Hugo’s Way Turkey Review 2024 - TU expert opinion
Is the Forex market legit in Turkey?
Forex trading is legal in Turkey. The number of active traders is rising every year in the country. In order to provide financial services, brokers need to obtain the license of the local regulator, the Capital Markets Board of Turkey. This regulatory body supervises provision of brokerage services and settles disputes between brokers and traders.
Turkey has certain requirements for traders in terms of tax policy. Under the law, traders must declare their income and pay an income tax of 15% - 35%. Also, brokers operating legally in Turkey must provide access to an Islamic account.
How to Trade Forex in Turkey
First, you need to choose a broker with the CMB license. Also take minimum deposit and available leverage into consideration when you are choosing a broker. Next, you need to register on the broker’s website and verify your account. Then you need to deposit money to your account using a debit/credit card, bank transfer or e-wallet. Beginners are recommended to test their strategy using a demo account, before working with real money.
Our Evaluation of Hugo’s Way
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Hugo’s Way is a moderate-risk broker with the TU Overall Score of 5.72 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Hugo’s Way clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
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.
Detailed Review of Hugo’s Way in Turkey
Hugo’s Way is a good choice for traders from Turkey. 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:
-
Leverage - 1:50-1:500.
-
One account for all trades.
-
Order processing speed - 150-250 ms.
Advantages of Hugo’s Way for trading in Turkey
Traders Union analysts conducted a detailed analysis of Hugo’s Way for traders from Turkey. 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 Turkey
Traders Union analysts analyzed the key features of Hugo’s Way for traders from Turkey. 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 Turkey
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 Turkey. 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
|
💰 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
|
Hugo’s Way Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Hugo’s Way for traders from Turkey. 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.
FAQs
Is Hugo’s Way legal in Turkey?
Yes. Hugo’s Way operates legally in Turkey. The broker holds the necessary licenses.
Can you learn trading with Hugo’s Way? Does the broker offer courses for traders from Turkey?
Yes, Hugo’s Way offers good trading courses and a lot of educational information for clients from Turkey.
Can Hugo’s Way be trusted? Has the broker been operating in Turkey long?
Hugo’s Way has been operating in Turkey quite long and has a good reputation. Therefore, traders can work with Hugo’s Way.
Is Hugo’s Way suitable for novice traders from Turkey?
Yes. Hugo’s Way offers optimal trading conditions and good education for beginners from Turkey.
How efficient is Hugo’s Way customer support in Turkey?
Hugo’s Way offers a sufficient number of ways to contact customer support in Turkey, and also provides support in the state language.
Has Hugo’s Way had any incidents involving theft of funds of clients from Turkey?
No. Hugo’s Way provides reliable security of funds of clients from Turkey.
Will I be able to file a lawsuit in Turkey if Hugo’s Way violates my rights?
Yes. If Hugo’s Way violates your rights, you can file a complaint with the regulator of Turkey, and then with a court.
Can Hugo’s Way clients from Turkey use the broker’s mobile app?
Yes. The mobile app of Hugo’s Way is available for the clients from Turkey.
Does Hugo’s Way provide Turkey market analysis?
Analysis of Turkey is featured in the information provided by Hugo’s Way.
How can I withdraw funds from my account at Hugo’s Way in Turkey?
Hugo’s Way supports bank transfers and debit/credit cards of the banks operating in Turkey.
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.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.