Hugo's Way Broker Review
Commissions & Fees
Education and Research
Hugo’s Way is an unregulated offshore Forex broker. While they are unregulated, they still offer many major markets for their traders to use, along with a variety of tools and features. Is Hugo’s Way the way for you? Read our review to discover more.
About Hugo’s Way
Hugo’s Way is an offshore forex broker which was founded in 2017. They are based in the Seychelles. The broker, like some other forex broker reviews we have completed, are unregulated. This is quite common considering where they have chosen to base their operation.
Hugo’s Way still offers many major markets for potential traders to take advantage of, including all of the major forex currency pairs you would expect to see alongside numerous other markets which we will detail later.
Our Hugo’s Way forex broker review will attempt to cover every important aspect of the broker to help you make the best decision when choosing a top forex broker 2019.
Opening a Hugo’s Way demo account is a very fast and accessible process. To do so, all you need to do is complete some of your most basic personal information including an email address that you can verify when required. The process should take no more than 10 minutes to complete.
Opening a Hugo’s Way live account is a similarly pain-free task to accomplish. All you need to do is complete the basic information page and register your account profile together with verification for your identity and residence documents. This can all be completed online through uploading and should be completed relatively quickly.
The Hugo’s way minimum deposit in order to trade is $100. This funding can be completed by bank wire transfer, credit card, or cryptocurrency payment in the form of Bitcoin.
Availability and Ease of Opening
Trading with Hugo’s Way is made more flexible thanks to their offshore location in the Seychelles. This means that even traders from the USA and Canada can be accepted to trade according to the broker support team.
Some areas do remain restricted though. Those countries are as follows:
Cuba, Democratic Republic of Congo(Republic of Zaire), Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, and Zimbabwe.
Once you have passed that point you will find that Hugo’s Way offers one standard account type for trading to all users. This is similar in nature to some other major brokers like AvaTrade who generally try to stick with offering one type of standard account. This account however, should cater ideally or all of your trading requirements with the host of markets which are made available.
Hugo’s Way Product Offerings
Trading at Hugo’s Way you can look forward to a vast range of markets being available for trading. These include the following:
- 28 Forex Currency Pairs (Major, Minor & Exotic)
- 31 Forex/Crypto Pairs
- 75+ CFD Markets across Stocks, Commodities, Metals, Futures, and Indexes.
This wide selection of markets will be made available to satisfy your trading requirements and all through the medium of the trusted, longstanding MT4 trading platform.
Commissions and Fees
Hugo’s Way charges a minimal commission on trades. This commission is $5 per 100,000 currency unit lot traded.
In terms of other fees, deposits and withdrawals are largely fee free. The only deposit method which charges a fee is if you deposit via bank wire transfer. This will incur a $25 fee.
Hugo’s Way also charges no inactivity fee.
Hugo’s Way Platforms and Tools
Hugo’s Way is a Metatrader only broker. They offer trading through MT4 in desktop, webtrader, and mobile forms. When it comes to trading, Hugo’s Way also promotes the fact that they are a no dealing desk, ECN broker.
The desktop platform on offer at Hugo’s Way is the ever present Metatrader 4. Our Metatrader 4 review goes into great depth on the platform and all of its features is you are new to trading forex and wish to learn more it is a great place to start.
As you would expect from MT4, it delivers a robust and highly efficient performance, providing access to some of the most extensive range of charting tools in the business whilst ensuring hassle-free and fast order execution which is very user-friendly.
Mobile Trading Platform
The mobile trading platform provided by Hugo’s Way to assist your trading journey is MT4 mobile. As with the desktop platform, this provides one of the most comprehensive offerings in the industry.
Through MT4 mobile, you can access much of the same professional tools and indicators, benefiting from all of the key features and order execution while on the move.
A flexible and accessible mobile platform, you can access your MT4 mobile account with any broker through the same one application. You will also have access to live industry news and comprehensive data from the economic calendar provided.
Education and Research
Hugo’s Way do not have a specific education section or training academy like some other brokers. Besides this, there are some excellent places where you can study and learn more about forex trading and the industry. We have reviewed many forex education services which may be of great help in increasing your knowledge levels.
Hugo’s Way does provide a basic section which is periodically updated with some blog style news and research information if there are any major events within the industry. This is not particularly on the level of other top brokers though.
There are a few things which set Hugo’s Way apart from other brokers in the industry. The first is that they are very competitive in terms of the spread they offer and the wide range of cryptocurrency markets in which they are engaged. This helps to open up even more opportunities for potential traders.
Secondly, being based in the Seychelles and not being under the thumb of more stringent regulatory bodies such as CySEC allow Hugo’s Way to be more liberal when it comes to leverage. You will find maximum leverage extends up to 1:500 on some major markets. This can be great for high volume traders.
Hugo’s Way Customer Service
Hugo’s Way falls down slightly in this category as there is no phone support service offered. They more than make up for it with the hard work and good attitude shown by their email and website live chat based support team.
Both of these methods when tested responded quickly and with relevant, helpful answers to the questions posed.
Hugo’s Way further facilitates positive customer support with the provision of an extensive FAQ section on their website which can prove very helpful.
This is an area which some traders may have reservations when dealing with Hugo’s Way. This primarily comes from the fact that they are based offshore and unregulated.
Typically, traders are advised to, and prefer to choose brokers who are well-regulated by respected financial bodies. Therefore it has to be raised as a valid concern that Hugo’s Way lacks such regulation.
With that said, any dealings we experienced in carrying out this review painted a transparent and positive picture of the broker.
Overall there are many positive aspects to draw on from Hugo’s Way. These include the offering of MT4, a very well-known and loved trading platform in the industry, and a very wide range of markets in a relatively fee-friendly way. This hospitality is extended to the very positive and helpful customer support.
With that said, traders should remain mindful that although they may have the best of intentions and be set to rise in the industry as a top forex broker, Hugo’s Way are largely unregulated and very new to the sector in terms of brokers.
- They offer a very wide range of markets including an extensive choice of crypto markets.
- Flexible leverage of up to 1:500 on major markets.
- A reasonable minimum deposit of $100 and minimal other fees.
- Very new to the industry, they have only been operating since 2017.
- Unregulated. This may cause concern with many traders.
- No telephone support information provided.
- Very limited educational and research information is provided.