HugoFX Reviews 2023 Is HugoFX Forex Broker Reliable?

hugo’s way offers

The seller asks to be paid via international money orders, checks, direct bank wires or cryptocurrency and will not accept any other form of secure payment. I would not suggest this broker – the platform DOES freeze as Frank says in his post. I could not fund my account to get started bc I did not have Visa card so trying to fund was an issue for me, maybe not for others.

Unique Hugosway algorithms completely automate the entire trading process that use to require high priced brokers, years of knowledge, & large rooms full of expensive equipment. This competition will only take into account the direct referrals generated by affiliates (ie. the Level 1 referrals who sign up using your affiliate link). Sign up and start trading on one of the world’s most transparent brokerages. Trade your favorite FX and Crypto Pairs on an MT4 platform backed by true ECN connectivity. This ensures that our own funds and assets and client funds are tracked separately.

The data contained in this website may not be real-time and accurate. The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices. Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website. Before choosing a broker, we recommend that you read the reviews of HugoFX, as well as see our rating of Forex brokers. The latest HugoFX review suggests that the company operates illegally and without a proper financial regulatory license.

A variety of tools are provided to help you make one-stop search, compare IBs information, and select your preferred IBs effectively. If you are currently investing at HugosWay, please share your experience withdrawing your money, in the comments section. HugoFX accepts clients from all over the world, excluding Burma, Congo, Cuba, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, Zimbabwe. • Anyone can succeed with our state of the art system regardless of previous experience or financial background… 40% Revenue Sharing Model for direct investor referrals creates an incredible growing income stream while you trade… The leaderboard will be sent out via email to all of the affiliates who have signed up to the competition, which will be updated on a weekly basis.

How long does it take to withdraw money from HugosWay? has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up. We are committed to the fair handling of reviews and posts regardless of such relations. This is simply one of the checks executed to ensure that your funds are being released safely. Even if you do not have open trades or low Margin Level, we still require this time to look into the withdrawal and ensure we are releasing it in a secure manner.

lose money

The prizes will be paid out into the trading account of the winners. Only referrals who deposit, open an MT4 account and trade will be counted. HugoFX is a Forex broker founded in 2017 in Saint Vincent and the Grenadines. The broker accepts clients from all over the world with the exception of the USA and other countries where restrictions apply.

Is HugosWay a regulated broker?

They come up with all sorts of excuses not to return the money. HugoFX, sometimes also referred to as Hugo’s Way FX, is a relatively new forex & CFD broker registered in the Seychelles in 2017. • Never lose money again due to lack of information & inconsistent trading strategies… Unveiling unique “trend spotting” formulas to maximize returns & minimize losses in any type of market trends… Traders are seeing positive daily returns at an amazing level that was only previously seen in the most lucrative stock deals in history such as Apple, Google, and Microsoft… Introducing the first technology of its kind to provide automated trading that even professionals are using to simplify their businesses…

A to settle a debt, taxes or other amount owing and to send money via courier, prepaid bank card or gift card. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. Withdrawals to cards up to the amount deposited by card can take up to a week to be credited by your bank.

I haven’t had any issues with deposits, trades or withdrawals. The withdrawals took a few hours to go through the blockchain but the process was smooth. Search by account type, minimum deposit, and maximum leverage in 2,000+ forex brokers. The way you know a Forex broker is not a scam, is by checking their regulatory status. When you see that they hold a valid license from your governments financial regulator, you can be sure that they are a legitimate broker. Forex brokers in the United States must be licensed and regulated by the CFTC, otherwise your cash is not protected.

  • Most importantly, HugoFX states that they are on the way finding the most proper regulator, which can take a lot of time.
  • However, despite its claims, it is merely their ridiculous excuse for illegally operating its business under no license or accreditation.
  • The withdrawals took a few hours to go through the blockchain but the process was smooth.
  • Forex trading imposes a high level of risks and is not suited for all traders and investors.

Participants are not allowed to sign up to Hugo’sWay through their own link.

What we don’t like, though, are the many fees that HugoFX charges for depositing and withdrawing money. Fortunately, however, this can be avoided by using bitcoin and certain other payment methods. We use unique algorithms and a conservative trading strategy to greatly minimize the risk to our users. In the worst case scenario, trading can be immediately halted at any time by stopping the software. Our developers have created top performing software for the highest rated trading brokers in the world for the past 20 years. Transferring clients from other affiliate accounts is not allowed.

What is the maximum leverage in HugoFX?

There is no designated government or non-government body to supervise the activities of HugosWay or to resolve complaints. Please note that this procedure could delay your withdrawal from hours. You should receive the funds in a much less time frame than we provided, that timeframe is given just in case we need to do more thorough checks.” The withdrawal will be approved as soon as it is safe to do so. This is a security measure to protect both the trader and us as a broker.

We would recommend traders stay away from unregulated brokers like HugoFX and trade with licensed brokers. So HugoFx is actually not regulated by any financial regulator.That means investors’ funds in this broker is unsafe and cannot be protected by any laws. Forex trading imposes a high level of risks and is not suited for all traders and investors.

Trading accounts with HugoFX can be funded either via bank wire transfer, credit & debit card, the popular e-wallet VLoad, or by sending bitcoin. Unfortunately, however, HugoFX charges a fee of USD 25 just for accepting deposits made via bank transfer, which seems a bit unreasonable to us. For credit & debit card deposits, the broker limits the amount that can be sent to a maximum of USD 600 per transfer. Lastly, the broker also offers a selection of more than 30 cryptocurrencies, which is far more than most other forex brokers we have reviewed here on FX-List. 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. is a broker reviews website, and does not offer any investing advice or service. Nothing on this website should be considered a recommendation or endorsement. We are not responsible for any losses you may incur, by investing with a company mentioned on this website. We may receive compensation from the companies we write about. Always verify that your broker, is licensed by your local financial regulator.

Deposits and disbursement of possibly earned profits can be done via the usual payment methods (Bitcoin, bank transfer, credit card, etc.). In terms of instruments that are available for HugoFX’s clients to trade, the selection includes all of the assets that one would expect to find from any broker these days. In addition to more than 50 forex pairs and stock CFDs of more than 60 companies, HugoFX also offer CFDs based on stock indices, metals, and energy commodities. You can make withdrawals on Hugosway 24/7, and up to twice each day. Nevertheless, the broker states that all client funds are kept separately from the company’s fixed capital in special segregated accounts in first-tier banks. ReportScamOnline now considers HugoFX to be operating an online scam.

Hugos Way True ECN Broker

Gain access to our proprietary trading platform which surrounds each transaction in a cloak of risk defense & capital safe guarding by participating in only secure, profitable trades… Hugo’s Way provides superior trading conditions utilizing the Award-Winning MetaTrader 4 platform. HugoFX is an ECN broker with high leverage, narrow spreads and a wide range of assets, including cryptocurrencies. The advantages of this broker are also the ability to replenish the account with bitcoins and round-the-clock support 7 days a week. HugoFX is an STP/ECN broker with high institutional liquidity from leading banks. It offers only one type of account with narrow spreads from 1.2 pips for the EURUSD currency pair.

trading conditions

We will inform you via email if your withdrawal is approved. Be advised that we have implemented some new security measures, to ensure that our client’s funds are safe when in our hands, and when passed on to the client upon request. Please read HugosWay com Reviews below and share your live trading experiences with this broker. The broker promise its support and consultations if I deposit but in fact NO. It lasted exactly two weeks and then everything disappeared, technical assistance does not work, the consultant does not contact me any more.

HugoFX is a legally registered forex broker located in the Seychelles, but not regulated by any government agency. Hugo’s Way works closely with its payment service providers to ensure fast and flawless deposits and withdrawals. One thing that is important to be informed about is that your Margin Level will be taken into consideration, should you have any open trades. This is due to the fact that the price of an instrument can gap upon opening, which can increase the risk of an account going into a negative balance when not having a healthy Margin Level. As such, this is now part of our security checks when approving withdrawals.

I liked that this broker didn’t pressure me to deposit more and that I was able to trade with lower than average spreads without depositing hundreds or thousands of dollars. It’s also helpful knowing that their customer support team can be reached so easily in case it’s ever needed. Hugo’s Way provides superior trading conditions backing into the Award-Winning MetaTrader 4 platform. This is undoubtedly the worlds most popular platform for CFD traders, simplifying automated, manual and social trading. This allows traders to focus on trading and allow Hugo to take care of the rest.

Our final verdict is that HugoFx is actually not regulated by any financial regulator. That means investors’ funds in this broker is unsafe and cannot be protected by any laws. We would recommend traders to stay away from unregulated brokers like HugoFX and trade with licensed brokers. HugoFX is an UNLICENSED broker and should be avoided at all events. That means investors’ funds in this broker are unsafe and cannot be protected by any laws.

Hence, rapid price movements may inflict serious financial damage or even devastate your entire trading account. However, the payment services part of the business, which is the part of the company that actually handles transactions, is registered in Saint Vincent and the Grenadines under the name Hugo’s Way Ltd. As is the norm in Saint Vincent and the Grenadines, the government does not provide any regulatory oversight of forex brokers, and the broker is thus free to operate in pretty much the way it wants.

Today there are hundreds of get rich quick scams online, and most people lose their money. For complaints and issues with withdrawing your money, read this. The broker deals with clients in it’s own specific inadequate way. Prepare to face a lot of challenges and obstacles while working with Hugo’s Way.

Log into your HugoFox Account

I do not like this broker and they are actually the reason I am searching for another broker and stumbled upon this review for Hugo. All in all, we believe HugoFX could be an ideal broker for small traders, since they get to enjoy the same conditions as the big boys in terms of leverage and spreads. This is unusual in the brokerage industry, and proves that HugoFX is among the brokers that are targeting the mass market rather than serving the few very large and professional traders.

HugoFX is not under valid regulation and should be avoided at all events. Therefore, we highly recommend exercising caution when dealing with brokers claiming to be registered in or regulated by SVG FSA as they are actually unregulated. Most importantly, HugoFX states that they are on the way finding the most proper regulator, which can take a lot of time. However, despite its claims, it is merely their ridiculous excuse for illegally operating its business under no license or accreditation.

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