Hugo’s Way Review 2023

Hugo's Way is #13 in our CFD broker rankings.

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.

Show All

Instruments	CFD, Forex, Crypto, Stocks, Futures
Demo Account	Yes
Min. Deposit	$50
Payment Methods	Bitcoin Payments Credit Card Mastercard Visa Wire Transfer
Min. Trade	0.01 lots
MetaTrader 4	Yes
MetaTrader 5	No
cTrader	No
OmniTrader	No
AlgoTrader	No
TradingView	No
Trading Central	No
Autochartist	No
eSignal	No
STP Account	Yes
ECN Account	Yes
DMA Account	No
MAM Account	No
PAMM Account	No
LAMM Account	Yes
Demat Account	No
Mobile Apps	iOS & Android
Margin Trading	Yes
Volatility Index	Yes
Spot Trading	No
Perpetual Swaps	No
ELWs	No
REITs	No
AI / Machine Learning	No
Robo Advisor	No
P2P Trading	No
Negative Balance Protection	No
VPS Hosting	No
Tournaments	No
Demo Competitions	No
Managed Accounts	No
Market Maker	No
Social Trading	No
Copy Trading	No
Islamic Account	No
Guaranteed Stop Loss	No
Stock Exchanges	Australian Securities Exchange Deutsche Boerse Euronext Japan Exchange Group New York Stock Exchange
Commodities	Gold Natural Gas
CFD Trading	Yes
CFD FTSE Spread	0.77
CFD GBPUSD Spread	1.2
CFD Oil Spread	0.87
CFD Leverage	1:500
Forex Trading	Hugo's Way supports CFD trading in 55 major, minor and exotic forex pairs on the industry-renowned MT4 trading platform.
Forex GBPUSD Spread	1.2
Forex EURUSD Spread	0.5
Forex EURGBP Spread	0.4
Forex Assets	55
Crypto Trading	Hugo's Way is a Bitcoin-based crypto exchange and CFD broker with a wide range of major and minor cryptocurrency crosses.
Crypto Spread	Variable
Crypto Lending	No
Crypto Staking	No
Crypto Mining	No
Crypto Auto Market Maker	No
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.

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.

Assets

Hugo’s Way 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)

Fees

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.

Leverage

• Forex & Metals 1:500
• Stock Indices: 1:200
• Energies: 1:100
• Cryptos: 1:100
• Stocks: 1:20

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.

Regulation

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.

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:

• 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.

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.

• Email Address: support@hugosway.com

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

• 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 Hugo’s Way

• 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.

FAQs

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. Forex.com – Forex.com 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 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.

Hugo’s Way vs Other Brokers

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

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