Hugo’s Way Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of Hugo’s Way in Singapore
Hugo’s Way is a good choice for traders from Singapore. 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 Singapore
Traders Union analysts conducted a detailed analysis of Hugo’s Way for traders from Singapore. 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 Singapore
Traders Union analysts analyzed the key features of Hugo’s Way for traders from Singapore. 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 Singapore
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 Singapore. 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
|
|---|---|
| 📊 Accounts: |
Demo, Real
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| 💰 Account currency: |
USD
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| 💵 Replenishment / Withdrawal: |
ВТС, bank transfer, Visa, Mastercard, VLoad
|
| 🚀 Minimum deposit: |
From USD 10
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| ⚖️ Leverage: |
up to 1:500
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| 💼 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
|
Hugo’s Way Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Hugo’s Way for traders from Singapore. 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 Singapore?
Yes. Hugo’s Way operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with Hugo’s Way? Does the broker offer courses for traders from Singapore?
Yes, Hugo’s Way offers good trading courses and a lot of educational information for clients from Singapore.
Can Hugo’s Way be trusted? Has the broker been operating in Singapore long?
Hugo’s Way has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with Hugo’s Way.
Is Hugo’s Way suitable for novice traders from Singapore?
Yes. Hugo’s Way offers optimal trading conditions and good education for beginners from Singapore.
How efficient is Hugo’s Way customer support in Singapore?
Hugo’s Way offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has Hugo’s Way had any incidents involving theft of funds of clients from Singapore?
No. Hugo’s Way provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if Hugo’s Way violates my rights?
Yes. If Hugo’s Way violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can Hugo’s Way clients from Singapore use the broker’s mobile app?
Yes. The mobile app of Hugo’s Way is available for the clients from Singapore.
Does Hugo’s Way provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by Hugo’s Way.
How can I withdraw funds from my account at Hugo’s Way in Singapore?
Hugo’s Way supports bank transfers and debit/credit cards of the banks operating in Singapore.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
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.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!