Hugo’s Way Review
Hugo’s Way is a true ECN/STP broker offering a generous selection of over 150 trading instruments for you to trade on the user-friendly MetaTrader 4 platform. They have very favourable trading conditions, including tight spreads, low commissions, rapid trade execution speeds and convenient account funding options. Hugo’s Way welcome all types of traders and trading strategies, with scalping and hedging allowed. The broker has a 24/7 professional support team for all of your trading account needs. They can be contacted via live chat, email or you can request a call back at a time best for you.
Hugo’s Way Review, Pros & Cons
- Over 150 tradable assets
- Minimum $10 deposit
- Tight spreads
- Fast trade execution speeds
- Low commission fees
- Rapid deposits & withdrawals
- Scalping, hedging & expert advisors allowed
- Go long or short on positions
- Free demo accounts
- Award-Winning MT4 platform can be used on desktop, webtrader version, iOS & Android
- 24/7 support
- No contact telephone number
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 Overview
Hugo’s Way is a true ECN/STP broker offering leveraged trading on a range of CFD’s (contract for differences). CFDs enable you to speculate on the price differences between when you open and close a trade, without needing to own the underlying asset. This is a popular method of day trading.
The broker is owned and operated by Hugo’s Way Ltd which is a company located in St Vincent and the Grenadines, with an office in Kingstown. Established in 2017, the brand offers forex and CFDs on the popular, versatile and easy to use MetaTrader 4 (MT4) platform for desktop, web and mobile devices.
Hugo’s Way offers the trading of over 150 assets including forex, metals, indices, stocks, commodities and crypto assets. All trading styles and strategies are allowed, without limitations. Thus, the broker accepts scalping, hedging and news trading strategies.
The broker gives its clients the true ECN advantage of tight spreads, swift execution speeds with minimal slippage. 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. Generally speaking, the more institutional grade liquidity from top banks that a broker has, the better prices and execution speeds you can get. This can help to save on trading costs by minimising spreads and slippage on your orders.
Hugo’s Way states that it does not manipulate trades and operates with no dealing desk (NDD) model. It utilises the Straight Through Processing (STP) execution model to process all client orders without dealing desk intervention. Thus, they are not a market maker and ensure you get the best prices and execution speeds available directly from the liquidity providers.
Hugo’s Way Regulation
Hugo’s Way is not currently regulated. The fact the broker is not regulated does mean that there are not certain limitations such as higher deposits for average leverage, restrictions on trading styles such as scalping as well as higher commissions to cover legislation costs.
Although Hugo’s Way is not regulated, their 3rd party payments service is. They require proof of address and proof of identity in order to submit a deposit using wire transfer or credit/debit card.
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 Countries
Hugo’s Way accept clients from most countries although their brokerage services are not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
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 Platforms
MetaTrader 4 (MT4)
The platform provided by Hugo’s Way for its customers is the popular MetaTrader 4 (MT4) trading platform. The MT4 platform is widely used among traders because of its vast range of features and intuitive use friendly interface.
MT4 has an abundance of implemented trading tools that enables quick and easy market analysis across multiple chart types and timeframes. You can see what instruments are trending up or down, whilst trades can be entered and exited at the click of a button.
The MT4 platform is fully customisable, with an intuitive interface that helps ensure a seamless trading environment for users of all experience levels. It supports demo accounts if you wish to practice trading online and familiarise yourself with the platform.
Hugo’s Way provides the MT4 WebTrader, MT4 Windows and MAC OS desktop applications and the MT4 mobile apps for Android and iOS devices. The mobile apps are especially useful for those who wish to access their accounts and trade whilst on the go. You can use it anywhere in the world, provided you have an internet connection.
The MT4 web platform runs directly in most modern web browsers without needing to download or install any additional software. The Hugo’s Way MT4 desktop platform contains the most features and is free to download directly from the brokers website.
Here are some of the features of the MT4:
- Multiple order types including market order, pending orders and stop orders.
- One-click trading supported.
- Technical analysis on the charts with hundreds of indicators to choose from.
- 9 different timeframes.
- 30 inbuilt indicators and analytical tools.
- Alert notifications via SMS, email and pop-ups.
- It can be used to automate strategies through Expert Advisors (EAs).
- Strategy tester to back test automated systems over historical data.
- 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 directly within the MT4 platform.
- Built in MQL programming interface for creating custom indicators, scripts & EAs.
- Includes platforms guides and tutorials.
- Demo accounts to practice trading with virtual funds.
- Available in multiple languages.
- Free to download for desktop, web and mobile.
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, completely free of charge.
Here are some of the MT4 app 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.
- Set push alert notifications.
Hugo’s Way Trading Tools
The Hugo’s Way portal backs into the award-winning MT4 platform which has a range of features to help with your daily market analysis and trading activities. You can customise charts to suit your own visual preferences. There is an abundance of trading tools available for analysing the markets, managing trades, setting price alerts and much more. Automated trading system via expert advisors (EAs) are permitted to be used.
With such a large selection of trading tools, you can get a comprehensive analysis of any trading instrument. This can help you to anticipate market movements and find trading signals in an effective manner.
Hugo’s Way Education
Hugo’s Way has an ‘Insights’ page which contains many ‘how-to guides’ along with important site information such as projected downtime, site updates etc.
Don’t worry if you have limited knowledge of Cryptocurrencies and how they work. The broker guides include how to purchase Bitcoin to make depositing and withdrawing from your Hugo’s Way account a seamless process.
There are also information sheets on what Forex is, all about Cryptocurrencies, how to start your trading journey and much more.
Hugo’s Way Instruments
Hugo’s Way offers a generous selection of 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. Whatever you like to trade, there is something for everyone. The broker is always expanding their offering and adding new instruments according to what traders demand.
Hugo’s Way 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. There are very competitive trading conditions when compared to many other online brokers.
There are no ongoing account costs to gain access to higher leverage. There are no set stipulations such as trade a certain amount of lots per month to gain high leveraged trading. You should of course understand and be aware of the risks involved with trading leveraged positions.
Signing up to the platform is completely free and deposits start at just $10 for BTC. Hugo’s Way is an innovative broker that was one of the first to implement Cryptocurrency funding.
The real account type offered is the “Hugo’s Way MT4 ECN Account”. The maximum leverage is 1:500. You can choose between the individual and corporate accounts.
Demo accounts are available at no costs and no risks to the clients. The demo account can be credited with up to $100,000 with a leveraged setting of your choice. These accounts can be a great way to learn how to trade online with virtual funds whilst familiarising yourself with the brokers services and platforms.
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 Support
Hugo’s Way offers 24/7 live support in the shape of live chat, email or call back request. 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. They are prompt, polite and efficient with their responses. Whatever your question may be, they are on hand and happy to help.
Hugo’s Way Deposit & Withdrawal
Hugo’s Way provide clients with a good selection of quick and easy funding options. This includes wire transfer, credit/debit card and cryptocurrency.
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.
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 provide an easy to follow, 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 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 Account Opening
To open a Hugo’s Way account, click on ‘Sign Up’ found on the topmost right hand side of the Hugo’s Way 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.
If you get stuck at any point during the client onboarding process, you can reach out to the Hugo’s Way support team who will be happy to assist you.
Hugo’s Way FAQ
What is Hugo’s Way minimum deposit?
Hugo’s Way have a minimum deposit requirement of $10. This is relatively low when compared to some other brokers who can have a minimum deposit requirement of $200 or more.
The fact that there is a low minimum deposit requirement means that you can trial the brokers service with a small amount of capital to see if they are suitable for your needs. This can also be a good way to practice trading in a real live trading environment, albeit with a smaller deposit.
How do I deposit money into Hugo’s Way?
Hugo’s Way accept deposits via Bitcoin and Bank Wire as well as by Visa and Mastercard credit and debit cards. This is handy for those of you who prefer Cryptocurrency funding as not many brokers currently offer it as a deposit option.
What are Hugo’s Way deposit fees?
There are no deposit fees to fund your Hugo’s Way trading account unless using wire transfer which costs $25 for deposits of up $5,000. You may want to check if there are any fees from third party payment providers you may be using.
How do I withdraw money from Hugo’s Way?
Hugo’s Way accept withdrawals via Bitcoin and Bank Wire as well as by Visa and Mastercard credit and debit cards. Again, this can be useful for those of you who have Crypto wallets and want convenient Bitcoin transactions to and from your trading account.
What are Hugo’s Way withdrawal fees?
There are no fees to withdraw your funds, however, your additional profits will incur withdrawal fees depending on the withdrawal method used. Some third-party payment processors may charge additional fees.
What is Hugo’s Way commission fee?
Hugo’s Way charge a commission fee of $5 per 1 trading lot. If you opt to trade with a smaller lot size, the commission fee will be adjusted based on the lot size selected. For example, if you decide to place a trade with 0.5 lots, you would be charged $2.50.
This is a very competitive commission charge when you consider the fact that Hugo’s Way spreads are relatively tight and they operate via an STP/ECN model for execution at the best possible prices.
Are there any Hugo’s Way inactivity fees?
Hugo’s Way do not charge a fee for dormant accounts. This helps ensure you don’t get any nasty surprises if you haven’t used your account for a while. Some brokers are known to deduct money from a trader’s account if they are not using it for a sustained period of time. These fees are usually hidden away in the small print of the terms and conditions so certainly something that you should look out for.
What are the Hugo’s Way account types?
Hugo’s Way offer one ECN/STP account for all clients. This means all trades are sent straight to the liquidity provider without any dealing desk intervention, thus removing any conflict of interest between broker and trader. It also ensures your trades are executed in a quick and efficient manner, with minimal slippage.
Is there a Hugo’s Way demo account?
Hugo’s Way do offer unlimited MT4 demo accounts free of charge. You can choose the demo account deposit size and practice trading on the MT4 platform. This will allow you to get a feel for trading online and the brokers trading conditions. A demo account is a great way to learn how to trade online without risking your own capital.
It is important to be aware that spreads can differ between demo and live trading accounts. This is because demo accounts do not always use real market liquidity. These discrepancies can cause different bid/ask prices and have an impact on certain trading strategies, especially those which rely on scalping.
What are Hugo’s Way spreads?
Hugo’s Way offer variable spreads starting from 0 pips. They operate as an ECN/STP broker which means that they get prices directly from the liquidity providers (LPs). Trades are therefore executed at the best bid/ask prices currently available from the LPs.
Generally speaking, the larger a liquidity pool that a broker has, the better prices and execution speeds you can get.
What is Hugo’s Way leverage?
Hugo’s Way offer flexible leverage options ranging from 1:50 to 1:500. Whilst high leverage does mean that you can trade larger position sizes, it can also increase your overall risk exposure.
Leverage selection upon creation of a MetaTrader account is only applicable to Forex and Metals (Max 1:500). The rest of the market has fixed leverage as follows:
- Indices: 1:200
- Energies: 1:100
- Stocks: 1:20
- Cryptos: 1:100
What are Hugo’s Way margin & stop out levels?
Hugo’s Way margin rules are as follows:
- Margin Call – 100%
- Stop Out level – 70%
You can find your current margin level on the MT4 desktop or mobile platform. Keep in mind that if you reach a margin level of 100%, you will get a margin call and you will not be able to open any more trades.
If you reach below 70% margin, a stop out will occur at which point MT4 will start to close open positions automatically one by one in order to prevent further losses that lead to negative balance.
Do Hugo’s Way allow hedging, scalping and news trading?
Yes, Hugo’s Way state that you are free to hedge, scalp and trade during news events.
Is there a Hugo’s Way Islamic account?
Hugo’s Way do not currently offer Islamic accounts but do mention they plan on adding them in the future. If this is important to you, check back at a later stage for progress on this account type.
What are the Hugo’s Way trading instruments?
Hugo’s Way have a generous selection of trading instruments across multiple asset classes. This includes Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies and CFDs.
How do I open a Hugo’s Way live account?
To open a Hugo’s Way trading account, you simply have to visit the Sign-Up page on the brokers website and fill in your details. You will receive an email to the second stage of the signup process.
When you have completed the sign-up process, you can verify your account or go to the “My Accounts” section, make your first deposit and create your Live Trading Account.
Hugo’s Way aim to approve your account in the same business day. However, in some rare cases it can take 24 hours/next business day.
How do I verify my Hugo’s Way account?
You will need to provide a proof of identification and proof of address to verify your Hugo’s Way account. This can include a passport, drives license, national identity card, utility bill, bank statement, etc.
What is Hugo’s Way trading platform?
Hugo’s Way provides traders with the user-friendly MetaTrader 4 (MT4) platform for desktop, web and mobile devices. The Hugo’s Way MT4 platform is completely free to use and the platform of choice for millions of traders across the globe.
Where can I download the Hugo’s Way MT4 platform?
You can download the Hugo’s Way MT4 platform directly from the brokers website. Alternatively, you can download MT4 from MetaQuotes and use your Hugo’s Way account details to login to the platform. If you already have the platform from another broker, you can also continue using it with your Hugo’s Way account.
Where is Hugo’s Way located?
Hugo’s Way is located in St. Vincent and the Grenadines. This is a popular destination for online trading brokers.
Is Hugo’s Way regulated?
Hugo’s Way is not currently regulated but they state that they are taking the necessary steps and investigating different regulatory jurisdictions to ensure that clients have the best cover possible.
The fact they are not regulated means that some protection is not available but they can offer certain trading conditions without the limitations that a regulated brokerage may have.
What countries do Hugo’s Way accept?
Anyone around the globe can open an account with Hugo’s Way if it would be contrary to local law or regulation.
Is Hugo’s Way a scam?
We do not believe that Hugo’s Way is a scam. They are an established online brokerage service that offer a range of different products and services for traders around the globe.
How can I contact Hugo’s Way support?
You can contact Hugo’s Way support via live chat, email or make a call back request.
Hugo’s Way Summary
Hugo’s Way is an online broker that operates from St Vincent and the Grenadines and provides very competitive trading conditions to traders all across the globe, excluding some countries where they cannot due to regulations.
The broker offers over 150 assets for trading on the user-friendly MetaTrader 4 platform, including an impressive 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. Whatever your experience level, the platform is widely regarded as the industry standard amongst beginners and professionals alike.
The broker affirms that it is a true STP broker providing clients with ECN connectivity. This means that there is no conflict of interest between the broker and trader. They have tight spreads, low commissions and fast trade execution speeds at the best possible prices with minimal slippage.
Hugo’s Way has also put in place security measures like KFC, 2FA, SSL, etc. This is to help try and ensure a safe trading environment for all traders. There are help guides on how to buy Bitcoin, understanding the markets and much more. 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.