HugosWay Review 2021

HugosWay Review 2021
Davis J.
Robertson A.
March 2021

40

Position
in rating

Trading terminals:

MT4
40

Position in rating

6.7/10
Overall rating

Trading terminals:

MT4

Attention!

Due to the large number of negative reviews about this company and because it occupies the low position of number 20 on our Ratings List of Forex brokers, the Traders Union does not recommend cooperating with this broker.

Instead, our experts strongly advise you to select a brokerage from among the Top 5 on our objectively ranked list:

Summary of Hugo’s Way Trading Company

HugosWay (also Hugo’s Way and Hugosway) was founded in 2017. Despite its relatively young age, the company has firmly established itself among the classic brokers working on Forex with traditional trading instruments. HugosWay aims to cooperate with clients from Europe and Asia. Registration is in Saint Vincent and the Grenadines.

💰 Account currency: USD
🚀 Minimum deposit: From USD 10
⚖️ Leverage: up to 1:500
💱 Spread: From 1.7 pips for all instruments except commodity assets
🔧 Instruments: Currencies, assets of stock and commodity markets, cryptocurrencies
💹 Margin call/Stop Out: 100%/70%
Attention!

We work with accounts opened exclusively through the Traders Union website.

👍 Advantages of trading with Hugo’s Way:

  • Low initial deposit - from $10.
  • Сryptocurrencies are among the arsenal of trading tools.
  • There is a demo account.

👎 Disadvantages of Hugo’s Way:

  • Offshore registration and lack of information on liquidity providers.
  • Only 4 options for depositing / withdrawing money.
  • Average spread that may widen at times of abnormal volatility.
  • Lack of unique tools and offers that give an edge over competitors.

Overall

HugosWay is an ECN and STP (straight-through processing) broker offering traditional trading services for all types of assets. A low minimum deposit opens up opportunities for novice traders to get acquainted with Forex.

Visit Hugo’s Way

Geographic Distribution of Hugo’s Way Traders

HugosWay Latest Comments for 2021

7
0
8

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of Hugo’s Way published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

I have been cooperating with HugosWay since October 2020. The broker is relatively young and registered offshore. That is a bit annoying. However, if you read the reviews of real customers and the conditions on the site, your opinion may change.
I liked the minimal deposit here. Even with US$10 in your pocket, you can start buying and pyramiding. Even beginners can try and evaluate cooperation with HugosWay. I started with the minimum amount because I wanted to check the company for honesty and fulfillment of all obligations. As for the disadvantages, during periods of abnormal volatility spreads widen slightly, but I am willing to put up with that. There are also withdrawal delays.

HugosWay has a single segregated account and equal conditions for all traders, regardless of the size of the deposit, and that’s great. I have repeatedly come across brokers that crack down on novices. HugosWay has been in operation for less than 4 years but is clearly aimed at long-term performance. So, it tries to please its customers. There are no restrictions on hedging, algorithmic trading, or scalping. I did not notice any obvious disadvantages in cooperation with this company. I would like to see more high-quality training added because the FAQs alone are not enough. There is not sufficient information about the broker on its network, and the registration is offshore. I don’t want to be taken to the cleaners!

I don't risk trading with a fat margin in HugosWay (although there is such an opportunity, up to 1:500), since I do not have enough experience yet. I wouldn’t like to have a significant loss. I work here using the standard Forex currencies and cryptocurrencies. I have not noticed any slippage in order execution. HugosWay is a young broker and does not have a proprietary terminal for trading.
For trades, MT4 is offered. I know this platform, so I didn't have to learn all the nuances of the app. This is already a plus. In February, thanks to the crazy volatility on the crypto market, we managed to earn more than $10,000 with HugosWay. There was a hitch with the withdrawal of profit. I had to wait for more than a week. They persuaded me to invest in other instruments, but in the end, they withdrew it.

HugosWay is not as widespread on the web as some other brokers because the project is quite fresh and under development. From personal experience, I will say that it is pseudo brokers who are promoted and put noodles on the ears of potential victims. And honest companies are increasing their client base through word of mouth. My first deposit in HugosWay was about $500 and after a week I managed to double my deposit. I withdraw profit mainly to a Visa card. This is the most convenient way for me. As a rule, money comes within a day.

I am not going to praise HugosWay, because the broker has both pros and cons. I'll start with the nonsense: periodic widening of the spread, and a lack of interesting offers for passive investments, and no PAMM accounts, etc.
There are many other advantages in cooperating with HugosWay, so I stay here. The support is adequate. The company is open to cooperation with traders who handle large sums. Novice traders are not ignored, and the broker is ready to support and contribute to making novices a profit. I started trading with only $10. In a year and a half, the account balance has grown to US$5000.!

I believe that for traditional trading HugosWay is just fine, even cryptocurrency trading is provided. I cannot say that the broker can boast of any unique offers. However, this is not the most important thing for me. Comfort in trading and the fact that the company honestly fulfills all agreements are much more important. If you don't want to risk it, you may first use the available demo account. I only cooperate with brokers that have a demo account. This allows you to properly evaluate the broker.

I saw competing reviews about HugosWay. I am a little afraid of the offshore registration of this broker. Give a quick glance, 90% of financial intermediaries have a residence permit in Saint Vincent and the Grenadines or some other “banana republic”. While there were doubts about the honesty of HugosWay, I simply did not invest large sums. Fortunately, the minimum entrance fee is only $10 and a single trading account is provided. I tested the broker and realized that it suits me 100%. The order execution mechanism is satisfactory. You get your profit right away.

2 3 >

Video Review of Hugo’s Way

Expert Review of Hugo’s Way

HugosWay positions itself as a classic ECN and STP broker. The mission of the company is the technological development of data transmission between all participants in the international Forex market. The company's website contains a lot of information about the segregation of client accounts, liquidity from institutional-level banks with a spread of 0.0 pips, etc. But it is difficult to call HugosWay transparent. The site does not report who the broker's partner is or in which banks the client's money is placed. The same can be said about the spread: a spread from 0.0 pips is possible only when trades are withdrawn on ECN platforms. Banks do not support such a spread. And this can be clearly seen on the online spread page where there is no spread smaller than 1.7. The exception is the assets of the commodity markets.

The proposed platform is MT4 without any unique modifications. It has all trading instruments including indices and cryptocurrencies. There are no unique services or tools, the emphasis is on traditional trading.

HugosWay doesn't have any obvious flaws. There are no significant complaints from traders about problems with the withdrawal of money or the mechanism for order execution. Therefore, HugosWay has been among the companies in the Traders Union rating of Forex brokers recommended for trading for several years.

Antony Robertson

Traders Union
Financial Analyst

Analysis of the Main Features of the Forex Broker

6.7

Overall rating

6.49

/10

Execution of orders

6.91

/10

Investment instruments

6.55

/10

Withdrawal speed

6.85

/10

Customer Support work

6.33

/10

Variety of instruments

7.07

/10

Trading platform

Dynamics of the Popularity of Hugo’s Way
in 2020 among the Users of the Traders Union

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mär.
Apr.
Mai.
Jun.
Jul.
Aug.
Sep.
Okt.
Nov.
Dez.

Investment Programs, Available Markets and Products of the Broker

The main direction of HugosWay is providing services to active traders in all types of financial markets. The promotion of investment programs is not yet provided for in the company's policy.

Important!

If you are a large investor and plan on investments over $ 10,000, contact us at [email protected] Sor by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.

HugosWay affiliate program:

  • It’s a multilevel referral program that provides for the construction of a 5-level referral model, in which for the first level the partner receives up to $2 for each referral lot. Distribution of income to subsequent levels allows the partner to receive up to 40% of the commission of attracted traders. Anyone can take part in the affiliate program. Payments are weekly.

Rebate and Discount Programs of the Traders Union for Hugo’s Way

The partnership between HugosWay and the Traders Union rebate service opens up an opportunity for every trader to reduce trading costs due to partial compensation of the spread. To do this, you need to register for free on the Traders Union website, open an account using the partner link and begin trading. Regardless of the result of trading, you will be rewarded a rebate based on the spread.

Try it!  Try it!

Trading Conditions for Hugo’s Way Users

There is not much information about the trading conditions of the HugosWay broker. The broker's policy provides an individual approach to each client. Therefore, all questions should be addressed to the company's support service. There is a commission for each lot of about $5, but the principle of its calculation is unclear.

$10

Minimum
deposit

1:500

Leverage

24/5

Support

MT4
💻 Trading platform: МТ4
📊 Accounts: Demo, Real
💰 Account currency: USD
💵 Replenishment/Withdrawal: ВТС, bank transfer, Visa, Mastercard, VLoad
🚀 Minimum deposit: From USD 10
⚖️ Leverage: up to 1:500
💼 PAMM-accounts: No
📈️ Min Order: No data
💱 Spread: From 1.7 pips for all instruments except commodity assets
🔧 Instruments: Currencies, assets of stock and commodity markets, cryptocurrencies
💹 Margin call/Stop Out: 100%/70%
🏛 Liquidity provider: No data
📱 Mobile trading: Yes
➕ Affiliate program: Yes
📋 Orders execution: Instant execution, Market execution
⭐ Trading features: Cryptocurrency trading is allowed
🎁 Contests and bonuses: No

Comparison of Hugo’s Way with other Brokers

Hugo’s Way FxPro XM Group Admiral Markets UK AvaTrade eToro
Trading
platform
WebTrader, MT4, Mobile platforms MT4, MobileTrading, MT5, cTrader MT4, MT5, MobileTrading MT4, MT5, iPhone, iPad, Android, MT4 Supreme Edition MT4, MobileTrading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option MobileTrading, WebTrader
Min deposit $10 $100 $5 $200 $100 $200
Leverage From 1:1
to 1:500
From 1:1
to 1:200
From 1:1
to 1:30
From 1:25
to 1:500
From 1:200
to 1:400
From 1:2
to 1:30
Trust management No No No No No No
Accrual of % on the balance No No No No No No
Spread From 0 points From 1 point From 1 point From 0 points From 0 points From 2 points
Level of margin call
/ stop out
100%  /  70% 50%  /  50% 100%  /  50% 100%  /  30% 25%  /  10% No
Execution of orders STP Market Execution, Instant Execution Market Execution Market Execution Instant Execution Instant Execution
No deposit bonus No No $30 No No No
Cent accounts No No Yes No Yes No

Broker comparison table of trading instruments

Hugo’s Way FxPro XM Group Admiral Markets UK AvaTrade eToro
Forex Yes Yes Yes Yes Yes Yes
Metalls No Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes Yes
CFD Yes Yes Yes Yes Yes Yes
indexes Yes Yes Yes Yes Yes Yes
Stock Yes Yes Yes Yes Yes Yes
ETF Yes No No Yes No Yes
Options No Yes No No No Yes

Hugo’s Way Commissions & Fees

Information

Traders Union experts have analyzed HugosWay trading conditions for explicit and implicit commissions. It is worth noting the lack of transparency in the broker's work. The site contains only general terms of cooperation and there is almost no information on commissions. The Real trading account is the only one.

Account type Spread (minimum value) Withdrawal commission
Real From $15 No data

There are swaps (commission for transferring a position to the next day). A comparative analysis of the commissions of HugosWay's competitors was also made. Each broker was assigned a corresponding rating based on the analysis.

Broker Average commission Level
Hugo’s Way $15 High
FxPro $13.2 Medium
Admiral Markets UK $5 Low
Hugo’s Way
$15
FxPro
$13.2
Admiral Markets UK
$5
Conclusion

The HugosWay broker offers a high level of spread for most assets. The only way to reduce it is to use the service of partial compensation of the spread from Traders Union.

Detailed Review of HugosWay

HugosWay is a broker that works primarily with traders from certain regions of Europe and Asia. The company is focused on providing classic trading services on the most popular MT4 platform. The main product of the broker is intermediary services in all sectors of the Forex market. The broker has more than 150 trading assets in its arsenal. They are currency pairs and cross-rates, cryptocurrencies, indices, and assets of commodity markets.

Here are a few numbers about the HugosWay broker which will help a trader to choose a reliable broker:

  • Leverage - 1:50-1:500.

  • One account for all trades.

  • Order processing speed - 150-250 ms.

HugosWay is a broker for those who value reliability.

A feature of the HugosWay order execution technology is a single account from which trading is carried out according to the hybrid ECN-STP model. Depending on where the smallest spread is currently, the order is sent either to the ECN system or directly to an institutional liquidity provider. This mechanism allows you to offer the smallest spread while maintaining a high level of liquidity.

The broker is relatively young, but there are no serious complaints about the fulfillment of its obligations yet. There are minor delays in transactions, there are claims to widen the spread due to fundamental factors. The developers promise that the number of products offered to traders will soon be enlarged with investment programs and technical tools.

Useful services of HugosWay:

  • Presently, unique technical tools are under development, so the MT4 platform is the only useful service and tool. Despite the lack of social trading, you can connect the trading signals service and copy trades through the platform in the MQL community.

Advantages:

1

Deposit from $10.

2

Wide range of cryptocurrency assets.

The broker does not restrict algorithmic trading, hedging, scalping, and fundamental trading.

How to Start Making Profits — Guide for Traders

HugosWay offers a single account type for all types of assets. Trading conditions for it differ depending on the trading instrument. 

Account types:

Account Type
Description
Real account
A real account is for currency and cryptocurrency pairs, commodity assets, indices, cross-rates. The leverage is from 1:50 to 1:500. The spread is measured in different units - points and account currency.

There is a demo account to practice strategies and skills of working with the platform.

Bonuses Paid by the Broker

The company's policy does not provide incentives for traders using bonus programs

Bonus from Traders Union

The Traders Union rebate service offers you an additional bonus in the form of compensation based on the spread on any trade, regardless of its results. Register on the Traders Union website (it will take up to 15 minutes) and open an account with HugosWay using the affiliate link. It's free. After registration, for each trade, regardless of its result, a rebate will be credited to your personal account on the Traders Union platform. The offer is valid for existing HugosWay traders. You can find out how to link a valid account and a Traders Union account here.

Investment Education Online

Information

So far, a section dedicated to training traders is under construction. There is a FAQs section where you can find answers to the most frequently asked questions on trading conditions, payment systems, and working with MT4.

Information available on HugosWay site
Information not available on HugosWay site
FAQs
Forex terminology
Basic information about Forex
Video tutorials on working with the trading platform

Security (Protection for Investors)

Information

The broker is registered in an offshore jurisdiction and does not have any licenses. According to the information on the website, the broker provides segregation of client accounts, but there is no data on partner banks. There is also information about two-factor authentication of signal encryption and protection of traders' accounts.

👍 Advantages

  • Segregated accounts declared

👎 Disadvantages

  • Lack of information on regulation and broker licenses on the website

Withdrawal Options and Fees

  • There is no detailed information on depositing and withdrawing money on the site.

  • There are 4 options for depositing and withdrawing money: ВТС (electronic wallet), VLoad, Visa, and Mastercard bank cards.

Customer Support Service

Information

The broker's support service works 24/7.

👍 Advantages

  • There is an email address for contacting support

👎 Disadvantages

  • Support staff answers with general phrases without specifics

There are several ways to contact support:

  • by email;

  • by chat on the broker's website.

Contacts

Registration address Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines
Official site
Contacts

Review of the Personal Cabinet of HugosWay

Before opening an account with Hugo’s Way, go through a free registration on the Traders Union rebate service website and go to the broker's website using the affiliate link. This will allow you to receive compensation on part of the spread in the future. 

How to open an account with the HugosWay broker:

1

On the main page of the site, at the very bottom, find the option to open a demo account. There is also an option to open a real account.

HugosWay Review - Demo account
HugosWay Review - Demo account
HugosWay Review - Demo account
2

Enter your personal data and check the notice that will be directed to the email address you specify. To gain access to your personal account, you need to open a real account.

HugosWay Review - Real account
HugosWay Review - Real account
3

The following functions are available in the HugosWay personal account:

1. Account statistics:
HugosWay Review -Account statistics
HugosWay Review -Account statistics
2. Account activity:
HugosWay Review - Account activity
HugosWay Review - Account activity
1. Account statistics:
HugosWay Review -Account statistics
HugosWay Review -Account statistics
2. Account activity:
HugosWay Review - Account activity
HugosWay Review - Account activity

Other useful settings and functions of the personal account:

  • Affiliate program statistics.

  • Personal account settings.

  • Management of your funds.

Tags:

Hugo’s Way

The Oldest Reviews of the Hugo’s Way

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of Hugo’s Way published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

There are no perfect brokers. There are simply more pros than cons. I would like to continue trading with HugosWay since the office works honestly and does not fail to accommodate the smooth withdrawal of profits. I have not withdrawn large amounts yet; a couple of times I withdrew $500-$700 via bank card. Everything was fast and smooth, without any excuses or account blocking. Yes, there are just one or two payment methods here, but in principle, there is plenty to choose from. I would like some tutorials, webinars, and other tools to help me improve my skills.

I have no complaints. So, I can describe my experience with HugosWay in just a few words. I got in touch with support immediately, I had to. On the website of this broker, they don't indulge very much in specifics, so I had a lot of questions. To be honest, I doubted whether it was worth trading here because of the offshore registration and the terms of work are short. I decided to take a chance only because the site provides a demo account and the entry threshold is only $10. I liked it, so I started to sit on the fence and gradually build up momentum. Over a month, I came out with $1500 of net profit.

Yes, HugosWay is not an old-school broker with a lot of regalia and prestigious awards. However, it is better to hype and start working with a fresh office that is not arrogant yet. I have benefited from this many times. And although HugosWay has a demo, I decided not to waste time and immediately started with a real-money account. The minimum deposit is only $10. The only drawback that I noticed in cooperating with this broker is the widening of spreads. If in a flat it is about 1.7-2 pips; then in a storm in the market, the indicator is 1.5-2 times higher. Arguing with support about the spreads is useless since when registering on the site you must sign an agreement, which spells out all the nuances.

When choosing a broker, the main condition for me is always how brokers accommodate the withdrawal of money. The office can sprinkle empty promises and even imitate successful trading but, in fact, it will lead to losses. I repeatedly was the victim of scams and was forced to admit that I had become a victim of swindlers when trying to withdraw profits. I have been working with HugosWay since December 2020. The term is short, but this company has already received a small plus from me. There were no problems in the trading process. Some people scared me with widening spreads, but I continued trading.
Regarding payment discipline, it is most convenient for me to replenish and withdraw while using cryptocurrency which avoids intermediaries and happens very quickly. I did not notice any scams from the broker, so I will continue trading on its platform.

I don’t regret choosing HugosWay, although at that time I had several candidate brokers. It's good that many companies provide a demo account and you can safely learn the functionality of the platform and understand how favorable are the broker’s conditions.
Support has a great attitude. I started cooperating with the company as a novice, so there were many questions. The technical support staff helped me to figure everything out, which was very important at the start.

During 2 years of cooperation, I have had no complaints about this broker. I have to spend a lot of time on the road, so I mainly practice mobile trading. In February, I earned about $8,000 on trading indices and cryptocurrencies.
There were never any problems with the withdrawal of profits. There is no wide variety of payment methods here, but there are basic ones (cards, bank transfers, cryptocurrencies). I recently joined the affiliate network. The broker's affiliate program is not bad and there are several levels. Leads do not bring me a big profit, but referrals can be considered as an additional source of income.

I registered on the HugosWay platform in November 2020. I learned about it by chance from a friend. Considering how many financial swindlers there are now, you can only trust the recommendations of the broker’s true believers. HugosWay turned out to be a smart broker indeed. The authors of this project are trying to develop it and promise to add new investment opportunities. So far, the broker is excellent for traditional trading in FX currencies, crypto, etc. Spreads are not the narrowest here, but I did not notice any problems with the execution of trades.

Author of this Review

Hugo’s Way broker’s review prepared by

John Davis

Traders Union Author and Analyst

John Davis is a Financial and Economic Analyst working with the Traders Union since 2016. During this time, he has written more than 100 analytical articles on technical and fundamental analysis, reviews of financial companies and has developed more than 10 proprietary trading systems. John's motto is to help everyone go from a novice to a professional trader.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

Do reviews by traders influence the Hugo’s Way rating?

Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about Hugo’s Way you need to go to the broker's profile.

How to leave a review about Hugo’s Way on the Traders Union website?

To leave a review about Hugo’s Way, register on the Traders Union website or you can also leave a review through Facebook.

Is it possible to leave a comment about Hugo’s Way on a non-Traders Union client?

Anyone can leave feedback about Hugo’s Way on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.

Why is it more profitable to work with Hugo’s Way through Traders Union?

Because you will receive additional payments from Traders Union every month while all other functions on your chosen trading platform remain the same.