Hugo’s Way Review

Minimum Deposit: $10 VISIT BROKER
Trading leveraged products such as Forex and Cryptos may not be suitable for all investors as they carry a degree of risk to your capital.

Hugo’s Way Review

Summary

Established in 2017, Hugo’s Way is an online trading broker that is based in Kingstown, Saint Vincent, and the Grenadines. The broker ensures the ease of trading various investment products across several asset classes, such as forex, cryptocurrencies, metals, indices, stocks, futures, and energies. They provide traders with the intuitive MT4 trading platform, which is available in desktop, web, and mobile versions.

The broker operates the ECN/STP execution model to offer instant access to the interbank markets. This means that the broker does not manipulate trades and operates with no dealing desk (NDD) model. Hence, Hugo’s Way utilizes the Straight Through Processing (STP) execution model to process all client orders without a dealing desk intervention. Hugo’s Way has deep liquidity from top liquidity providers, ensuring the availability of competitive trading conditions. They offer various learning resources and a knowledgeable client support team who can be reached via various contact channels. The minimum deposit required to start trading is $10.

7.7Expert Score
Hugo’s Way Rating

Trade Forex, Cryptos and Stocks with a true ECN Broker. Hugo’s Way offers a new level of trading and is able to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with true ECN connectivity.

Investment Products
7.5
Commissions and Fees
7.5
Platforms and Tools
8
Research and Education
7
Deposit and Withdrawal
8.5

Hugo’s Way Review

Pros and Cons

Although strict regulatory policies are absent, the broker still deserves a thumbs up for many reasons. They operate as a true ECN/STP broker and offer a good selection of more than 150 investment products for trading on the popular MT4 trading platform. They offer competitive trading conditions, such as tight spreads, rapid trade execution speeds, and convenient account funding options. The broker allows all trading strategies, including scalping, news trading, and hedging. There are various educational resources and a responsive client support team to assist traders. All trades are executed on the broker’s ECN trading environment.

Positives
  • More than 150 financial instruments across different classes
  • A minimum deposit of $10
  • Low spreads
  • Speedy trade execution
  • Free deposits and withdrawals
  • Accepts various trading styles: scalping, hedging, expert advisors, and news trading
  • A demo account is present
  • Intuitive MT4 trading platform in desktop, web, and mobile versions
  • Responsive client support team
  • No inactivity fees
  • Crypto trading and funding
Negatives
  • Lack of regulation
  • The telephone support channel is absent
  • Limited educational resources
  • No Islamic accounts

Hugo’s Way Review

Investment Products

The broker provides traders with a good selection of over 150 investment products. These trading products are available across various asset classes, such as forex, cryptocurrencies, metals, indices, stocks, futures, and energies.

Specifically, you would find a selection of 7 major forex pairs, 21 forex crosses, and 27 forex exotics at Hugo’s Way. In addition, there are about 31 crypto assets, six metals, 11 indices, 63 stocks, one future asset, and three energy instruments. Therefore, there is a good choice of trading assets for everyone. The broker is always expanding their offering and adding new instruments according to what traders demand.

Hugo’s Way Instruments Summary

InstrumentsHugo’s Way
Forex
Stocks
Indices
Commodities
Cryptos
Optionsx
Bondsx
ETFsx
CFDs
Hugo’s Way Instruments

Hugo’s Way Review

Commission and Fees

Commission and Spread Fees

Commission and spreads are some of the common fees you will encounter when trading in the financial markets. While commissions are small transaction fees, spreads are the difference between the buy and the sell price.

At Hugo’s Way, traders enjoy low spreads starting from 0 pips. They operate as an ECN/STP broker, which means they get prices directly from the liquidity providers (LPs). Trades are therefore executed at the best bid/ask prices currently available from the liquidity providers.

However, Hugo’s Way charges a commission fee of $5 per 1 trading lot. A commission fee of $5 per side can be expressed as $10 per round turn. And the commission fees can vary depending on the volume you are trading. For instance:

  • For a 1 Standard Lot trade (100,000 units), traders will pay a $10 commission to open and close a trading position;
  • For a 1 Mini Lot trade (10,000 units), traders will pay a $1.0 commission to open and close a position; and
  • For a 1 Micro Lot trade (1,000 units), traders will pay a $0.1 commission to open and close the position.

Overall, the commission fee of $10 per round at Hugo’s Way is quite high, especially compared with its competitors like IC Markets and IG.

FeeECN/STP Account
Commission (per standard lot per side)$5
Spreads from0.0
Hugo’s Way Fees

Deposit and Withdrawal Fees

Hugo’s Way does not charge any fees for account deposits and withdrawals. However, some third-party payment providers may charge small fees for deposits and withdrawals. These fees may vary depending on the payment method in use.

Inactivity Fees

Unlike some brokers that charge account maintenance fees on dormant accounts, Hugo’s Way does not charge any inactivity fees. This means that traders do not worry about facing exorbitant fees for leaving their accounts inactive for a few months.

Hugos Way Brokerage Model

Hugo’s Way Review

Platforms and Tools

MetaTrader 4

At Hugo’s Way, all trading activities are carried out using the MT4 trading platform. It is a popular trading platform that was introduced in 2005 by the Russian software company known as MetaQuotes. The platform has since grown to become one of the choicest trading platforms among forex and CFD traders.

The MT4 is packed with useful trading tools to help traders get an enhanced trading experience. Some of the exciting features of the MT4 trading platform include one-click trading, multiple timeframes, various technical indicators, and more. The platform is designed with an intuitive interface, making it ideal for all levels of traders. Also, it is fully customizable, and as such, traders can set the platform to suit their individual trading needs.

MT4 has an abundance of implemented trading tools that enables quick and easy market analysis across multiple chart types and timeframes. With the various indicators, you can see what instruments are trending up or down, while trades can be entered and exited at the click of a button. It supports demo accounts if you wish to practice trading online and familiarise yourself with the platform.

The MT4 trading platform is available as a desktop application for Windows and Mac computers, web trader, and a mobile app that is compatible with Android and iOS devices and can be downloaded from the respective app stores. The web version of the MT4 runs directly on modern web browsers, such as Chrome, Safari, Edge, and Firefox, without needing to download or install any additional software. The mobile app is best suited for traders who wish to place trades and check trading positions while on the go as long as there is an internet connection. 

Platform features

  • Multiple order types — market orders, pending orders, and stop orders.
  • Support for one-click trading
  • Multiple charts
  • Technical analysis on the charts with hundreds of indicators to choose from.
  • Nine different timeframes.
  • Thirty inbuilt indicators and analytical tools.
  • Alert notifications
  • Trade automation using expert advisors
  • Allows strategy back testing
  • From the MetaTrader market, traders can buy indicators, EAs, signals, VPS services, and apps to enhance the MT4.
  • Built-in MQL4 programming interface for creating custom indicators, scripts, expert advisors
  • Built-in educational resources
  • Support for demo accounts
  • Available in multiple languages.
  • Available on desktop, web, and mobile platforms
  • Live quotes that can be customized to display and monitor the trader’s favourite instruments.
  • Drawing tools
  • View live account balances and order history.
  • Set push alert notifications.
  • Support for hedging, scalping, and other trading styles.
Hugos Way Platforms
Hugos Way Platforms

Hugo’s Way Platforms Summary

Platform Hugo’s Way
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)x
cTraderx
Proprietaryx
Desktop
Web
Mobile
Social Tradingx
Other x
Hugo’s Way Platforms

Hugo’s Way Review

Research and Education

Insights

The “Insight” section opens up a web page containing various educational resources to help traders make knowledgeable trading decisions. It contains various trading guides and a selection of essential site information, such as projected downtime, site updates, and more. These learning resources are imperative for traders with limited knowledge of trading in the financial markets. The trading guides cover how to purchase Bitcoin, how to make deposits and withdrawals to and from your Hugo’s Way trading account, and more. There are also information sheets on what Forex is, all about Cryptocurrencies, how to start your trading journey, and much more.

Hugos Way Mobile Apps
Hugos Way Mobile Apps

FAQ

Located at the bottom of the broker’s website, the FAQs section is a comprehensive list of traders’ most common questions and their corresponding detailed answers. Hugo’s Way provides traders with a detailed FAQ section covering various topics, including getting started, account management, deposits/withdrawals, trading conditions, security of funds, MetaTrader 4, and company info.

Hugo’s Way Research and Education Summary

Resources Hugo’s Way
Market Analysis
Guides
Videos
Webinarsx
Autochartistx
Trading Centralx
Economic Calendarx
Otherx
Hugo’s Way Resources

Hugo’s Way Review

Deposit and Withdrawal

Account deposit and withdrawal processes at Hugo’s Way are mostly seamless. Every client is offered wallets in USD, EUR, GBP, CAD, AUD, and BTC. Money can be transferred from wallet to wallet, from wallet to MT4 account, and vice versa. Bitcoin deposits are available to all clients upon registration. But, only verified clients can use other payment methods that are provided by Hugo’s Way.

To ensure the ease of making deposits and withdrawals to and from clients’ trading accounts, the broker makes available a good choice of various secure payment methods. It is important to ensure that your payment method is available in the base currency of your trading account to avoid incurring currency conversion fees.

You have to log into your Hugo’s Way account through your secure client portal to deposit or withdraw funds. In the Client Portal, you will select your preferred deposit or withdrawal method to carry out the transaction. The following payment methods are available at Hugo’s Way for account deposits and withdrawals: bank wire, credit cards, and various electronic payment processors. Traders should ensure that withdrawals are made using the same method they originally used to make their deposits.

The time taken to process transactions may vary depending on the payment method in use. For instance, bank wire transfers may take up to 1 to 3 days to be processed, while some e-wallet payments are instant and allow you to manage your funds in real-time. The minimum deposit amount is $10.

Hugos Way Funding
Hugos Way Funding

Hugo’s Way Funding Summary

Payment MethodDepositWithdrawal
Wire Transfer
Credit/debit Card
Electronic Wallets
Cryptosxx
Hugo’s Way Funding Options

Hugo’s Way Review

Regulation and Safety

There is no regulatory information on the broker’s website at the moment. The implication is that some protection is not available at the broker. Hugo’s Way states that they are taking the necessary steps and investigating different regulatory jurisdictions to ensure that clients have the best cover possible. Lack of regulation does mean that some of the limitations of regulated brokers are removed.

While Hugo’s Way is not regulated, it is important to note that their third-party payment providers are regulated. They require proof of address and identity to submit a deposit using a wire transfer or credit/debit card.

Two Factor Authentication (2FA) can be enabled with an authentication app like Authy, Microsoft Authenticator, or Google Authenticator. It can also be done via SMS for verified phone numbers. Hugo’s Way insists that 2FA adds extra security to clients’ accounts.

Hugo’s Way requires all registered clients to verify their accounts using ‘Know Your Customer procedures. Clients are mandated to upload a ‘proof of identity and a ‘proof of address.

Interestingly, the broker ensures the safety of its clients using a 256-bit Secure Socket Layer (SSL) encryption. This SSL technology encrypts all user data before transmission to the Hugo’s Way servers. That Way, internet fraudsters are deterred from attacking the network and victimizing clients.

Hugo’s Way Regulation Summary

Regulator Hugo’s Way
ASIC (Australia)x
IIROC (Canada)x
CySEC (Cyprus)x
SFC (Hong Kong)x
JFSA (Japan)x
MAS (Singapore)x
FINMA (Switzerland)x
FCA (UK)x
CFTC (USA)x
Otherx
Hugo’s Way Regulators

Hugo’s Way Safety

Operating since 2017, Hugo’s Way has a good level of experience in the financial markets. The broker implements various safety precautions for the overall safety of its clients.

Hugo’s Way mandates all clients to upload a ‘proof of identity and a ‘proof of address, and they also ensure the safety of their clients using a 256-bit Secure Socket Layer (SSL) encryption. This SSL technology encrypts all user data before transmission to the Hugo’s Way servers. That Way, internet fraudsters are deterred from attacking the network and victimizing clients.

The broker states that all deposits are kept in segregated fund accounts. Hence, all funds deposited by the broker’s clients are held either in the name of the client or in the name of Hugo’s Way for the client in an independent bank account. 

Also, during account creation, clients must provide proof of identification and proof of address to verify their Hugo’s Way account. This can include a passport, drives license, national identity card, utility bill, bank statement, and more. These strict verification processes add a layer of security to the broker.

Moreover, Hugo’s Way keeps segregated accounting records in their system to ensure that their funds and assets and client funds are tracked separately. Hence, at any time, the broker can quickly and accurately distinguish the funds held for one client from those held for another, as well as distinguish their funds. Client funds are kept off balance and never used to pay creditors.

Hugos Way Two Factor Authentication
Hugos Way Two Factor Authentication

Hugo’s Way Review

Client Support

The broker provides traders with a reliable support team who are available 24/7 to respond to clients’ general, technical, and account-based inquiries. The support team can be reached via email, call back form, support ticket, Live Chat, and social media.

Hugo’s Way Review

Conclusion

Overall, Hugo’s Way is an online broker that is headquartered in Kingstown, Saint Vincent, and the Grenadines. The broker provides traders with the MT4 trading platform, which is available on desktop, web, and mobile versions. The broker offers over 150 investment products for trading on the provided trading platform. The broker operates the straight-through processing execution model, which offers access to the interbank markets. The broker’s ECN connectivity helps to eliminate every conflict of interest. They offer various competitive trading conditions, such as tight spreads, various payment methods, fast trade execution speeds, minimal slippage, and more.

Hugo’s Way implements various security features — Know Your Customer protocols, two-factor authentication, Secured Socket Layer (SSL) encryption, and more — to ensure the optimal protection of clients’ funds. There are various educational resources, and their client support team can be reached through various contact channels. The minimum deposit required to start trading is $10.

Everything that you find on InvestingBrokers.com is based on information and data that is readily available from each broker that we have reviewed. We combine our 15+ years of industry experience with research, analysis and user feedback. This enables us to give an impartial and reliable broker rating. You can read more about our broker review process here.

Hugo’s Way Review

FAQs

When was Hugo’s Way founded?

Hugo’s Way was founded in 2017.

Where is Hugo’s Way located?

The broker is headquartered in Kingstown, Saint Vincent and the Grenadines.

Is Hugo’s Way regulated?

No. Hugo’s Way is not regulated by any known financial authority at the moment.

What trading instruments does Hugo’s Way offer?

Hugo’s Way offers a selection of 7 major forex pairs, 21 forex crosses, and 27 forex exotics at Hugo’s Way. In addition, there are about 31 crypto assets, 6 metals, 11 indices, 63 stocks, 1 future asset, and 3 energy instruments.

What is Hugo’s Way minimum deposit?

The minimum deposit required to start trading is $10.

What investing platforms does Hugo’s Way offer?

The broker provides traders with the MT4 trading platform, which is available in desktop, web, and mobile versions.

What is Hugo’s Way commission fee?

Hugo’s Way charges a commission fee of $5 per 1 trading lot, which can be expressed as $10 per round turn.

Does Hugo’s Way charge an inactivity fee?

No, the broker does not charge an inactivity fee.

What are Hugo’s Way spreads?

Hugo’s Way offers low spreads starting from 0.0 pips.

What funding options does Hugo’s Way offer?

The broker offers various funding options, including bank transfers, credit/debit cards, and online payment gateways.

Does Hugo’s Way offer demo trading?

Yes. Hugo’s Way offers a demo account for practice purposes.

Does Hugo’s Way offer Islamic accounts?

No. The broker does not offer Islamic accounts to Muslim traders.

How do I contact Hugo’s Way customer support?

The support team can be reached via email, call back form, Live Chat, and social media.
Hugo’s Way Review
Hugo’s Way Review
Minimum Deposit: $10
Richard Montana

Richard Montana

Richard has spent many years researching, testing, comparing and reviewing brokers. He has an extensive knowledge when it comes to understanding what to look for in a broker for trading and investing online.

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