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Hugo’s Way Review

HugosWay Brokers

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 that a high leverage / offshore broker is a smart choice. You should take a minute and read the article: “The Difference Between Regulated & Offshore Brokers“.

There is no listed phone number for this broker, however their customer support email is: [email protected]. Official website is: https://hugosway.com.

For complaints and withdrawal problems, read this.

Hugo’s Way Review

Forex Investors at Hugo’s Way are offered their inhouse Pro4 trading app. Hugo’s Way has available the desktop software version, the web-based trader, and mobile trading app for Android & iOS. 

MT4 (MetaTrader4) is not available at this broker. Recently, Metatrader started to be selective in which brokers they allow to use their software, after getting their app kicked off Apple store.

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.

Deposits at Hugo FX are only available via Bitcoin or Instacoins. Again, when dealing with a broker that doesn’t allow direct deposits via ACH or Swift, it should be a red flag.

Hugosway HugoFX

Not a Broker for American Citizens!

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.

Did you try a licensed broker? Look here!

Is Hugo’s Way a Regulated Broker?

No, Hugo’s way / Hugo FX is not a licensed or regulated broker. Every year they change their address.

Officially they are owned and operated by Hugo’s Way Ltd, which is currently located at; House of Francis, Room 303, Ile Du Port, Mahe, Seychelles. Previously it was; Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines. And before that they were 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.”

Hugo FX Broker Reviews

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.

Compare Brokers

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.