Hugo’s Way Review
Hugo’s Way is a true ECN/STP broker offering over 150 trading instruments on the MT4 platform. 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
- Competitive spreads
- Rapid deposits & withdrawals
- Free demo accounts
- Award-Winning MT4 platform can be used on desktop, webtrader version, iOS & Android
- 24/7 support
- No contact telephone numbers
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 Review: Summary
Hugo’s Way is a true ECN/STP broker offering leveraged trading on a range of CFD’s. The broker is owned and operated by Hugo’s Way Ltd which is a company located in St Vincent and the Grenadines. 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. Thus, they are not a market maker.
Hugo’s Way Review: 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 Review: 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.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
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
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. Automated trading system via expert advisors (EAs) are permitted to be used.
Hugo’s Way Review: 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.
The guides include how to purchase Bitcoin to make depositing and withdrawing from the site 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 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.
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.
The only real account type offered is the “Hugo’s Way MT4 ECN Account”. The maximum leverage is 1:500. 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.
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
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. 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 an unregulated online broker that operates from St Vincent and the Grenadines and provides 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 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 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.