HugosWay is forex, crypto, and stockbroker based in St. Vincent and the Grenadines that offer MetaTrader 4 trading for clients in a range of countries. With a wide range of assets, the industry’s favorite commercial trading platform, and competitive leverage rates, the broker is becoming increasingly popular. This Hugo’s Way review in 2021 will cover everything you need to know, including prices, trading hours, regulations, assets, and more.
Since this is a very long and detailed review, please use the navigation below to get to the appropriate section.
HugosWay is unregulated forex, crypto, and stockbroker with headquarters located at an address in St. Vincent and the Grenadines. The broker is owned and operated by Hugo’s Way Ltd and has an estimated net worth of $800k.
It is a no-dealing desk (NDD) broker with only one account type. This connects you with over 50 banks and liquidity providers through STP/ECN execution. The broker has recently launched an additional server to enhance trading conditions, though it does not currently offer an Islamic account if you need an Islamic account you can check out XM since it offers one.
HugosWay Trading Platform
Hugo’s Way only offers its users one trading platform: MetaTrader 4 (MT4). This is one of the most popular platforms in the industry and offers traders an extensive range of charts and tools that can be used by beginners and professionals alike. MT4 has 30 technical indicators, such as Relative Strength Index (RSI) and Bollinger Bands, 9-time frames, 24 customizable graphical tools, several multiple order placement options, and a harmonic pattern scanner.
It is also possible to download MT4-compatible third-party expert advisors or trading bots. If you are training and setting up an EA, ensure you are calibrating it to Hugo’s Way’s server time, which is GMT+2 or GMT+3, depending on the time of year. You can view the server time zone on MT4 by clicking “Market Watch”.
You can log in to MT4 with your broker account from any location in the world. It is available to download as a desktop platform for Windows, Linux, and Mac or can be used as a web platform or mobile app on Android and iOS devices. You can also create a demo account before you sign up for a live account and browse and use the features without investing any real capital. Hugo’s Way does not offer PAMM (percentage allocation management module) accounts.
The broker offers CFDs on a wide range of securities, including:
- 55 forex pairs, including major, minor and exotic crosses.
- Over 100 shares from European and US markets, including Amazon, Apple, and Netflix
- Six precious metal pairs, including XAG/USD (gold), XAU/EUR, XAU/USD, and XPT/USD.
- Natural Gas, UKOil and USOil
- 11 indices, including NAS100, US30, FTSE100, and the Volatility 75 index (VIX)
- 31 cryptocurrency crosses, including Bitcoin (BTC), Ripple (XRP), and Dogecoin (DOGE)
HugosWay charges $5 per lot traded, with the commission fee adjusted based on the trade size selected. For example, if you make a trade with 0.5 lots, you will be charged $2.50.
When keeping a position open over midnight (server time), you will be charged a swap fee. The swap rates reflect the interest rate differentials between the two currencies of a pair. The rates will also be different for short and long positions. The formula to calculate swap fees with Hugo’s Way is:
Swap Fee = (Pip Value * Swap Rate * Number Of Nights) / 10
There are no withdrawal fees with Hugo’s Way, although there is a 5% fee for deposits using VLoad.
The HugosWay live spreads page has an automatic pip calculator where you can see the spreads of every security offered.
- Forex & Metals 1:500
- Stock Indices: 1:200
- Energies: 1:100
- Cryptos: 1:100
- Stocks: 1:20
Payment Methods offered by Hugosway
You can deposit to and withdraw from your HugosWay account directly using your Bitcoin wallet address or Vload. The minimum deposit with Bitcoin and credit/debit card is $50, there is no upper limit. Deposits with Vload can be as low as $10, though there is a 5% charge on all Vload deposits.
Withdrawals with Bitcoin and Vload have a minimum of $10 and there is no maximum withdrawal limit.
If you are funding your Hugo’s Way account using a credit/debit card or wire transfer, you will have to do so through a 3rd party platform. This platform is called Instacoins and allows you to purchase Bitcoin using your debit card, credit card, or wire transfer and send that Bitcoin directly to your Hugo’s Way account.
Instacoins charge their own rate for Bitcoin but this amount is refunded by Hugo’s Way. If you have deposited via Instacoins, you will need a Bitcoin wallet to withdraw. There is a fee of 0.0005 BTC for every transaction that goes through the Blockchain network. There are only a few bad reviews on Trustpilot about problems with the withdrawal system, but these seem to have been sorted out promptly.
To transfer funds to your trading account, select “Internal Transfer” on your Hugo’s Way dashboard. Select “Wallet to MT4” as the “transfer type”. Choose “Currency” and deposit into the MetaTrader account. Enter the amount to transfer. You will need to have sufficient funds in your Hugo’s Wallet before you can transfer. Once your funds have been sent to the Blockchain, the status of your payment will change from WAITING_APPROVAL to WAITING_CONFIRMATION.
Hugo’s Way Trading Hours
It is possible to trade on Hugo’s Way 24/7 from anywhere on the planet. If you want to get the edge when trading stocks, it is important to know when the trading hours and holiday hours for each stock market are relative to your own time zone. The NYSE in the United States is open Monday to Friday from 09:30 to 16:00 EST, whereas the London Stock Exchange is open from 08:00 to 16:00 GMT.
Is HugosWay Regulated?
Hugo’s Way is unregulated. However, they state they have been investigating different regulatory jurisdictions and intend to find the cover that suits their clients best. Lack of regulations means you a free to open a Hugo’s Way account whether you’re in the USA, Nigeria, Jamaica, or the UK. However, you will not be protected.
This does not mean HugosWay is not interested in security. The firm has a rigorous verification process to prove you are real which includes a KYC process and 2FA. You will need to have all the correct documents, including ID and bank statements, on hand to avoid a KYC verification error. To enable 2FA, you will need to download a 2FA app such as Authy. You can then enable 2FA in the settings tab of your dashboard. For authentication, use the app to scan the QR code on your screen or enter the code shown to you in the app. This app will act as the lock and key for your account.
Hugo’s Way reserves the right to restrict future access to all or some parts of the website and/or services for the Bahamas, Botswana, Burma, Cambodia, Congo, Cuba, Democratic Republic of Congo (DPRK), Democratic Republic of Congo (Republic of Zaire), Ethiopia, Ghana, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, United Kingdom, Vietnam, Yemen, Zimbabwe.
No countries in the ESMA are restricted by Hugo’s Way.
Hugo’s Way’s margin requirements are:
- Margin Call – 100%
- Stop Out level – 70%
If you reach 100%, you get a margin call and you will not be able to open any trades. If you reach below 70% Margin, a stop-out will occur and MT4 will start to close your open positions to prevent a negative balance.
HugosWay has an active live chat that we found to be extremely responsive and helpful. The website has a comprehensive list of FAQs and, for anything not found on there, the team behind the live chat will happily help.
If your Hugo’s Way account is regularly freezing, showing an “off quotes” error, or has a frozen or no connection, drop the live chat message. If you see an “invalid account” error, this is usually due to password or server selection. Make sure you have entered the trader password and not the investor password on MT4 if you want to make a trade. Check out the broker’s support section for more information on API and servers. The customer service team can also be contacted at the email address below, though no phone number is provided.
- Email Address: [email protected]
If you want to find out more about Hugo’s Way or learn about strategies like hedging and scalping, you can also browse through reputable websites such as TradingView or search for reviews on YouTube. Moreover, there are several books, PDFs, and news articles online that can help you.
Hugo FX Affiliate Program
It is possible to make money by becoming a Hugo’s Way referral partner through their affiliate program. Simply sign in to HugosWay and click on “refer a friend”. By referring your friends, you can earn up to $2 per lot traded by your referee. If your friends also refer their friends, their follower’s accounts will become sub-affiliates and you will earn from them too.
Pros Of HugosWay
- MT4 Platform: MetaTrader 4 is one of the most trusted CFD platforms on the market.
- Assets: Hugo’s Way has a comprehensive range of stocks, forex pairs, cryptos, indices, and commodities that would not leave many wanting for more.
- Leverage: Hugo’s Way offers some of the highest possible leverage options on the market. With leverage rates of up to 1:100 on the volatile crypto market, you could stand to see some dramatic price movements.
Cons Of HugosWay
- Unregulated: Although an unregulated broker may have its benefits, at the end of the day, you are not protected. Choosing a broker that is fully registered will mean that you are entitled to financial compensation should the broker do something wrong, dishonest, or go insolvent.
- High Commission: Some brokers will charge a commission of $3.50 per lot and others will only charge the spread. In this context, $5 per lot seems expensive, a trade of 100 lots will cost you $500.
- No Extra Features: Unlike other top brokers, Hugo’s Way does not offer any trading tools, analysis, or education content. While these are not for everyone, they are certainly useful for novices and beginners.
- Currency: Hugo’s Way carries out all its transactions with Bitcoin. This means you cannot have an account in GBP, USD, or ZAR. To deposit using fiat currency, you will need to use a third-party platform called Instacoins and convert your cash to Bitcoin.
Hugo’s Way Verdict
Hugo’s Way may be an unregulated broker but its dedication to security, with negative balance protection and segregated funds, is commendable. The list of assets is extensive, with a good range of financial markets hit, and the leverage rates are very competitive thanks to its lack of regulation. Despite this, the broker has quite high commission rates and lacks some extra features like educational content and fiat account currencies, which may make it less attractive to some less-experienced traders.
What Is Hugo’s Way?
Hugo’s Way is a broker that offers CFD trading on stocks, crypto, forex, and commodities on MetaTrader 4. Its impressive range of assets is coupled with high leverage rates, good customer service, and dedicated security, although the fees and additional features are somewhat lacking.
Is Hugo’s Way A Legit, Regulated Broker?
Hugo’s Way is an unregulated broker, although it claims to be looking for a regulation jurisdiction that suits its client base and it offers many of the client-focused features that financial watchdogs often require, like negative balance protection and segregated funds.
Is Hugo’s Way A Good Broker?
Hugo’s Way’s high leverage options, a wide range of assets, and functionality on the MT4 platform make it an attractive choice. However, traders should be aware of high commission costs and other charges, like swap fees. When comparing Hugo’s Way to alternative brokers such as EagleFX, XM, OctaFX, Deriv.com, HotForex, Exness, or Forex.com, keep in mind fees, platforms, deposits, and withdrawal procedures before you create an account.
Is Hugo’s Way An ECN Broker?
Hugo’s Way has one account type, which uses an ECN/STP brokerage model. This means that all orders are sent directly to the liquidity provider to be filled.
Does HugosWay Provide Tax Statements Or 1099?
Hugo’s Way users can use a trading report from MetaTrader to help manage their taxes. Within MetaTrader, click “Account History” to view your historical trade archive. Right-click and choose the required time frame for the tax period. Click on “Save as Detailed Report”.
Is Hugo’s Way A Market Maker?
No, Hugo’s Way is an ECN broker that connects users with over 50 banks and liquidity providers to fill market orders. See the list of market makers if that is what you are looking for.
Hugo’s Way accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Alternatives to Hugo’s Way
If you are looking for alternatives to Hugo’s Way we have compiled a list of the top 5 brokers that are similar to Hugo’s Way below. This list of brokers like Hugo’s Way is in order of similarity and only includes companies that accept traders from your location.
- AvaTrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada, and South Africa. AvaTrade is particularly strong in integration, including MT4
- IC Markets – Trade Forex on 0.0 pip spreads with the world’s leading True ECN forex broker – IC Markets.
- Pepperstone – Pepperstone offers CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities, and shares on MT4, MT5, and cTrader platforms.
- RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
- XM – XM is leading Forex, Stock, Cryptocurrency and CFD broker offering the MT4 & MT5 platforms.
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