Hugo’s Way (Hugo’s FX) is an offshore Forex broker, that opened in February 2017. They are primarily made for uneducated Americans who think a high leverage offshore broker is a smart choice. You should take a minute and read the article: “The Difference Between Regulated & Offshore Brokers“.
For complaints and withdrawal problems, read this.
Hugo’s Way Review
Forex Investors at Hugo’s Way are given the popular Forex trading platform known as MT4 (MetaTrader4). Hugo’s Way has available the desktop software version, the web-based trader, and mobile trading app for Android & iOS. You can create multiple demo trading accounts to test out their platform and your trading strategies.
They offer a wide variety of assets to trade including; Forex / Currency pairs, Commodities (oil, gold & silver), Indices and CFD’s for shares trading. Standard leverage available is as high as 500:1 on Forex and 100:1 on Crypto CFDs. The minimum deposit requirement for a new Hugo trading account is either $10 or $50. Spreads on Forex are 1 – 3 pips, and on Bitcoin it is $90.
According to their terms and conditions page;
The customer also hereby confirms that these funds are free of any liens or debts, are clean and non-criminal in origin and do not originate from the United States of America or any country on the Office of Foreign Assets Control (OFAC) List.
This means, that Americas should NOT deposit money at this broker. It is interesting that on the forums, we hear about Americans trading with this brokerage firm.
Is Hugo’s Way a Regulated Broker?
No, Hugo’s way is not a licensed or regulated broker. Officially they are owned and operated by Hugo’s Way Ltd, which is located at; Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines. Previously this broker was located at: Global Gateway 8, Rue de la Perle, Providence Mahe, Seychelles.
Although many brokers claim to be regulated by the FSA in SVG, there is actually no such regulation. According to the SVG Financial Services Authority website, “Forex trading brokerage activities are not licensed in St. Vincent and the Grenadines, read more.”
The way you know a Forex broker is not a scam, is by checking their regulatory status. When you see that they hold a valid license from your governments financial regulator, you can be sure that they are a legitimate broker. Forex brokers in the United States must be licensed and regulated by the CFTC, otherwise your cash is not protected.
Today there are hundreds of get rich quick scams online, and most people lose their money. For complaints and issues with withdrawing your money, read this.
There are so many Forex brokers to compare and choose from online, look here.
If you are currently investing at HugosWay, please share your experience withdrawing your money, in the comments section.