HugoswayFX Review: Is HugoswayFX broker Legit?

by Edith
Updated March 24, 2021

Hugosway is one of the newest brokers having started operations 3 years ago. One thing we like about the broker is the fact that they have taken bold steps in protecting client deposits. We, however, feel that the broker is not as transparent as we hoped.

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Broker Summary
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Features
Account Types
Trading Platforms
Regulation and Reputation
Customer Support
Deposit and Withdrawal
Trading Size and Fees
Leverage and Margin
Trading Instruments

HugoswayFX Review: Is HugoswayFX broker Legit?

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(2.3/5)

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Customer Support1
Security1.5
Commissions, Fees & Rates3.5
Education1.5
User Friendly1.5
Deposit & Withdrawal5
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HugoswayFX is a relatively new online brokerage that offers multi-asset CFD trading and cryptocurrencies. It was established in 2017 and is currently headquartered in St Vincent and Grenadines. 

Some of HugoswayFX’s greatest strengths are its easy and straightforward onboarding process, the versatility of its trading platform, and the relatively high leverages. 

On their website, Hugosaway is referred to as a true STP broker, a true ECN broker, and one of the safest platforms to trade FX, crypto, and commodities. 

But how true are these insinuations, and what instruments does HugoswayFX offer? What are its key features, trading fees, supported trading platforms, and reputation? We answer all these questions and more in this detailed HugoswayFX review.

Quick Broker Summary

  • Headquarters                           St Vincent
  • Regulation                                Non
  • Platforms                                  MT4 Web, MT4 Windows, MT4 App
  • Instruments                             Forex, Crypto, commodities, Stocks
  • Demo Account                         Yes
  • Minimum Deposit                   $50
  • EUR/USD Spreads                   Varies

Pros and Cons of using HugoswayFX

Pros:

  • Low minimum trading and deposit limits
  • Provides you with a free demo account
  • Backed by a publicly listed company
  • Integrates the popular MT4 trading platform
  • Does not charge inactivity fees

Cons:

  • It is an unregulated broker
  • No negative balance protection
  • One may consider the number of instruments supported by HugoswayFX limited

Features of HugoswayFX broker

True STP/ECN broker: HugoswayFX is a hybrid online brokerage that offers both Straight Through Processing (STP) and Electronic Communications Network (ECN) order execution models. This guarantees ultra-fast order processing speeds that translate to fewer requotes, better exchange rates, and low spreads. Simply put, HugoswayFX does not trade against its clients. Instead, it connects your trades directly to the other online market traders and liquidity providers. HugoswayFX does not operate a dealing desk, eliminating conflicts of interest between you and the brokerage.

Institutional grade liquidity: HugoswayFX has also sourced for liquidity from numerous and hugely popular Tier one investment banks, and dark pool liquidity providers. The move goes a long way in ensuring that your trades are fulfilled at the best market conditions and exchange rates. And by ensuring that all your orders are channeled directly to the market through ECN, HugoswayFX can offer ultra-tight spreads to its customers.

Security: Hugiosway has put in place several measures aimed at guaranteeing the safety of their client funds. And it starts by ensuring that all their clients verify their identity before they are allowed to start trading. You are also required to set a strong password for your trading account and activate two-factor authentication for logins and withdrawals. All its server communications with other systems and third-party payment processors are highly encrypted. Importantly, HugoswayFX stores client deposits in segregated bank accounts, ensuring that even if the broker goes bankrupt, customer funds won’t be affected.

HugoswayFX affiliate: In addition to trading the different financial instruments supported on the platform, HugoswayFX provides an additional income stream. You can earn an affiliate commission when you refer your friends and acquaintances to HugoswayFX. You earn the commission every time the person you referred here places a trade. You will also earn another commission if they join the affiliate program and invite other individuals who go on to place trades on HugoswayFX.

Education and News: HugoswayFX regularly updates its customers about the different trading strategies, finance industry events, and market news through the “Insights” section on its website. The online trading education hub introduces newbies to online trading. It also teaches them tips and tricks on how to succeed as an online trader. The section also features a news segment that updates HugoswayFX brokerage clients of the finance industry and money market happenings in real-time.

Account types offered

  • Demo account:

HugoswayFX online broker provides users with a free demo account with no expiry date. It appeals to novice traders who wish to understand the HugoswayFX brokerage and the online trading market at large. It also appeals to expert traders looking to create new or perfect existing trade strategies. It is a flexible demo account as you get to choose your preferred leverage – between 100X and 500X. And the virtual balances between 1000 and 1,000,000.

  • Live ECN account:

HugoswayFX, unlike some of the most established online brokerages, operates one Live trading account. There are no deposit tiers or special trading perks when operating a HugoswayFX trading account. Both beginner and professional traders get to interact with the financial markets via the single STP/ECN account provided by the broker. Some of its key benefits include fast order processing, is easily navigable, and it integrates a broad range of trading and market research tools. Islamic traders can also switch to the Sharia-compliant version of the HugoswayFX brokerage account.

  • Corporate account:

The corporate/institutional trader account is also available on request. It comes with all the standard HugoswayFX trading account features, but most of these are highly customizable. However, to get the corporate trading account, HugoswayFX will need to see your business registration certificate.

Trading platforms offered

The MT4 DesktopThe MT4 WebTrader Metratrader 4 App

HugoswayFX does not operate a proprietary trading platform. Their clients, however, have access to the all-popular MetaTrader desktop app for windows. You can download it free of charge from the HugoswayFX website when creating a trading account. 

Over the years, MT4 has become popular with multi-asset online traders because of its versatility and infusion of advanced trading tools. It integrates highly advanced trading and market analysis tools and embraces a simplistic design for use by both experienced and novice traders. 

The MT4 platform also features different trading strategies and supports the creation or integration of expert advisors that automate your trades.

Instead of downloading the MetaTrader 4 trading platform, you can choose its web-browser version. It integrates all the basic features of the MT4 desktop app such as standard charts, trading tools, and versatility. Unlike the desktop app, however, the web trade is highly accessible.

Given that you only need an internet-enabled device to log into your HugoswayFX trading terminal, the web trader makes it possible to open and close trades and monitor your account from anywhere in the world.

You can also choose to operate your HugoswayFX trader account from a smartphone using the MT4 mobile app for Android and iOS.

Mobile trading has become quite popular as it integrates the feature-rich aspects of the desktop trader and the accessibility of the web trader. The HugoswayFX mobile trader allows you to trade and monitor your account activity while on the move.

Hugosway Regulation and Reputation

HugoswayFX brokerage operates from its registered offices in Beachmont Business Center, Kingstone, St Vincent and the Grenadines. It is not regulated in any financial jurisdiction, but its operations are guided by your local finance industry laws and regulations.

There are a lot of mixed reactions online about the effectiveness of the platform. Most of HugoswayFX proponents praise its easy-to-use platform and seamless support for crypto trading. 

However, the critics on both Reddit and Forex Peace Army have complained about orders being stopped before the specified stop-loss level is hit and delayed deposit/withdrawal processing when making crypto purchases. 

Here is another customer complaining about trade manipulation.

Customer support

HugoswayFX runs a highly responsive customer support team. They respond to customer queries and complaints fast and have also replied to virtually all the criticism of their platform on the review sites.

Here is how they stack against competition:

EagleFX 91%
HugosWay 89%
CedarFX 86%
Exness 94%
LonghornFX 90%
Alpari International 40%
City Index 31%
FxPro 51%

You can chat with the team via the live chat feature on their website, raising a support ticket, or on their official social media pages:

Minimum deposit and withdrawal

The minimum initial deposit for HugoswayFX brokerage is set at $/£/€50 for card and bank deposits. There, however, is no minimum deposit for Bitcoins. 

Trading fees

HugoswayFX charges both a trading commission and variable spreads for trades on their platform. The commission for every traded lot currently stands at $5. You will not know the spread for a specific trade until you open a position. You can, nevertheless, use the “Live Spreads” feature on their website to view the current spread for all tradable assets listed here.

Leverage and margin

Virtually everyone using HugoswayFX live accounts has access to leverages of up to 1:500. You are, however, free to adjust this level per trade. Additionally, you will be required to observe and trade within the leverage limits set in your country of residence.

Trading instruments

Some of the trading instruments that you can interact with when trading on HugoswayFX include:

  • Cryptocurrencies: 35 altcoins and stablecoins
  • Forex: 55 Major, Minor, and Exotic FX crosses
  • Commodities: 5 metals and 3 energies
  • Stocks: 64 international stocks and indices

Is HugoswayFX legit?

Well, there are multiple factors pointing to the legitimacy of the brokerage, just as there are several factors suggesting otherwise. We like the fact that HugoswayFX takes bold steps in protecting client deposits, abides with the local regulations with regards to leverage, and partnered with some of the most liquid investment banks. 

We are also appreciative of the fact that they have an office in St Vincent and the Grenadines. The broker, however, doesn’t provide clients with the office or their company’s registration number. Its lack of registration also suggests that it may not be recognized as a financial services provider in the island nation. This lack of transparency in its operations, plus the fact that it prefers the highly anonymous Bitcoin deposits, makes us question the brokerage’s legitimacy. 

{{ reviewsOverall }} / 5 Users (1 rate)
Customer Support1
Security1.5
Commissions, Fees & Rates3.5
Education1.5
User Friendly1.5
Deposit & Withdrawal5
What people say... Leave your rating
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