HugosWay Review – Truth Behind HugosWay.com
HugosWay Review, Another day comes and another scammer arises. Yep, you guessed it, HugosWay is yet another online offshore brokerage that opened in an offshore country. Unfortunately, these kinds of brokers are mostly never legit, and the only thing they see is an opportunity to make quick money by stealing clients’ funds.
And because HugosWay is an offshore entity, this company is 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. Which of course, this investment scam hasn’t done.
Besides this, the broker offers some questionable activities that are already violating many rules. So, keep reading this HugosWay broker review to see all the things this shady scammer has done.
|Company||Hugo’s Way Ltd|
|Regulation||Unregulated scam broker|
|Address||Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines|
|Minimum Deposit||$10- $50|
HugosWay Regulation and Security of Funds
HugosWay or Hugo FX has all of the prerequisites to be a scam. First things first, the brand owner Hugo’s Way Ltd is based in Saint Vincent and the Grenadines, which is an offshore haven for all the fraudulent brokers out there.
And since this offshore country has a lousy regulator, FSA, that redirects brokers to opt for a license in the country of service, we did have to ask a question if HugosWay is regulated anywhere.
Besides, there’s a lot of opposite information on the website, and the broker offers affiliate MLM programs, a favorite scam tool of illicit companies.
However, after checking several Tier 1 registers such as the FCA, ASIC, and CONSOB, we found no HugosWay regulation anywhere. In other words, this means the broker is unregulated and operates illegally.
Beware of such companies and never invest your money since you have no guarantees that you will withdraw any profit. Additionally stay aways from UniGlobal Assets, since they are also an unregulated offshore scammer.
HugosWay Trading Platform
On the broker’s website, we saw that Hugo’s Way offers social trading via MetaTrader4. This is the most popular currency trading platform, which is provided by a lot of brokers. On top of that, both MetaTrader 4 and 5 are industry standards by now. One of its major advantages is the automated trading environment, which allows trading with the so-called Expert Advisors.
But besides that, MT4 offers great charting and can easily run a lot of instruments without troubling the hardware substantially.
Again, HugosWay provides an MT4 WebTrader for all the clients who would not like to bother with an app installation and prefer to do everything online. This web trader should be connected to a trading account to function. However, it’s less secure than the MT4 app and has fewer charts and indicators.
But at the end of the day, even though they do provide amazing MetaTrader4, you shouldn’t forget the fact that they are still unregulated and pose a big threat to your funds.
HugosWay Account Types Available
HugosWay broker doesn’t offer standard separation through account types that all other brokerages do. For some traders, this option is not attractive since they don’t want to deposit more money. Simply put, you don’t get any financial benefits from that.
Although the minimum deposit requirement is $10, you can open only an STP/ECN account. On the positive side, this allows you to get a tighter spread on many assets.
Even though the HugosWay broker has a small minimum deposit requirement, they don’t provide a Demo account as well. This is also a major red flag, simply because you will have to open a Real account and that means that the scammer can steal all of your money easily.
|Broker||HugosWay||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Deposit and Withdrawal Options
Also, if you want to start trading, HugosWay’s minimum deposit is both $10 and $50. The funding can be done through the following deposit methods:
- Visa or Master credit or debit card
- Wire transfers
One of the most important things to realize is that the broker charges extremely high fees. Thai means that in order to keep your spreads low through liquidity providers, you will need to pay $5. On a round turn, it is $10. And that’s another way 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. Sure, you will get some so-called benefits and of course a bonus that is prohibited by ESMA rules but other than that, you will also get a headache and problems with withdrawing your money. All in all, not worth your time or money.
How the Fraud Is Implemented
This is becoming a common fraud and it’s almost always perpetrated in a similar manner. Scam brokers, like this one, will first try to get your information if you have left it on some of those sketchy internet ads. After this, their experienced account managers will call you constantly in order to bridge the crucial gap that exists between a user and a broker. They will seem interested in your life, your problems, etc. until you crack under the pressure and invest.
It is easy to fall prey to their sweet talk, and don’t be ashamed if that ever happened to you. On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point, however, the broker will cut all communications with the user and will try to deny all withdrawal requests.
Recommended Forex Brokers
Unfortunately, brokers like HugosWay or Duvaro are just trying to steal from you, but luckily there are many reliable brokers you can choose from. We recommend you always decide to invest with a broker who hasn’t violated any terms and conditions as it will ensure your money won’t be stolen and you can make some genuine profit.
Here is a table with all the necessary details you need to know when it comes to deciding on the right broker to invest with. The brokers we are recommending are not only regulated but also well-established.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
HugosWay is just another offshore broker that is based in St. Vincent and Grenadines that is following no regulations and offers no safety for your funds. The minimum deposit requirement is allegedly set at $50 for cryptocurrencies and $10 for everything else like stocks, commodities, forex etc. This is a bit uncommon and not that often seen with a well-established company.
This will come as no surprise, but the broker does not even offer a demo account for potential traders, which never happens with Tier1 regulated firms.
A good rule to follow is to carefully review as many forex companies as possible before you swipe a card. And also remember to always think twice before investing anywhere as there are so many scams out there.
FAQs About HugosWay Broker
Is HugosWay a Regulated Broker?
No, Hugosway is just an offshore scam broker that is trying to lure you into their scam and steal your money.
What Is the Minimum Deposit at HugosWay?
The minimum deposit on Hugosway depends on the type of asset you want to trade. It’s $50 for crypto and $10 for everything else.
What Account Types are Available at HugosWay?
HugosWay broker does not offer a standard separation through account types and you can only open a STP/ECN account.