HugosWay Review 2021
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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.
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 WayTop 3 Hugo’s Way Customer Reviews
Recently there was an opportunity to test HugosWay on a real account. I didn’t grudge a bit of BTC (Bitcoin) for this occasion. The impressions are twofold. Why would an offshore broker need such troubles with payment systems? There are only 2 options for replenishment, ВТС and the Vload payment system. Customer support speaks broken English and could not clearly explain this point, arguing the situation with the exceptional safety and anonymity of traders. That is, instead of the segregation of accounts, inherent in reputable brokers, a trader receives money without knowing where and in what equivalent.
By the way, I failed to withdraw the money. I violated something and the account was simply blocked. Since I don’t speak perfect English and the amount was not worth spending time on debriefing, I resigned myself. In general, I see no reason to contact this broker, since there are brokers with much simpler conditions.
I compared the spreads of HugosWay with the spreads of other brokers. It does not work on ECN (Electronic Communication Network). I opened MetaTrader 4 platforms of different brokers in the morning, at the time of the release of statistics on the US market and before the weekend. The stated spread for the EUR / USD pair is 1.7-2.0 pips (percentage in points) in a calm market, indeed it is. But note that there are brokers with a spread of 1.3-1.5 pips. But as volatility was increasing, the spread suddenly widened by almost 2 points. At some moments, I screened a spread of 3.5-3.8 pips. The screenshots presented to the support were of course ignored: “This is the market, we do not know anything”. For other pairs, the spread was not tested, although at first glance some of them are quite low. For example, it is more profitable to trade cryptocurrencies here because the exchange margins are 1.5-2 times higher.
There’s nothing supernatural regarding this broker. There are average spreads, inconvenient money deposit/withdrawal systems, a standard set of trading assets, standard MT4, no social trading, or anything similar. It actively advertises itself on third-party resources. For example, on MyFxBook it has a rating of 3.8 out of 5. It’s bearable, but not sufficient. I saw only one advantage: There’s cryptocurrency trading in more than 30 pairs!
HugosWay Latest Comments for 2021
The reviews by customers of the Hugo’s Way indicate that it is a reliable brokerage company. 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.
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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.
Analysis of the Main Features of the Forex Broker
Dynamics of the Popularity of Hugo’s Way
in 2020 among the Users of the Traders Union
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.
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:
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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! You’ll like this!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.
From USD 10
Minimum
deposit
up to 1:500
Leverage
24/5
Support
| 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 | |
| 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 |
| Min deposit | $10 | $100 | $5 | $200 | $100 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:500 |
From 1:1 to 1:30 |
From 1:25 to 1:500 |
From 1:200 to 1:400 |
| Trust management | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No |
| Spread | From 0 points | From 1 point | From 1 point | From 0 points | From 0 points |
| Level of margin call / stop out |
100% / 70% | 25% / 20% | 100% / 50% | 100% / 30% | 25% / 10% |
| Execution of orders | STP | Market Execution, Instant Execution | Market Execution | Market Execution | Instant Execution |
| No deposit bonus | No | $100 | $30 | No | No |
| Cent accounts | No | No | Yes | No | Yes |
Broker comparison table of trading instruments
| Hugo’s Way | FxPro | XM Group | Admiral Markets UK | AvaTrade | |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Metalls | No | Yes | Yes | Yes | Yes |
| Crypto | Yes | No | No | Yes | Yes |
| CFD | Yes | Yes | Yes | Yes | Yes |
| indexes | Yes | Yes | Yes | Yes | Yes |
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | No | No | Yes | No |
| Options | No | No | Yes | No | No |
Commissions & Fees Hugo’s Way
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 |
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:
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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:
Deposit from $10.
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:
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
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.
Security (Protection for Investors)
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
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 |
| Contacts |
Email:
[email protected],
|
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:
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.
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.
The following functions are available in the HugosWay personal account:
Other useful settings and functions of the personal account:
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Affiliate program statistics.
-
Personal account settings.
-
Management of your funds.
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Hugo’s WayThe Oldest Reviews of the Hugo’s Way
The reviews by customers of the Hugo’s Way indicate that it is a reliable brokerage company. 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.
No entries yet.
Author of this Review
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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.
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