Broker Reviews

Hugo’s Way

Hugo's Way

How did I first hear about Hugo’s Way?

I first heard of Hugo’s Way through many social media avenues, where they seemed very popular on Facebook, several forex forums, as well as Twitter. I watched how people regarded them for a while before I did my own research on them, but on the whole, they are very popular and highly reputable online.

What was my first impression of them as a broker?

I am relatively active on social media networks and in a fair amount of forex Facebook groups and must say that online, my first impression was positive; I did not once come across any ads or links encouraging me to sign up, or get bombarded with any IB affiliate links, which is a breath of fresh air for a Forex Broker to not grab their clients in such a harassing fashion. Similarly, I did not come across any spammy links in relation to them offering Deposit bonuses, managed accounts or advertising selling EAs, so I felt comfortable in the knowledge that these guys are a true, honest, transparent ECN broker as they claim to be; at no point did I feel I was backed into a corner or sold to.

How easy is it to navigate the broker website?

The overall feel of Hugo’s Way webpage is user friendly, and very easy to navigate. The FAQ page has a search feature, which makes pinpointing answers more efficient.

Hugosway homepage 

 

Do they offer a good variety of tradable assets?

Before Signing up with Hugo’s Way, I had a very thorough peruse on their website to ensure they offered all instruments I wanted to trade as well as making sure their trading conditions suited me and my trading style. Hugo’s Way offer a wide array of instruments to trade: 31 crypto pairs, 104 stocks and 55 currencies, 11 Indices, and 9 Commodities. I think this is a strong variety of instruments to offer for all traders.

Number of tradable assets available with Hugosway

 

How competitive are their spreads?

I was impressed with their spreads which they openly display on their website, live. Their crypto spreads in particular are very competitive to what is out there and the fact they offer 24/7 crypto trading is also a bonus for those wanting to trade at the weekends.

Example of Hugosway’s live spread table

What is their commission charge?

Trade commission charges are $5 per lot, per trade, which is pretty average, for an unregulated broker, from my experience. A lot of traders do not take commission into account when trying to choose a broker. The majority seem to concentrate more on the spread cost and do not always calculate what the trade commission will be. For example, below you can see that at the time this review was written, the spread on EUR/USD was 0.8 pips. If you then add the commission on top, you would need to add 0.5, making a total of 1.3 pips. Occasionally, you will see brokers that offer very low spreads but high commissions, so it is always good to bear in mind the combination of both the spread and the commission collectively.

Live chat transcript regarding commission charges on Hugosway

What is the maximum leverage they offer?

The maximum leverage they offer is 1:500 for forex and 1:100 for crypto trading which in my experience, are both very amicable and competitive to what is out there.

Leverage details taken from the Hugosway FAQ page

Can I trade anonymously?

Yes, you can! If you wish to use Bitcoin ONLY as a method of deposit and withdrawal, then there is actually no need to send in proof of ID and address to be verified. However, if you go this route, and later wish to withdraw your funds via an alternative method available, you will simply be asked to provide the requested documents to be verified. This is a nice feature for any one who wants to trade short term, without any hassle.

What do I need to open a verified account?

If you are going to make use of ALL deposit and withdrawal methods available, you must be verified and over the age of 18, and able to provide documentation dated within 3 months. Therefore, you are required to submit two documents: one proof of address and one form of photo ID, such as a utility bill and a picture of your driver’s licence front and back.

Example of when an account with Hugosway has been approved

How long does it take to open a live account?

As promised in the FAQ page, approval of account was within the same day; my requested documents were reviewed and approved within 15 minutes of submitting. Opening up a live account was a breeze, especially with the helpful screenshot guide on the FAQ page. Once I followed these given steps, I was sent my MT4 log in credentials via email within moments of account approval. Again, navigating the page to select account type and my preferred leverage was very straightforward.

Are desktop/mobile/web trader versions all available?

Hugo’s Way have been very forward thinking when it comes to MT4 whereby they have given their clients not only MT4 in platform format but also the mobile and Webtrader version.

Screenshot of the MT4 mobile version on Hugosway

 

Do they have a minimum/maximum deposit requirement?

Yes, the minimum deposit requirement is $10. There is no maximum deposit.

Hugo’s Way offer a variety of deposit and withdrawal methods depending on where you are located. They offer Bitcoin, debit/credit card and bank wire transfer. They are one of few brokers that offer Bitcoin as a method of deposit and withdrawals which is typically faster than debit/credit card or bank wire. Usually Bitcoin transactions complete within the same day, but more often than not, a matter of hours.

In the past I have struggled when it comes to depositing via credit/debit card with a number of brokers. However, I was pleasantly surprised when dealing with Hugo’s Way, as I was automatically referred to a company called Instacoins whereby I was able to purchase Bitcoin (via debit/credit card) very quickly and this automatically credited into my trading account without the need for me to mess around with wallets.

Hugo’s Way also accept Zelle as a deposit and withdrawal method, which is an easy and secure way of sending money between any US Bank accounts within minutes. Using only an email address or phone number you may send money to another person regardless of who they bank with. The Zelle service is completely free however it is recommended to check with your bank or credit union if there are additional fees. You may be able to access Zelle from your Bank’s or credit union’s online banking site providing that they offer this feature. If your bank or credit union does not offer the Zelle feature then Zelle is still accessible; all you need is a smartphone to use the Zelle application which can be downloaded from the App store on IOS or the Play store on Android devices.

Although with all methods of deposit and withdrawal, they have a closed loop policy whereby you must first withdraw the same amount you deposited via the same method initially deposited in, in the case of depositing via Zelle, one must actually withdraw via ACH (a type of wire transfer) which does come with a $12 fee. This is not stated on their FAQ page.

A positive to note in particular with Hugo’s Way is their withdrawals. I would like to compliment them on how fast they process their withdrawals with the options they offer. As per the below screenshot, Hugo’s Way offer a variety of methods to use, and timescales can be obtained from the FAQ page or via the support team, who always respond in a timely manner; I have never been left waiting around for a simple response as I have with other brokers in the past. I would also like to state that there has not been one occasion whereby I have doubted having my funds returned to me; all my deposits and withdrawals have been processed within the given timescales stated on their FAQ page, which definitely instilled a lot of my confidence in them as a broker in general.

Example of when a withdrawal is approved on Hugosway

What countries’ residents are restricted from trading with this broker?

After asking this question via live chat, which is also stated on the FAQ page, the restricted countries are as follows: Burma, Congo, Cuba, Democratic Republic of Congo (Republic of Zaire), Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, Zimbabwe.

Details of restricted countries with Hugosway

Do they sell additional products/services/managed accounts?

They do not offer PAMM accounts, or try and sell you EA’s even when you have signed up with them. In fact, I feel they very much leave you to your own devices and allow you to make your own calculated decisions when it comes to trading with them, which is exactly what I expect from a true ECN broker.

Conversation regarding managed accounts with a Hugosway customer service member of staff

If assistance is required how can you get in touch?

The best and fastest method of contact is their live chat, as you will receive a response almost instantaneously. Alternatively, you can email in a ‘ticket’. Both options are available 24/7. I found that tickets on average usually receive a response within 24 hours but during super busy periods, the maximum response time I have experienced was 48 hours. Hugo’s Way do not offer the facility to be able to call in and directly speak with someone there and then. Instead, you must raise a ticket (request the call via email) so that they call you at your convenience, with your answer ready.

What is the quality of customer service?

Obtaining an answer from their Live Chat is very efficient, especially with them being available 24/7. Below you can see an example of where I opened a chat (chat transcript emailed) and was responded to within a matter of minutes. Their client support in general have been excellent in my experience; I have consistently received both fast and comprehensive responses (live chat and tickets) from what appears to be native English speakers, and in a timely manner.

Quality of customer service conversation

Do they offer a deposit bonus scheme?

No, Hugo’s Way do not offer any varieties of deposit bonus schemes which some brokers use to hoodwink clients into thinking they have more trading power than they actually do. The fact Hugo’s Way do not offer such ‘traps’ reiterates they operate as a true ECN broker, leaving the responsibility of trade success in the client’s hands, and not pushed into corners by the broker, in order to maintain clients and cause them to continuously deposit to keep their account ‘’afloat’’ and keep up with a deposit bonus scheme.

Do they offer an IB affiliate programme?

Yes, you can be an affiliate of Hugo’s Way, but first you must be fully approved and verified, and then you can request this via ticket or live chat and you will be provided with your own unique link. The commission structure for an affiliate is $2 per lot, which would be paid to you every Friday into a special rebate account within your Hugo’s Way ‘’my accounts’’ tab on your profile. Provided the amount is over $10, the transaction every Friday is automatic. You can also trade or withdraw these funds.

Conversation regarding how to become an affiliate with Hugosway

What is my overall opinion of Hugo’s Way?

Overall, I find Hugo’s Way to be one of the most straightforward and simple brokers I have come across, so definitely ideal for beginners, as well as more affluent traders. They are efficient in communication as well as when it comes to processing client deposits and withdrawals. Even when their MT4 servers went down temporarily, which can happen with any broker, they were very quick in responding to my ticket I raised with them, and they refunded me on a trade I lost out on, since the server being temporarily down affected my trade, which they took responsibility and ownership for. I also noticed many of their clients tweeting and making posts on other social media networks such as forex forums and Facebook groups stating they had also been responded to in a timely manner as well as reimbursed after this incident. Moreover, Personally I have never had any doubts about this Broker which I understand people do when it comes to unregulated brokers, however, the fact they offer fast withdrawal methods, such as Bitcoin, puts my mind at ease knowing I can get my funds back to me in no time without worrying about my broker holding them maliciously.

In addition, a notable nice touch was also the fact I received a phone call from the customer support team once I had signed up for the live account. It was nice to have a friendly voice reminding me of their 24/7 support available via ticket and live chat. What I have experienced previously with other brokers are persistent phone calls from hard selling ‘’traders/ Sales representative’’ who would call me up to encourage me to deposit more money and offer advice on how I should trade. In this instance, I wanted to know more about setting myself up for BTC deposits and withdrawals, and so I was guided through and got that set up within about 10 mins. Overall, the verification process and my request for Bitcoin wallet guidance/set up was incredibly fast and easy. From here, I made a deposit into my account and I was ready to then open a live trading account.

I am very comfortable with recommending this broker to anyone wanting a straight forward trading experience.

 

8
SCORE SUMMARY

Broker Pros & Cons

Pros

  • Reputable on social media
  • Good first impressions
  • Easy navigation
  • Wide variety of assets
  • Competitive spreads
  • Low commissions
  • High leverage
  • Deposit with Bitcoin
  • Fast verification
  • Informative FAQ guide
  • Full range of MT4 versions
  • Low minimum deposit
  • No sales calls
  • 24/7 Customer support
  • Competent and responsive Customer service
  • No deposit bonus scheme
  • Affiliate Programme available
  • Highly recommended broker

Cons

  • Unclear withdrawal fee
  • Not compatible with MT5

My name is Christina and I am someone who perhaps, like you, started out in the world of work directly after completing my university education. I began my career in the financial industry which opened me up to the world of Forex. I was introduced by a colleague and friend who shared some knowledge on how to get started to make some extra income by trading, while I studied and worked full time. Mastering Forex was not easy and took time and a lot of patience. I got my fingers burnt along the way; jumping into live accounts before being fully prepared, and signing up with brokers that provided their clients with poor trading conditions and didn’t allow me to withdraw my funds.

In my own experience right from the beginning when I took the big step of finding the ‘best’ broker for me, I became increasingly frustrated when the broker reviews I found were not depicting the full client experience, but merely picking out one or two particularly positive or negative elements. I felt it was unfair to judge a broker on their entire service based upon sporadic comments here and there on social media, and not actually allowing me to build the full picture of the broker without me actually signing up and committing to the broker, and as a result at times, losing out and not necessarily receiving the right explanations from being at the receiving end of poor customer support.

Now that I am a confident trader, and have built my own Forex group on Facebook, I feel my mixture of positive and negative experiences in the world of Forex can be useful to others. Online, I found myself being asked many questions, and so much so that I found myself being able to give only brief answers that perhaps were not so beneficial. This is why I decided to place my experienced here, in more detail, in the hope that it might serve as a help to those who want it.

We all start out in the same way, but the tools we choose to use to help us reflect our success in the end. This is why I have come forward to present to you my personal, in depth reviews of brokers, both established as well as new to the industry as I feel this would serve as a benefit to those struggling to understand exactly who offers what and helping decide which brokers suit you and your trading style.

Leave a Reply

Your email address will not be published. Required fields are marked *

Scroll to top