Hugo's Way Review 2024

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Written By
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Written By
Tobias Robinson
Tobias is a partner at, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Fact Checked By
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

1.5 / 5
Hugo's Way is #15 in our CFD broker rankings.
CFDs, Forex, Stocks, Cryptos, Futures, Commodities
Bitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard


  • Experienced traders will appreciate the generous leverage up to 1:500 with no trading restrictions on strategies
  • I'm pleased with the low minimum deposit requirement of $10 (equivalent in BTC), which ideal for novice investors or those on a budget
  • I was glad to see the MT4 platform with flexible desktop, web and mobile access, plus an unlimited demo account for those who want to practice strategies continuously


  • I would urge traders to be cautious since Hugo's Way is an unregulated brand, registered offshore in the Seychelles
  • There are also no additional trading tools such as VPS or copy trading for those looking to broaden their trading experience
  • I find the overall market offering is very uncompetitive compared to other brands, with only 160+ assets on offer

Hugo's Way Review

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 2024 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.

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.

Top 3 Alternatives to Hugo’s Way

Compare Hugo’s Way with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

Hugo’s Way Comparison Table

Compare Hugo’s Way With Similar Brokers
Hugo’s Way IG Interactive Brokers World Forex
Rating 1.5 4.4 4.3 4
Markets CFDs, Forex, Stocks, Cryptos, Futures, Commodities CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $10 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Bonus 100% Deposit Bonus
Education No Yes Yes No
Platforms MT4 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:500 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 5 6 6 10
Visit Visit Visit Visit Visit
Review IG
Interactive Brokers
World Forex

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 Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes No Yes
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver No Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures Yes Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index Yes Yes No No

Hugo’s Way vs Other Brokers

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


The most popular Hugo’s Way comparisons:

  1. OspreyFX vs Hugo’s Way

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