HugosWay is yet another online offshore brokerage that opened during the Covid-19 pandemic in an offshore country. Unfortunately, these kinds of brokers are rarely legit, and the only thing they see is an opportunity to make quick money by stealing clients’ funds.
Read our honest HugosWay review and check everything about the brokerage.
- But firstly, we want to invite you to read our recently updated TradedWell and AG Markets scam broker reviews. Your funds are in danger with them!
|Broker Status:||Unregulated Offshore Broker|
|Regulated by:||Unlicensed Scam Broker|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Hugo’s Way Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Online Trading Platforms:||MT4, WebTrader|
|HugosWay Minimum Deposit:||$50|
|Broker Deposit Bonus:||Available through affiliate manager program|
|Crypto Assets:||BTC, ETH, XRP (34 cryptos)|
|Available Trading Assets:||Cryptocurrencies, Forex (FX), Commodities, Indices, Shares, Futures|
|Islamic Account:||Not Available|
|Free Demo Account:||Yes|
|Accepts US Clients:||US traders are accepted|
|Global Fraud Protection Experts’ Verdict:||Don’t Invest in This Scam Broker!|
Is HugosWay Safe? – The Importance of Broker Regulation
HugosWay or Hugo FX has all of the prerequisites to be a scam. Firstly, the brand owner Hugo’s Way Ltd is based in Saint Vincent and the Grenadines. Since this offshore country has a lousy regulator, FSA, that redirects brokers to opt for a license in the country of service, we did have to ask if HugosWay is regulated anywhere.
Besides, there’s a lot of opposite information on the website, and the broker offers affiliate MLM programs, a favorite scam tool of illicit companies.
What’s Wrong With the HugosWay License?
Moreover, after checking several Tier 1 registers such as the FCA, ASIC, and BaFin, we found no HugosWay regulation. This means the broker is unregulated and operates illegally. Beware of such companies and never invest your money since you have no guarantees that you will withdraw any profit.
HugosWay Login Problems – One Of The Signs Of A Scam
Since offshore companies are based there for a reason, almost none of them intend to pay out clients after they make a profit. There are several ways these brokerages can block your funds. For example, an account manager could give you lousy advice on purpose, and your funds might be lost. Also, you might discover your account access has been blocked. Besides, you might experience login issues.
So, according to HugoFX reviews, clients cannot log in to their accounts after submitting a withdrawal request. You could see an error, wrong email or password, invalid email, etc., but the outcome is the same – HugosWay login is impossible.
If you experience something similar and cannot log in for more than a couple of hours, contact us immediately.
Negative HugosWay Reviews – The Truth About Forex Broker
According to one of the most significant websites for reviews, Trustpilot, Hugosway is rated as poor. Of course, we’ve checked what kind of issues traders are experiencing and why they consider HugoFX as an inadequate broker.
On Wednesday morning (June 3rd, 2020) I was up early in the morning and my last trade had closed out at around 5am. I checked over everything one last time at about 7:30am. I woke up from a nap at 8:30am and there was a Gold trade that had been entered with a 2.0 lot. Two trades to be exact. Neither of them were executed by me. And the trades lost $2344 of my $2740.94 balance.
A 2.0 sized lot is totally inconsistent of my risk history especially being a Gold trade. I have no idea why this was able to happen without my authorization but these trades were not my doing. This broker ran with my money and basically told me they won’t do anything when i reached out for support. If they decide to take care of this issue I will remove this review but until then, this will stay here as a warning.Scam Victim
Beware of the HugosWay trading scam and notify us if you notice any trades you haven’t opened yourself.
HugosWay Trading Platform Review – Trading Software
By the way, there are two options regarding the Hugo FX trading platform:
- Web Trader
Depending on your preferences, you can choose to have an MT4 app for Windows, Mac, or mobile devices. On the other hand, if you want to use something more simple, however less secure, you can try the company’s web trader.
Again, HugosWay provides an MT4 WebTrader for all the clients who would not like to bother with an app installation and prefer to do everything online. This web trader should be connected to a trading account to function. However, it’s less secure than the MT4 app and has fewer charts and indicators.
About MetaTrader 4 Platform
For all those who love to enjoy the diversity of indicators, charts, order, and execution types, there’s an MT4 app. It can be downloaded for Windows and Mac devices and provides an option to view trading history and real-time prices. It’s the best platform industry offers and is highly recommended due to the increased security level.
HugosWay Mobile Trading
Besides the desktop trading platform, HugosWay provides MT4 for mobile devices as well. Additionally, the platform is available for iOS and Android and has a complete set of trading orders along with analytical and technical indicators.
As an unregulated brokerage, HugosWay is free to provide financial services in any country. Of course, without regulations or any security for your funds. Unlike many others, this broker offers its services in the USA and Canada. Along, we found reviews from Scandinavian countries, Italy, Spain, France, South Africa, Australia, New Zealand, and Singapore.
Here’s the list of restricted areas:
Bahamas, Botswana, Burma, Cambodia, Congo, Cuba, Democratic Republic of Congo, Democratic Republic of Congo, 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.
HugosWay Trading Instruments – What Can I Trade?
Here we come to the opposite information we’ve mentioned at the beginning of this HugosWay review. In every section of the website, there’s a different number of available trading assets. However, here’s a list we were able to put together:
- 55 currency pairs – majors, minors, and crosses
- 64 global stocks
- 34 cryptocurrencies
- 6 commodities – metals and energies
- 5 indices – UK, EU, US, and Asian
- 2 futures
AIso, if you want to start trading, HugosWay’s minimum deposit is $50. It can be made only via cryptocurrencies, which is highly risky, and you should avoid it. Yes, you can use your credit card or make a wire transfer through a third-party platform and then transfer crypto to HugosWay, which is unacceptable since you cannot track a transaction in case of fraud.
HugosWay Affiliate Program – Echoes of MLM Scam
Moreover, HugoFX broker offers commissions for all those who act as their affiliates and bring new clients. Allegedly, the company provides weekly payouts to anyone willing to bring a friend or a family member. If this sounds familiar, just remember the good old Ponzi scheme or multi-level marketing.
Do not trust such scams and do not think you will have any commission. Instead, you might get some money that your friend invested and lost. Don’t fall for the HugosWay forex scam.
Scammed By HugosWay Broker? – Talk To Our Experts Today!
Finally, suppose you were involved with the broker, a high chance you have been scammed by HugosWay. Global Fraud Protection received numerous complaints from HugoFX victims and helped them file a dispute.
In case you recognize yourself in our story, cannot access your account, cannot withdraw funds, or similar, contact us via online chat. Book your free consultation and let our experts help you with the chargeback procedure. Let’s get your money back before it’s too late!
Don’t Let the Scammers Go Away for Free!
What Is HugosWay, And Should I Invest Money In It?
Basically, this is an unregulated offshore trading brokerage you shouldn’t invest with.
What Products Does HugosWay Offer?
HugosWay offers trading with currency pairs, commodities, indices, stocks, cryptocurrencies, and futures.
Does HugosWay Have a Downloadable Mobile App?
Yes, HugosWay offers an MT4 platform as an app for Android and iOS devices.
Are My Funds Safe With HugosWay?
Since we are talking about an unregulated offshore broker, your funds are not safe with HugosWay.