deposit is $50 and there is no maximum limit. This is the primary payment option for all clients even without verification. If you have no Bitcoins, Hugo’s Way provided a step to step guide on how to buy Bitcoins from partner websites. There are no transaction fees. Bitcoin payments are processed between 1-3 hours.
- Bank Wire Transfer: The minimum deposit is $100 while there is no maximum limit. Bank transfers can take up to 7 days for the funds to reach the trader’s account and vice versa. Bank transfers are charged a transaction fee of $25.
- VLoad: VLoad vouchers are accepted for deposits in EUR or USD. The funds are instantly processed. There are no charges with this payment method.
Hugo’s Way Review: Account Opening
To open an account, click on ‘Sign Up’ found on the topmost right hand side of the website. You can also fill the form on the homepage of the website.
Enter your name, email and password and click ‘Signup’. An email verification message is sent to the inputted email address. Click the link from the email to continue the account setup process. Fill the one-page form and submit. The new account is activated and ready for use. You will be prompted to login to the clients’ area. From the clients’ area, you will be able to create new live and demo accounts, make deposits and commence trading.
Hugo’s Way Review: Conclusion
Hugo’s Way is a relatively new broker that operates from Seychelles. The broker offers over 150 assets for trading on the MT4 platform, including a good selection of over 30 cryptocurrencies. The choice of MT4 is well accepted among many traders especially as all its versions are available; web, desktop and mobile.
The broker affirms that it is a true STP broker providing clients with ECN connectivity. Hugo’s Way has also put in place security measures like KFC, 2FA, SSL, etc. This is to ensure a safe trading environment for all traders.
However, there are no trading tools like the economic calendar, VPS, market news and analysis. These tools assist traders in keeping up to date with the latest market movements. Also, there are no training videos, articles or webinars that usually assist beginners.
The lack of regulation is also a big problem and most experts would usually say to avoid unregulated brokers at all costs as there is no protection should things go wrong. Perhaps this will change in the future but for now with so many online brokers to choose from, it is not necessary to opt for an unregulated option. There isn’t a telephone number to reach customer support but you can request a call back.
Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice.