Hugo’s Way Review 2023

Hugo's Way is #13 in our CFD broker rankings.
Flag Traders in United States welcome

Hugo's Way is an unregulated forex, crypto and CFD broker with MT4 access and impressive assets, leverage rates and security measures.

InstrumentsCFD, Forex, Crypto, Stocks, Futures
Demo AccountYes
Min. Deposit$50
Payment Methods
Min. Trade0.01 lots
MetaTrader 4Yes
MetaTrader 5No
Trading CentralNo
STP AccountYes
ECN AccountYes
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountYes
Demat AccountNo
Mobile AppsiOS & Android
Margin TradingYes
Volatility IndexYes
Spot TradingNo
Perpetual SwapsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Social TradingNo
Copy TradingNo
Islamic AccountNo
Guaranteed Stop LossNo
Stock Exchanges
  • Australian Securities Exchange
  • Deutsche Boerse
  • Euronext
  • Japan Exchange Group
  • New York Stock Exchange
  • Gold
  • Natural Gas
CFD TradingYes
CFD FTSE Spread0.77
CFD GBPUSD Spread1.2
CFD Oil Spread0.87
CFD Leverage1:500
Forex TradingHugo's Way supports CFD trading in 55 major, minor and exotic forex pairs on the industry-renowned MT4 trading platform.
Forex GBPUSD Spread1.2
Forex EURUSD Spread0.5
Forex EURGBP Spread0.4
Forex Assets55
Crypto TradingHugo's Way is a Bitcoin-based crypto exchange and CFD broker with a wide range of major and minor cryptocurrency crosses.
Crypto SpreadVariable
Crypto LendingNo
Crypto StakingNo
Crypto MiningNo
Crypto Auto Market MakerNo
Crypto Coins
  • BCH
  • BIT
  • BTC
  • DASH
  • DOGE
  • EDO
  • EOS
  • ETC
  • ETH
  • ETP
  • IOST
  • IOTA
  • LTC
  • NEO
  • OMG
  • QTUM
  • SAN
  • TRX
  • USDT
  • XMR
  • XRP
  • ZEC
Risk Warning – Your capital is at risk

Hugo’s Way is a forex, crypto and stockbroker based in St. Vincent and the Grenadines that offers MetaTrader 4 trading for clients in a range of countries. With a wide range of assets, the industry’s favourite commercial trading platform and competitive leverage rates, the broker is becoming increasingly popular. This Hugo’s Way review in 2023 will cover everything you need to know, including prices, trading hours, regulation, assets and more.

Hugo’s Way Headlines

Hugo’s Way is an 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.Hugo's Way forex and CFD broker

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 customisable 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 login 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 to 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.


Hugo’s Way offers CFDs on a wide range of securities, including:


Hugo’s Way charges $5 per lot traded, with the commission fee is 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 Hugo’s Way live spreads page has an automatic pip calculator where you can see the spreads of every security offered.


Payment Methods

You can deposit to and withdraw from your Hugo’s Way 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 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 is 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.


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 Hugo’s Way are 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 2021 Broker Review And Login Guide

Restricted Countries

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.

Margin Requirements

Hugo’s Way’s margin requirements are:

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.

Customer Support

Hugo’s Way 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 a 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.

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 making money by becoming a Hugo’s Way referral partner through their affiliate program. Simply sign in to Hugo FX 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 Hugo’s Way

Cons Of Hugo’s Way

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 couple 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, 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, Trader’s Way, OspreyFXFXChoice or KOT4X, keep in mind fees, platforms and deposit 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 Hugo’s Way Provide Tax Statements Or A 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.

Accepted Countries

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.

Compare Hugo’s Way

Compare Hugo’s Way with similar brokers that accept traders from your location. Among available brokers these are the most similar to Hugo’s Way:

  1. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
  2. Just2Trade – Just2Trade offer high tech trading on stocks and options with some of the lowest prices in the industry.
  3. – boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
  4. Binarium – Binarium is an unregulated, global binary options broker with a range of financial markets, account types and base currencies on offer.

Hugo’s Way Comparison Table

Compare Hugo’s Way With Similar Brokers
Hugo’s Way IG Group Just2Trade Binarium
Rating 4.4 3.5 4.5 2.6
Markets Forex, Stocks, Commodities, Crypto Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting Stocks, ADRs, ETFs, futures, options, commodities, bonds Forex, Stocks, Commodities, Crypto Forex, Stocks, Crypto
Demo Account Yes Yes Yes Yes Yes
Minimum Deposit $50 £250 $100 $100 $5
Minimum Trade 0.01 lots 0.1 lots 0.01 $1 $1
Bonus Up to $2,000 for professional accounts No
Education No Yes No Yes No
Platforms MT4 MT4, AutoChartist, TradingCentral MT4, MT5, TradingCentral MT4, TradingView, AutoChartist, TradingCentral
Leverage 1:500 1:30 1:5 to 1:20 1:200
Payment Methods 5 6 17 8 10
Review Hugo’s Way
IG Group

Compare Trading Instruments

Compare the markets and instruments offered by Hugo’s Way and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Hugo’s Way Trading Instruments
Hugo’s Way IG Group Just2Trade Binarium
CFD Yes Yes Yes Yes No
Forex Yes Yes Yes Yes Yes
Stocks Yes Yes Yes Yes Yes
Commodities Yes Yes Yes Yes No
Oil No Yes Yes Yes No
Gold Yes Yes Yes Yes No
Copper No Yes No No No
Silver No Yes Yes Yes No
Corn No No No No No
Crypto Yes Yes Yes Yes Yes
Futures Yes Yes Yes Yes No
Options No Yes Yes Yes No
ETFs No Yes Yes No No
Bonds No Yes Yes No No
Warrants No Yes No No No
Spreadbetting No Yes No No No
Volatility Index Yes Yes No No No

Hugo’s Way vs Other Brokers

Compare Hugo’s Way with any other broker by selecting the other broker below.

Hugo’s Way vs
Hugo's Way is an unregulated forex, crypto and CFD broker with MT4 access and impressive assets, leverage rates and security measures.