Hugo’s Way Portugal Review 2024 - TU expert opinion
Is the Forex market legit in Portugal?
Forex trading is legal in Portugal. Both residents and non-residents of the country can trade there. A legal broker in Portugal must hold the local license. The CMVM, the financial regulator of Portugal, supervises the operation of brokers.
In addition, you need to keep in mind that Portugal is a member of the European Union and therefore the country complies with the MIFID. Traders can use Portuguese companies, but also brokers that hold licenses of other European Union countries.
How to Trade Forex in Portugal
In order to trade in the Forex market in Portugal, traders need to choose a broker and register. Verification is mandatory in Portugal. You need to provide proof of identity and proof of address. Also your source of income that you use to fund your account may be required.
Detailed Review of Hugo’s Way in Portugal
Hugo’s Way is a good choice for traders from Portugal. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
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.
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One account for all trades.
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Order processing speed - 150-250 ms.
Advantages of Hugo’s Way for trading in Portugal
Traders Union analysts conducted a detailed analysis of Hugo’s Way for traders from Portugal. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Deposit from $10.
Wide range of cryptocurrency assets.
The broker does not restrict algorithmic trading, hedging, scalping, and fundamental trading.
Analysis of the Main Features of Hugo’s Way in Portugal
Traders Union analysts analyzed the key features of Hugo’s Way for traders from Portugal. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for Hugo’s Way traders from Portugal
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Hugo’s Way trading conditions for traders from Portugal. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4
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---|---|
📊 Accounts: |
Demo, Real
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💰 Account currency: |
USD
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💵 Replenishment / Withdrawal: |
ВТС, bank transfer, Visa, Mastercard, VLoad
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🚀 Minimum deposit: |
From USD 10
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⚖️ Leverage: |
up to 1:500
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
No data
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💱 Spread: |
From 1.7 pips for all instruments except commodity assets
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🔧 Instruments: |
Currencies, assets of stock and commodity markets, cryptocurrencies
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💹 Margin Call / Stop Out: |
100%/70%
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🏛 Liquidity provider: |
No data
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Instant execution, Market execution
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⭐ Trading features: |
Cryptocurrency trading is allowed
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🎁 Contests and bonuses: |
No
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Hugo’s Way Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Hugo’s Way for traders from Portugal. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
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.
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.
FAQs
Is Hugo’s Way legal in Portugal?
Yes. Hugo’s Way operates legally in Portugal. The broker holds the necessary licenses.
Can you learn trading with Hugo’s Way? Does the broker offer courses for traders from Portugal?
Yes, Hugo’s Way offers good trading courses and a lot of educational information for clients from Portugal.
Can Hugo’s Way be trusted? Has the broker been operating in Portugal long?
Hugo’s Way has been operating in Portugal quite long and has a good reputation. Therefore, traders can work with Hugo’s Way.
Is Hugo’s Way suitable for novice traders from Portugal?
Yes. Hugo’s Way offers optimal trading conditions and good education for beginners from Portugal.
How efficient is Hugo’s Way customer support in Portugal?
Hugo’s Way offers a sufficient number of ways to contact customer support in Portugal, and also provides support in the state language.
Has Hugo’s Way had any incidents involving theft of funds of clients from Portugal?
No. Hugo’s Way provides reliable security of funds of clients from Portugal.
Will I be able to file a lawsuit in Portugal if Hugo’s Way violates my rights?
Yes. If Hugo’s Way violates your rights, you can file a complaint with the regulator of Portugal, and then with a court.
Can Hugo’s Way clients from Portugal use the broker’s mobile app?
Yes. The mobile app of Hugo’s Way is available for the clients from Portugal.
Does Hugo’s Way provide Portugal market analysis?
Analysis of Portugal is featured in the information provided by Hugo’s Way.
How can I withdraw funds from my account at Hugo’s Way in Portugal?
Hugo’s Way supports bank transfers and debit/credit cards of the banks operating in Portugal.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.