Are you looking to buy and sell some foreign currency? Is everyone suggesting different Forex stockbrokers? It’s obvious that you don’t want to be scammed, and we will help you make sure that doesn’t happen. Here’s our new Hugo’s way Broker Review 2020. A broker that deals exclusively in trading Forex!
An amalgamation of the words, foreign and exchange, Forex is a great and safe way to earn money by buying, selling, and exchanging currencies. Foreign Exchange is the most liquid market out there, so you need a broker that is quick, efficient, and the most updated! The traders earn money in Forex by earning on the difference between the buying and selling points of currency. These markets are basically what help determine the prices of various currencies in the world. In this article, we will analyse the numbers of Hugo’s Way and help you come to a decision, so you can invest your money safely, without a worry in the world!
What is Hugo’s Way?
A fairly new competitor in the world of stockbrokers, Hugo’s Way is a Forex stockbroker. That is to say that they deal exclusively with Forex. Hugo’s Way was launched 2017 and it is headquarters is based in Providence Mahe, Seychelles. Since it’s a new company, it is not yet regulated or under any committee. It uses MT4 as its trading platform.
The question that comes to mind is what the MT4 is, and why it is important? MetaTrader 4 or MT4 is an online platform that was primarily developed for forex trading by MetaQuotes Software. The software was launched in 2005. MT4 is licensed to foreign exchange brokers who offer the software to their clients. MT4 allows trade in forex, commodities, and indices more effectively and efficiently.
Everything they offer
In the world of trade, it is necessary to choose a broker that has the most options for you to invest in. Since Hugo’s Way is a forex broker, it isn’t too surprising to know that they’re experts in that. but what else do they offer besides that?
Hugo’s Way offers its client 38 currency pairs to buy, sell, and exchange.
It allows you to trade in more than 30 cryptocurrencies, including but not limited to Litecoin and Bitcoin.
Contract for Difference
A contract for difference (CFD) is a contract between a trader and a bank, or spread-betting firm. Hugo’s Way FX offers you to trade and speculate on the prices of more than 125+ commodities. These include gold, silver, metals, stocks, stock indexes, oil, etc.
Considering how everything is done online, all companies must have a website that does not only have an attractive graphical interface but also is easy to use and access.
Hugo’s Way’s website, hugosway.com, fits every standard there is to be deemed as a proper website. Once you enter the homepage, the access bar is easily visible on top of the page, and has the following options for their users:
- About Us
- Live Spreads
- Web Trader
- Log In
- MT4 for Mac
If you scroll down slightly, you’ll find that the prices for all the services that they offer are very written in an easy to comprehend, concise manner. The website, in our opinion, isn’t per se informative. Primarily the “About Us” section could use some improving upon. It would be helpful for clientele if it had numbers to vouch for its reliability and/or success rate. Upon clicking upon Hugo’s Way Log In/Sign Up option, you’re asked to enter your information. If you have an account prior, you can go straight to trading. If not, you have to sign up. They, like most brokers out there, offer a demo account and a real account.
A demo account is for beginners or traders who want to check out the company’s services. It offers great insight into how the broker works and what tricks and techniques are better suited to their company.
A real account in the simplest words an account for traders who are ready to trade with the company.
Inside the realm of trading, a mobile app is necessary. Considering everything is digitalized its reasonable to have an app that stores all of your investments in one compact place. Not only does it make everything easier but it is also in a way, safer!
Hugo’s Way doesn’t have an app itself but they operate through the MT4 software. This software app is available for both Android and iOS users. Hugo’s Way emails a separate password for you to access your MT4 account. It also requires 2-factor authentication, which is a bonus.
What are the trading fees?
Obviously, from a real estate agent to a broker, everyone charges commission if you make a profit. So is the case with Hugo’s Way as well. As an investor, you’re looking that allow you to gain maximum return while having fewer deposit fees. Below listed is everything that we know about Hugo’s Way’s charges;
A spread is the price difference between where a trader may purchase or sell an underlying asset. Hugo’s Way has an average raw spread of 0.07 pips.
This is the fixed amount of price that will go to the broker if a deal is positive. Hugo’s Way charges a commission of USD 5 for every return.
To allow trading, every site has a limit that you need to deposit. For Hugo’s Way, that limit is USD 100.
If you don’t log in to your Hugo’s Way account for 60 days, you will be charged USD 15 per month of inactivity.
Deposit and Withdrawal Methods
You can deposit or withdraw your money into and from your account through the following 4 methods:
- Bank Wire
What do the customers think?
It is necessary to read reviews about a broker for your satisfaction. Although, it is important to keep in mind that these reviews don’t need to be made by actual clients or by competitors who want to malign their competition.
The majority of the reviews on various forums regarding this program were negative. Many reviewers were unpleased with the sheer complication of the process of depositing as well as withdrawing money. They say that not only was the process time-consuming, but it was also hectic.
Most of the reviewers also have frequently complained about their money being taken from them unjustifiably. They call the entire organisation a huge scam! They claimed that their trades were stopped without a reason and or warning. According to some reviews, hidden swap charges were also charged. Raising the entire expense to a high amount as compared to the initial $5.
Others complained that the buying prices for commodities like oil were higher on Hugo’s Way as compared to other brokers. On the contrary, the positive reviews were highly pleased with their customer service. They claim that Hugo’s Way was quick to respond to their queries. Other positive reviews highlighted their low spreads, saying that it made the entire dealing for them more profitable.
Can I trade from my location?
You can’t trade through an offshore trader if they are restricted in your country. Hugo’s Way is restricted in the following countries:
- North Korea
Is it safe or just another scam?
Although the website for this broker seems at a glance to be quite authentic, that is not the only guarantee you need before investing your money. It is required for every broker to be under the regulation of a body. Since Hugo’s Way is a comparatively new company, it is not regulated by any government’s financial regulator. This is a red flag of sorts as if you are to undergo an issue or a scam, there will be no upper body regulating or recognizing the actions of the broker. According to their terms and conditions page, we quote:
The customer also hereby confirms that these funds are free of any liens or debts, are clean and non-criminal in origin and do not originate from the United States of America or any country on the Office of Foreign Assets Control (OFAC) List.
This means that any funds should NOT be transferred to this broker from America, as its risky.
Many people have lauded their exceptional customer services. According to them, they gave solutions and gave quick replies.
In this review, we’ve given you honest observations about Hugo’s Way. Each aspect of this company has been analysed with great scrutiny to provide the most useful information possible. We’ve also made sure to include experiences of the clientele that has traded with Hugo’s Way before. Whether you’re an experienced trader or just a beginner looking for a new platform, we’ve made sure that this article speaks out to you. In our opinion, you should not trade with this company. The primary reason being the lack of an official regulator. The risk of being scammed is a little too high. That might not be the case in the future though, as they claim that they are currently in the process of getting themselves licensed. Ultimately, the decision lies in your hands, we are just here to inform. Wait a little longer until Hugo’s Way is able to play with the big boys in the world of investment. We advise you to take a look at our eToro broker review instead.