Hugo’s Way is an offshore Forex brokerage offering an ECN trading environment to traders around the globe. Offering STP execution, a wide variety of underlying assets (including cryptocurrencies) and spreads starting at 0.0 pips, this FX broker has become the preferred brokerage of many. Although a relative newcomer to the industry, Hugo’s Way has quickly ascended the ranks and is a very popular choice for those looking for a new Forex broker. Does this indicate that they can be trusted? Read the comprehensive Hugo’s Way review to learn more.
Hugo’s does not offer different account types and does not currently offer Islamic accounts. With only one account type to be had, all traders are treated as equals and there is no pressure to make larger deposits in exchange for better trading conditions and services. While some traders so appreciate the ability to be rewarded for their large deposit and higher trade volumes, most seem to prefer having the ability to access the best possible rates and conditions at all times, even if they have only deposited the minimum allowed amount. Should account tiers be extremely important to you, there are many other brokers who do offer them.
This brokerage is the same as many in that they exclusively offer the MetaTrader 4 trading platform. MT4 remains the top choice for millions of traders, despite the fact that MetaTrader 5 has been released for quite some time now. The platform is offered in application form, including versions for both iOS and Android OS. The app versions do include a complete set of trading orders, along with the analytics tools and technical indicators made available in the software version. Download links for each app version are available on the Hugo’s Way website. Another option being offered is WebTrader. This is the browser version of MT4, which can be accessed by anyone using an internet-connected computer.
Hugo’s Way offer flexible leverage options, with the trader being able to select the leverage ratio they are most comfortable with. Traders are free to choose between leverage ratios ranging from 1:1 all the way up to 1:500, which is the maximum. Note that the maximum leverage offered for cryptocurrency trading is 1:100, rather than 1:500.
Those who wish to make changes to their leverage account setting can do so at anytime by logging into their back-office account, selecting their MT4 account in the ‘My Accounts’ area, selecting the desired leverage from the drop down, and then clicking on ‘Submit’ to lock in the selection. Otherwise, a customer service agent can be enlisted to help with the task of making changes to your leverage setting.
The smallest allowed trade size is 0.01 lot, or one micro lot. This is ideal for those who prefer the lowest possible financial risk levels. The largest allowed position is 1,000 lots, which should be large enough for even the best of traders. When making decisions about funding an account with Hugo’s Way, do keep in mind that the cost for trading specific assets does vary. In some cases, it may require $20 USD or more to trade 0.01 micro lot, dependent upon the asset selected. This information is primarily directed at new traders are surprised by this and find themselves making a second deposit.
The margin rules set by this broker are the following:
Margin Call – 100%
Stop Out level – 70%
his means that if you reach the 100% maximum, you will not be able to open any new trades. Should you fall below 70%, a Stop Out will occur and MT4 will begin the process of closing open positions one by one to prevent further losses that could lead to negative account balance. The largest negative trades will be closed first and go from there. Note that regardless of which Forex broker you choose to trade with, you can always view your Margin Level within MT4 and should always remain aware of this so as to avoid a Stop Out.
Hugo’s Way offers straightforward pricing on their commission, which is $5 USD per traded lot. This amount is for a full traded lot (not micro lot). The same as most all Forex brokers, HW does not charge a flat swap fee. The cost for each can be viewed within MT4 by right clicking on an asset and then clicking on specifications. If you’re not yet ready to create a live account, a demo account may be used to access this information.
Educational & Trading Tools
If there is one area within which Hugo’s Way is not excelling, that would be in trader education. This brokerage offers no tutorials, no videos, no glossary – nothing for those who are completely new to trading. Is this catastrophic? Of course not. The web is filled to the brim with educational tools for those who wish to learn how to trade Forex. Still, it is nice to see brokers offering at least a few educational resources for those who still need to master the basics of this form of trading and it’s disappointing to see none of this on the HW website.
What they lack in education, they make up for in trading tools. The platform provides 30 built-in technical indicators and 24 graphic objects to allow for comprehensive analysis of price dynamics. EAs and custom indicators can be used and social trading capabilities are included. We could go on and on here, but to quickly summarize, there are more than enough tools available to please even the most advanced of FX traders.
This broker offers nearly two-hundred assets for clients to trade with.
- 104 Stocks
- 55 Currencies
- 31 Cryptos
Metals, Indices, Futures and Engergies are also included.
The trading hours for each asset will of course be linked to the market hours for the specific assets. However, there are opportunities available around the clock, including cryptocurrencies, which can always be traded at any hour of the day or night. To view the complete list of available assets, feel free to visit the ‘Assets’ page on the Hugo’s Way website.
Hugo’s Way has forged relationships with some of the top investment banks and dark pool liquidity execution venues. The significance of this is that they are able to supply institutional grade liquidity within their trading platform. In doing so, they are able to offer highly competitive spreads to their clients, starting as low as 0.0 pips. Keep in mind that since there are no account levels, all traders have access to the best spreads. Of course, spreads do vary by asset and are always changing. However, everyone is free to view HW’s live spreads by visiting the following web page: https://hugosway.com/live-spreads.
Where most brokers require a minimum deposit of $100 USD or more, HW allows traders to get started by depositing only $10 USD. A mentioned previously in this Hugo’s Way review, you may find the number of trade opportunities quite limited should you decide to deposit this amount, even when trading micro lots. Even so, there is no harm in starting with a smaller amount if you’d like to test the trading platform and the deposit and withdrawal processes before fully funding an account for trading. Furthermore, leverage allows traders to extend the potential of a smaller deposit and is a wonderful option to have, provided that it is used wisely.
Bonuses & Promotions
This FX broker is not currently offering any type of deposit bonus and to-date has not offered any promotions or trading contests. Should a deposit bonus be important to you, you’ll find plenty of other brokers who do offer them. Do bear in mind that every deposit bonus will come with conditions which must be met before the bonus is released. There is no such thing as free money. Although there is no indication that Hugo’s Way will change their stance on deposit bonuses in the future, they could indeed offer some type of promotion or trading contest in the future. Check their website for the latest information.
Deposit Methods & Costs
HW accepts the three most popular funding methods:
- Credit and Debit Cards
- Bitcoin (BTC)
- Wire Traders
While it would be nice to see additional funding options added to this list, they do accept the three payment methods which are chosen the most by traders. There is a limit of $600 per deposit on credit and debit card transactions. However, they do allow for up to three separate card deposits each day. There is a maximum limit of 10 credit or debit transactions each month, so keep this in mind when making decisions regarding account funding. There are no maximum limits for Bitcoin and bank wire transfer deposits.
There is no fee charged for making a deposit using a card or Bitcoin. There is a $25 USD fee for wire transfers, but this fee is waived on wire transfers exceeding $5,000.
Withdrawal Methods & Costs
The same methods provided for depositing are also available for making withdrawals. Any credit or debit withdrawal can be equal to but cannot exceed the amount of deposit. This means that if you deposited via card and have profits which exceed your deposit amount(s), these will need to be withdrawn using Bitcoin or bank wire transfer. Card and Bitcoin withdrawals are free, while wire withdrawals cost $25 each. Note that there could be charges assessed by your own payment processors. For example, banks and Bitcoin wallet providers often charge their own fees for sending and receiving transfers.
Withdrawal Processing & Wait Time
All withdrawals requests are processed during the same business day or the next business day. The Hugo’s Way payments team operates 9-5 GMT Monday to Friday and are available during those hours to answer any questions regarding transactions.
The following are expected wait times once a withdrawal has been approved and paid out:
- Credit/Debit Card: 3- 6 business days
- Bank Transfer/Wire: 3-6 business days
- Bitcoin: 1-3 hours
Banks can be responsible for longer wait times on card and wire withdrawals and this is commonly seen, regardless of which FX broker one uses to trade with. If a withdrawal is not received within the timeframes listed above, consider contacting your financial services provider for information.
The Hugo’s Way support team is available 24-hours a day, 7-days a week. An agent can be reached via email, live chat, or telephone. A contact form is provided on the broker’s website, but those who wish to send a direct email may do so using the following email address: firstname.lastname@example.org. This brokerage does not provide a telephone number for direct contact, which some may find concerning. However, they do provide a form to request a callback. Simply complete and submit this form to have an agent phone you straight away. Live chat, which is available on their website, is the best option for speaking with an agent immediately.
Customer service is actually one of the strong points of HW. In addition to putting their customer service team to the test ourselves, we also searched extensively for client comments regarding their support experiences and found that this brokerage is viewed very favorably with regards to their customer service. While some will never actually need to contact a support agent, it’s certainly good to know that help is available if needed.
Unlimited demo accounts are offered by this broker. To open a demo account, one need only provide their name and email address and then select the desired leverage (up to 1:500) and balance (up to 1M). Should you spend all of your demo account funds and need to add more, you can contact customer support or simply create a new demo account. Do take note of your demo account password, as customer service will not have access to these details (same applies for ALL brokers). Also note that the password for a live account will differ from that of a demo account. Again, this is applicable regardless of which Forex broker you choose.
Individuals who reside in Burma, Congo, Cuba, Democratic Republic of Congo (Republic of Zaire), Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam and Zimbabwe are prohibited from trading with Hugo’s Way. At this time, U.S. and Canadian traders are allowed to trade fully with this brokerage without any restrictions. All who decide to trade with this broker will need to complete the KYC (Know Your Customer) process, which means providing acceptable proof of identification and address prior to being able to fund an account and begin trading.
So, what’s the final word on Hugo’s Way? After a full examination of this FX broker, it’s easy to see why many traders like them. HW is offering what most traders appreciate – a no-nonsense trading platform, complete with plenty of trading tools, together with straightforward deposits and withdrawals. The commitment to transparency, something which is vitally important in the case of offshore brokers, is refreshing. Obviously, we’ll continue to monitor this broker and post updates should there be any noteworthy changes, but for now, we’re giving the green light for trading with Hugo’s Way.