Hugosway Review 2023 – Is It A Licensed Offshore Broker?

As a broker on the market since 2020, HugosWay didn’t earn a good reputation. As an offshore entity, they are suspicious by default. That’s why the FSA regulator from St. Vincent and Grenadines (SVG) is guiding brokers to look for licenses from other countries. Primarily where they operate.

Besides this, the broker offers some questionable activities that are already violating many rules. Above all, reviews are another topic where almost 60% of clients had issues with this broker. Keep reading this HugosWay review to see why.

Also, remember the names of the SimpleFX, EagleFx and Kot4x trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

HugosWay Is Not a Reputable Firm?

Since SVG doesn’t provide licenses for forex companies, we need to look somewhere else. For a reputable firm, we can only take ones with Tier 1 regulations. Those are FCA, BaFin and ASIC. These have very strict requirements, and not just the amount of money that you pay to get a license.

With this in mind, we checked their register to try to find the HugosWay trading company. Sadly, we couldn’t find any trace of this broker there. The first sign that this is all an investment scam. If they don’t have regulations, nobody controls their activities. Therefore, anything presented by the broker is under question.

Optimistic approach vanished since HugosWay is not regulated. Besides MT4 availability, there are no other benefits for traders with this broker. 

Trading Platform and Other Apps on HugosWay

On the positive side, HugosWay broker offers Meta Trader 4 as a trading platform. Key features of MT4 are advanced indicators, EAs and order placement tools. These all combined provide you with a secure environment for trading. Moreover, it is available for all mobile devices. 

However, brokers like HugosWay use these trusted platforms to make clients believe that their business is legitimate. Don’t fall for those tricks. Because no platform can make difference if the broker is not licensed. A platform is just software, but your money is not in software. It’s in a bank account owned by the broker.

HugosWay’s Trading Assets and Instruments

To point out, HugosWay broker covers all crucial asset classes. Traders have a variety of options to choose from. Those are:

• Forex                        AUD/CAD, USD/NZD, EUR/CZK
• Commodities         Gold, Silver, Platinum
• Indices                      AU200, FRA40, ESP35
• Shares                      Alibaba, Bayer, FedEx
• Cryptocurrencies        ADA, IOTA, TRX

With leverage up to 1:500, just have in mind that volatile assets are very dangerous for trading. The slightest swing in the asset price can wipe your account off.

HugosWay Broker’s Locations 

Based on some HugosWay reviews, we can say they are mainly scamming traders from:

• United States
• Canada
• Mexico
• Nigeria
• United Kingdom

Even though many of these countries have strict regulations, HugosWay broker doesn’t bother. They are freshly created offshore broker and it’s a matter of time before regulators will expose them.

HugosWay List of Account Types 

HugosWay broker doesn’t offer standard separation through account types. For some traders, this is not attractive to deposit more money. Simply, because you don’t get any financial benefits from that. 

The minimum deposit requirement is $10 and you can open only STP/ECN account. On the positive side, this allows you to get a tighter spread on many assets.

Can a Trader Use a Demo Account?

Even though, the HugosWay broker has a small minimum deposit requirement, they provide a demo account as well. Traders that don’t want to invest anything before testing out, you are free to do so.

Registering through an MT4 terminal, you can choose whether you are opening a live or a demo account. You will like the MT4 platform for sure, but opening a real account with a non-licensed broker is rather a bad move.

About HugosWay Terms and Conditions

 As for funding methods, traders can choose from:

• Credit/debit card
• Bank transfer
• E-payments
• Crypto wallet transfer

Before you gain trust in a broker, it is good to use trusted payment methods. Especially, debit/credit cards. In the case that something goes wrong, you can always request a chargeback. With HugosWay broker, this is the most realistic option.

Important to realize is that broker charges extremely high fees. To keep your spreads low through liquidity providers, you need to pay $5. On a round turn, it is $10. And that’s another way how the broker makes money.

Besides that, they run an affiliate program that looks like a classic MLM scheme. This is a friends-bring-friends program where you get paid for every client you bring. Don’t go for that because you won’t get any benefits. Moreover, you might ruin someone else’s life as well with this scam broker.

Leverage, Spreads and Fees

The leverage that goes up to 1:500 is already violating all possible rules. As it can go to your advantage, it can go against you. With competitive spreads from 0.9 pips, clients might think that it is a good offer. But you never know when spreads will become higher. Moreover, they charge fees for those ECN services.

Since HugosWay broker is not regulated, don’t be surprised if you hear about additional fees along the way. Scam brokers tend to make up things to extort as much money from their clients.

Scammed by a HugosWay Broker? – We Want To Hear Your Story

Many people got caught in this offshore fraud. Let us know what was your experience with them. Even if you lost money, not all hope is lost. Our specialized fund recovery team is there to advise you on your first step through a chargeback!

What Is the Chargeback Procedure?

Depending on the funding method, there are various procedures. Many of those are time-limited. Especially chargeback for the usage of a debit/credit card. Our expert team can build you a strategy to recover your lost funds.

On the contrary, if the transfer was made with crypto, it will be much harder. Luckily, our team has access to an advanced tool – CipherTrace to solve that problem as well. Get in touch today and book your free consultation!