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Hugo's Way Review - Is it scam or safe?

Hugo's Way Review - is hugosway.com scam or good forex broker?

RATING: 1.5 / 6 REVIEWS ForexBrokerz Hugo's Way
Hugo's Way is an offshore broker. Your money is not safe.

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 Trading Accounts

 

Account type Minimum deposit  Maximum leverage Spread
Standard Unknown 1:500 Average of 0.7 pips + $5 commission per lot

 

Hugo’s Way is a new competitor in the social trading sphere. The space is fairly crowded with services like MyFxBook’s Autotrade, Zulutrade and eToro. That being said, Hugo’s way is still in “beta” - the company is not fully operational and we will have to update this review in the future.

 

The Company. Security of Funds

 

Company Country Regulation
Hugo’s Way Ltd. Seychelles Applying

 

Hugo’s Way is registered on the Seychelles. The company claims they are applying for a license, but in the mean time they are still unregulated. If you decide to trade with them, you would be taking some risks.

 

An unregulated company can simply take your money and deliver any services. This is the reason why most countries have financial regulatory agencies. As an example, the Financial Conduct Authority (FCA) is the one in the United Kingdom. It enforces a lot of strict rules on brokers which fall under its oversight. They involve best execution policies, frequent reporting on the activity and most importantly several rules regarding the security of client funds. 

 

First and foremost, there is segregation of client accounts. This implies a FCA-regulated broker can’t freely access (and “borrow”) the investments made by its clients.  Furthermore, the Financial Services Compensation Scheme is in place. This is a system which guarantees traders’ funds in case their broker goes bankrupt. The coverage is limited to £50,000 per account.

 

Hugo’s Way is currently accepting applications from both investors and talented traders. If you have a solid track-record at a site like MyFxBook or FX Blue, you may apply, in order to get a chance at participating. There is no restriction on the use of automated strategies

 

If you are an investor, who wants some of the best traders to manage his money, on the other hand, you can also pre-register. In the mean time, you can check out other services, like eToro, the world’s largest social trading network. There some of the best traders in the world compete for investors’ attention. Here is a screenshot of the historical performance of one:

 

 

As you can see he has had pretty decent returns, although not all months are positive. He even took a break at the beginning of 2017. You can explore the entire list of traders by registering with eToro

 

Hugo’s way has revealed some of the conditions around its social trading platform. The traders who manage systems’ listed on the website will set their own performance fees. This means once you follow a system and it makes money, a portion of the profit will be transferred to the system’s owner. Some people prefer this model, when compared to MyFxBook’s way of doing things – the fees are generated by increasing the spread. Here is how the performance tracing at Hugo looks:

 

 

Trading Conditions

 

Minimum Initial Deposit

There is no information on the minimum initial deposit at Hugo’s Way. This is not often the case with forex brokers, as they usually inform clients bout as much as possible. For instance, the FCA-regulated broker FxPro, requires a $100 minimum investment. 

 

Keep in mind Hugo’s Way is a very new project and this may not yet be decided. 

 

Average spreads & Commissions

The costs of trading at Hugo’s Way are not yer revealed. This is not that surprising given the fact the company is “in beta”. However, they will most likely be a key component of the entire offering, alongside the reward of traders structure, which also isn’t yet announced. While we are waiting for the reveal, feel free to compare the spreads offered by some of the world’s top brokerages at our dedicated page

 

Leverage

The maximum leverage offered by Hugo’s Way is 1:500. This may seem like an absurdly high level, to those of you who are familiar with trading other asset classes. This is definitely not the case in the world of FX trading, as many companies provide such levels

 

Keep in mind, trading with high leverage can be very risky. Be sure to understand exactly how much you are risking per pip, before you place a trade.


Trading Platforms

 

Hugo’s Way offers social trading via MetaTrader4 (MT4). This is the most popular currency trading platform, which is provided by a lot of brokers. One of its major advantages is the automated trading environment, which allows trading with the so called Expert Advisors. We have reviewed some of the commercially available ones here

 

Other than that MT4 offers great charting and can easily run a lot of instruments without troubling the hardware substantially. Here is how the Hugo’s Way platform looks: 

 

 

 

Methods of Payment

 

The payment options at Hugo’s way include Wire Transfer, Credit/Debit Card, Skrill and Bitcoin. This is a good selection, and while the e-wallet is only one, it is amogst the most popular solutions for traders. 

 

Conclusion

 Hugo’s Way is a new project, trying to compete in the world of social trading. The company is currently applying for a license, but until they get it, we would advice proceeding with caution. That being said, trading conditions are relatively competitive. As far as the social trading aspect goes, Hugo offers system providers the ability to set their performance fees, which is arguably the best business model. Here is a summary of the pros and cons of Hugo’s way:

 

Pros Cons
MetaTrader4 Platform Lack of regulation (currently)
Relatively competitive spreads  
Social trading fees based on performance  

 

 

Latest news about Hugo's Way
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Traders` reviews for Hugo's Way

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

sounds like a bunch of babyback BULLS****

sounds like you guys are all making excuses for being bad traders and not paying attention lol ive never once had a problem and i use hugosway on mt4 8-10 hours a day for over a year. i know its disappointing to lose money but making excuses and blaming others isnt the way to go lol nobody sneaks on your mt4 to manipulate your SL just to spite you. and the lady under me complaining about her credit card, you really think they stole your credit card to buy stuff online and looked you up on fb? no chances are someone you know did that. they have the most loose margin call regulations ive ever seen you can literally drag your account down to $1.00 before you get stomped out and the swap fees are also SUPER minimal, good lord you're crying over like $100 per lot and if you choose the right currency pairs then they actually pay YOU the swap fees. good lord. sounds like yall need to go back to babypips.com and stop making excuses because you sound crazyyyyyy

charles 09/24/2019

Retired

SCAM SCAM SCAM FRAUD FRAUD FRAUD I am way above the fact of being mad....let's say more IRRATE !! This company is mothing more than a complete scam !! They got ahold of my CC information and billed me for items I did not purchase !!!! I WAS FORCED TO DELETE MY CC !!!! I have received nothing but emails that keep telling me sorry for the delay in shipping and now finally an email that led to a tracking number shipping company that doesn't even exit. I have reported Hugo to my bank as a scam and a fraud. So beware !! They somehow got my information that was connected to my Instagram and Facebook account.
SCAM SCAM SCAM FRAUD FRAUD

Darla March 06/24/2019

Absolute scam stay away!

worst broker ever! They would tactically steal your money and give some BS reason!

Bismark 04/25/2019

Don't open an account with this broker

Blew three trades with a 20+ pip spread. They have had major server issues.
I've also heard very bad remarks about them from other traders.
Stay away- they're waiting for newbies who don't know better.

Monique Stephens 04/08/2019

Scammed by Hugosway SELLSTOP MUNIPULATED 18 pips, take profit & SL being hit at wrong price, used margin call inappropriately

This is the absolute worst Broker in the entire world, STAY AWAY, THEY WILL STEAL YOUR MONEY, AND CALL IT SLIPPAGE,I sent them the proof I had & and their response was "sorry there's nothing we can do about it", they manipulated my Sell Stop 18 pips lower then swung price to hit my stop loss. This isn't the first time this happened either, I saw my take profits inavertedly being missed and stop losses being hit 5 pips above where it was set to. They will widen spreads just to hit your stop loss, i posted the pics on this website https://www.forexpeacearmy.com/community/threads/scammed-by-hugosway-by-moving-sellstop-stop-loss-take-profit.59376/. I set my stop loss to break even all the time and end up 2 pips in the negative "go figure" pay attention to your account 9/10 times they are getting over on you too. They use margin call on traders who over margined to stop you out. Not to mention the swap fees are ridiculous, and they are not transparent about any of their fees, you will not find them anywhere on their website. Theres a reason this broker is located offshore & not FCA or CFTC approved, they are scam artists looking to nickel and dime their customers. They will also claim they can't find my name in the system after writing this review.

Cameron scott 03/06/2019

Was not able to act on my trade (close, stop loss, take profit), MT4 freezes frequently

Was not able to act on my trade (close, stop loss, take profit)
Multiple times I was not able to control and maneuver my trade. I had clear evidence showing that I was not able to (close my trade, put a stop loss, or a take profit

They manipulate their system so mt4 platform freezes you have to wait and your account will go in the negative because you can't close it and they will not refund. Hugo sells your entry and stops loss to the banks just like every other broker.

Manipulative broker to the maximum. occasionally on 3 separate pairs, it breached data and manipulated 200 pips and always hit my SL. I didn't catch what was going on until I compared live market data with other brokers.
Hugosway is a scam Broker and has seen that has random gaps. They are preying on US residents to steal their money. Somebody must report them to the FSA in Seychelles where they are registered.

Reg 02/27/2019

Glitch in system

I just had an issue with being taken out of trades that had not had even reached the price action that the acct history said that i was taken out at. I am only a beginner trader and cant afford to have my money just taken from me without being in a bad trade. I have never had anything bad to say in the short time that i have trading with Hugosway until toady. I will see how this situation is handled before i make my final decision about changing brokers..

Savanna Smith 02/05/2019

Hugosway is JAFX

Scam shop! The broker is JAFX in hugosway skin.. After being spanked by CFTC now they started this another entity to scam clients. Was trading btc on their mt4 and admist profits they did not let me close the sell orders
and i ended up erasing my profits. If i had the option , i would have added screenshots here to prove. sign up with both brokers to see for yourself.. stay away

Jackie 11/30/2018

Was not able to edit trade, nor close it

Hugosway started off very good for me, but then started to have glitches In their system. Multiple times I was not able to control, and maneuver my trade. I had clear evidence showing that I was not able to (close my trade, put a stop loss, or a take profit), I sent this to them and they basically sent me a video on how to trade? I have never had problems with hugosway, but keep in mind they are not regulated and they will take your money on there glitches... I watched a trade go negative 1,000 dollars, and was not able to do anything but watch it go up, as their system was basically frozen.

Trust me, be very careful of trading with them.. I was a new trader, and didn't know better. Shop around for real brokers, and avoid getting scammed...

Aldin 11/27/2018
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