Hugo FX: Is it really a scam?

Hugo FX

$10

Min Deposit

0.4 pip

Min Spread

2017

Foundation

3/10

Broker Trusted Points

No

Regulation

Introduction

Hugo FX True ECN Broker

Hugo’s Way is a broker who provides forex trading, crypto trading, and stock trading along with trading of metals, and other commodities. There are various scam reports issued for the broker all over the internet. Be it any broker, reputed or non-reputed, it is crucial to understand that there are various risks that are lined up one after the other if precautions are not taken while making serious trading decisions.

To understand whether or not Hugo’s Way is a scam, stay with us till the end of this article. Spending some time here may save you dollars.

Hugo’s FX Features

Hugo’s Way is a non-regulated broker that assures transparency, security, risk management, and one-tier banking even though the customer experiences are the complete opposite. Let us fist go through the features and claims made by the broker and further discuss them.

FeatureAvailability
Founded in2017
Website https://hugosway.com/
Minimum Deposit$10
Account typesDemo, real
PlatformMT4
Leverage1:500
Minimum lot0.01
Stocks73
Cryptos38
Currencies55
Spreads from 0.4
Segregated client fundsYes
Risk managementNo
Tier-one bankingYes
Beginner FriendlyYes
RegulatedNo
Support [email protected] 
Hogo's Way Features

Assets Available at Hugo FX

Hugosway offers various trading assets. These include:

  • Cryptocurrencies: Users can select and trade from any of the 38 cryptocurrency pairs available on the platform. Leverage can go upto 1:100 and trading can be initiated with funds as low as $50. 

There are no specific details given on the website regarding these assets but as per the platform, the following assets can also be traded here:

  • Energies
  • Futures
  • FX Exotics
  • FX Crosses
  • FX Majors
  • Indices
  • Metals
  • Stocks

Security and Regulation

There is no regulatory body backing the regulation process for this platform. It is completely independent. If you want a forex broker with Regulatory compliance and reliability, you can opt for TradeEU.Global and FXRoad.

There is a  2-factor authentication process on Hungo’s Way to secure the user’s accounts and data from attempts of unauthorized access. 

How to enable this feature? Just go to the “Settings” tab and click on “Enable” 2-factor authorization.

Despite of these features, its users have complained that the claims made by the company are made to lure potential investors and traders to get on the platform and start investing. 

It has also removed the TickTrader Hugo’s Way and the Hugo’s Way MT4 platforms.

Pros and Cons

Trade with Hugo FX

To start trading with Hugo’s Way all you need to do is to follow these steps:

Step-1: Visit the official site and click on the “Sign-up” sign on the top right corner.

Step-2: Fill in the necessary details asked by the platform to open your account.

Step-3: Once you receive a conformation mail, continue with the process.

Step-4: You have now created a trading account on Hugo’s Way.

Hugo FX sign up page

Login at Hugo FX

Users can visit the Hugosway Login page and enter their Registered Mail ID and password to log into their account. 

Login Page of Hugo FX

Hugo FX Funding Methods:

There are three options that one can choose for funding their account on Hugo’s Way.

Direct Bitcoin Deposits: 

Bitcoin, the digital currency, can be directly used to make deposits. The minimum amount to do so using Bitcoin is $50.

Bitcoin via Instacoins:

If a trader wishes to buy Bitcoins on Hugo’s Way, they can do so with the help of a third-party application. The minimum deposit amount for this method is also of $50. 

Wire Transfers via Instacoins:

Wire transfer is another commonly used payment method. With this, users can directly transfer the money from their bank accounts to Hugo’s Way.

Hugo way FX's Deposit and Withdrawal OPtions

Types of Accounts in Hugo FX

There is not much information given on the website regarding the types of accounts offered by the broker but Hugo’s Way Demo and Real accounts are available. There is just one “Live Account” option available on their website. 

Hugo FX Live Account

Customer Support of Hugo FX

According to the website, Hugo is available to chat 24*7. Other than this, a customer support mail is also provided [email protected]

Despite all these support options, the users haven’t been able to get their queries solved by the support team.  

Feedbacks

Despite these many features, the broker has received a huge amount of backlash. The claims made by the broker on its platform were reported to be fake by users from all over the globe. 

A constant issue was unnecessary actions being taken against the traders and their accounts. Several accounts were banned on their platforms without any valid reasons. When the support team was questioned, no real answers that could ever make sense were received from the customer support. The staff responses are usually very generic and miss out on the specifics. 

Another issue was the lack of transparency to its users. The experts from the Traders Union analysed that Hugo’s Way had explicit and implicit commissions. 

Conclusion

Hugo’s Way is an independent broker that isn’t regulated. There are several features and claims made by the broker that might catch the attention of the traders but the traders with service experiences from Hugo’s Way had some of the worst experiences. 

The broker lacks credibility and thus cannot be completely trusted. Things such as user account suspension, fraud, and ignorance by the support team may take the users by surprise. If you wish to trust the platform, utmost precautions must be taken at all costs before making any decision.

FAQs

Is Hugo’s Way a legit broker?

The broker is not regulated and hence is is not advised to trust this broker.

Is MT4 still there on Hugo’s Way?

Hugo’s Way has removed its MT4 and introduced the TickTrader. This impacts the security and reliability of the broker.

What is the minimum deposit at Hugo’s Way?

The minimum deposit amount at Hugo’s Way starts from as low as $10.

Does Hugo’s Way have a withdrawal fee?

Hugo’s way does not charge any withdrawal fee at any point of transaction.

How to verify the Hugo’s Way account?

Accounts at Hugo’s Way can now be verified with the 2-factor authentication.

Is Hugo’s Way new CRM working?

Instead of solving the issues, Hugo’s Way new CRM created a lot more of them. The introduction of this CRM restricted the users from accessing their accounts. The CRM was not working globally and thus had to be taken down.

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