Are you considering trading forex with Hugosway? With so many brokers popping up online these days it can sometimes be very tricky knowing who is trustworthy and honest.
Luckily, over the last year I have tested Hugosway live, doing extensive research, taking trades, utilising the deposit and withdrawal methods and everything else you might want to know. Let’s have a deep look into this broker…
Who Are Hugosway?
Hugosway are an ECN/STP forex trading broker founded in 2018, based in St Vincent & The Grenadines. They offer 55 forex pairs and 31 crypto pairs on MT4, with 1:500 leverage and very fast execution. Alongside the great trading conditions and huge leverage, they also have a good reputation in the online trading community as being one of the only offshore trading brokers offering deposits and withdrawals through cryptocurrency.
Hugosway are headquartered at Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines and currently completely unregulated by any governing body, hence why they can offer such high leverage and access to institutional grade liquidity. In fact, they can offer higher leverage than the majority of brokers in our Best Forex Brokers List. From the first glance they seem like a great choice for new traders, but let’s look in a bit more detail….
Luckily, as Hugosway is based offshore they are not subject to such strict regulations so they can offer a maximum of 1:500 leverage on forex pairs and 1:100 leverage on cryptocurrencies. This is a HUGE positive factor as it allows traders to grow accounts at a really fast speed. Leverage can be a double edged sword, you can grow account balances fast but also lose account balances fast due to being able to risk a high percentage of your account in every single trade. You can get this kind of leverage with a few other regulated brokers like IC Markets and BlackBull, but the majority of brokers offering these levels of leverage will have to be unregulated.
They offer a huge amount of pairs and products to trade, this includes 55 currency pairs, 31 cryptocurrencies and 104 stocks which is more than enough for all retail traders! For most traders that just stick to major pairs, a few minors and the main cryptos there is the perfect amount of products.
|Leverage On Forex Pairs||1:500|
|Leverage On Crypto Pairs||1:100|
|Spreads||Avg 1 Pip On Majors|
|Commissions||$7 Per Lot Traded|
Spreads and trading costs are very important, especially for day traders and traders specialising in the lower time frames such as the M15 and the M30. With this broker, they are very tight spreads (due to Hugosway being an STP/ECN broker), coupled with low commissions of around $7 per lot traded. This is very competitive in terms of price of trading, especially for an offshore broker. More than cheap enough for all traders, swing and day traders alike to still make great profits per trade. On our Top Forex Brokers List you’re going to struggle to find a broker offering cheaper commissions per trade, other than Global Prime that seems to come in very cheap.
In conclusion, the trading conditions are great for most traders. The spreads vary around 1 pip on Majors and more on minors of course, coupled with a commission per lot size. They aren’t the cheapest broker in the world but you do benefit from having the 1:500 leverage offered by offshore brokers, so there is still definitely perks of using this broker and paying the small additional cost compared to other brokers like IC Markets.
This broker just offers 1 live account and 1 demo account. As they only offer MT4 as the trading platform, there isn’t much use for anymore accounts than just the standard MT4 account, especially as this also benefits from the ECN connectivity. The MT4 account comes with 1:500 leverage, tight spreads, quick execution, low commission and 1:100 leverage for Crypto trading. Let’s have a look in more detail…
In summary, the account has a range of benefits and it really is a great options for newer traders due to the low minimum deposit amount of $10 and the range of 55 currencies, 30 cryptos and 100+ stocks. I have tried this account for a few months now and I’m fairly impressed with the conditions.
As a lot of forex brokers do, Hugosway offers a demo account for new traders and people looking to practice in the markets without risking real money. Regardless of whether you’re brand new to trading or been doing it for a few months now, because of the really low minimum deposit of $10, I would recommend actually signing up for the live account to practice with a small amount of real money, rather than a demo account as there are loads of benefits of a live environment – mostly due to the psychology of having real money on the table.
It’s nice to see brokers offering more than one account type, so that’s a bit of a shame that this broker can only offer one. With that being said, they only offer one platform, MT4, and they claim that they are completely STP/ECN, so there’s no need for a separate ECN account.
Are Hugosway Regulated?
Regulation is very important when choosing a forex broker as a lack of regulation can expose you to a number of different risks, both during the deposit and withdrawal process, as well as in the markets themselves in a number of ways. So, is this broker regulated? Hugosway is not regulated by any governing body. This means your capital is at risk and you could be a victim of fraudulent activities and unfair trading conditions.
Hugosway are based in St Vincent and the Grenadines, and although not regulated, do offer segregated clients funds which adds an extra level of safety to your deposited funds. They essentially track client and their own funds separately, ensuring the business manages its own risk and balance sheets.
Does the fact they aren’t regulated mean they’re a scam? No, of course not, but it does carry a huge level of risk. On a more positive note, because they don’t have these strict regulations, they are able to offer such high leverage at 1:500 for all traders, which most governing bodies are not allowing anymore. They are also able to accept crypto currency and clients from a much larger range of countries than over brokers, so it may be the best option for some traders. I have to say that using a regulated broker like Blueberry Markets will always be much safer, as unregulated brokers like Hugosway can expose you to:
|Not getting withdrawals|
|Unfair trading conditions, high spreads, stop hunts|
|Fluctuating margin levels|
|No insurance of fund security|
But with that being said, there is no proof that the broker is a scam or not paying out clients currently. However, there are much safer brokers to trade with such as BlackBull Markets and FxPro – which both still offer a high 1:500 leverage for clients.
Have a great trading platform is really important for retail forex traders, especially when we typically spend quite a lot of hours per week on our charts. Hugosway offers MT4 as the trading platform. This is accessible on PC and mobile too, making it accessible for all traders.
MetaTrader 4 is by far the most common platform for forex traders around the world, as it’s typically the most commonly offered by brokers and the most simple to use for traders. MT4 is just that… Very simple to use, great order execution, lots of tools for charting, multiple time frames and great support for EAs as well.
|Easy to use||Very basic|
|Free to use||Lack of tools such as VWAP and volume|
|Huge amount of indicators and EA’s||Data can lag|
|Fast trade execution||Very outdated compared to other platforms on the market like TradingView|
I’ve used the Hugosway MT4 platform on my live account and it’s just as you would expect, a whitelabled version of the typical MT4 platform we all know and love. Over the course of a few months I did find the platform very good besides one small problem… Every few days I noticed that the data seemed to lose connection for about 3-5 minutes, once during the trading day. I only noticed this because I was scalping at the time but it can be very annoying for EA traders and high frequency scalpers – so do bare that in mind.
When it comes to actual charting, I would highly recommend using a tool like Tradingview instead. I use this software on my browser, alongside the MT4 platform. All of my analysis and chart work is done on the browser, then I just use the actual Hugosway MT4 platform to execute orders. This is the most simple way to get a clean piece of charting software!
Deposit & Withdrawal Methods
One of Hugosway’s main selling points is its variety of deposit and withdrawal methods, one of which you wouldn’t find at many other forex brokers. At the time of me writing this article, the methods are:
|Bank Transfer||$25 Fee On Withdrawal, $0 On Deposit|
|Credit/Debit Cards||$0 Fees|
Yep – bitcoin! They accept deposits with bitcoin and this, for a number of reasons, is why people love this broker. I won’t go into all of the reasons but there are many perks of using an offshore broker that accepts bitcoin deposits and withdrawals. I even tested this multiple times to see if it works efficiently and it honestly worked every single time with no issues. From my Coinbase account to my Hugosway wallet took on average 2 hours, which is fairly fast compared to bank or wire transfers.
Of course using bitcoin instead of a process like debit card and credit card can have risk due to the lack of paper trail, but that is also the perk of it. I only know of 2 other brokers right now actively offering bitcoin deposits like Hugosway are, these brokers are OctaFx and EagleFx.
Withdrawals are processed the same day and profits can be withdrawn via bank account and bitcoin. Hugosway doesn’t charge any fees on deposits, no fee on bitcoin withdrawals and just a small $25 fee per withdrawal on bank transfer, which is fairly standard for international transfers. I took a bitcoin withdrawal and could see the progress the whole time on blockchain, which was amazing! The bank transfers can take up to 6 days to reach your account, although the broker processes it within a few hours.
The minimum deposit for Hugosway is $10, which makes it a great choice for a lot of new retail traders in the industry as it gives them an environment to start trading without having to commit a large amount of money.
There’s a few ways to get in touch with Hugosway whenever you have an issue, which is reassuring. Especially when it comes to trading, not being able to contact a broker that you have a large sum of money with can be very troubling but luckily that isn’t the case with this broker.
One the website there is a 24/7 live chat feature to get directly in touch with a support representative within just a few minutes. I’ve used this feature a few times and it’s definitely an instant fix to any small issues you’re having with the broker. There are a few other options for contacting Hugosway:
- 24/7 Live chat
- Address – Beachmont Business Centre, Suite 65, Kingstown, St. Vincent and the Grenadines
- Contact form
- Request a call back
- Email – Support@hugosway.com
I’ve personally found the brokers support very helpful and responsive but with that being said, there isn’t a contact phone number to call which is slightly worrying. It’s always a much better sign when a company or broker has an office number so you can contact employees or support agents whenever you have an issue, something Hugosway doesn’t offer. Does this mean they are a scam? Of course not, but it’s just worth baring in mind when you decide whether or not to use them as a broker. This actually seems like a common theme with offshore brokers, when the others such as EagleFx also have the same issue.
Reputation & Reviews
Reviews from traders are really important when choosing a broker, so you can either follow in their footsteps or not make the same broker mistakes as they have! With that being said, what are Hugosway’s reviews looking like from traders worldwide? Sadly they really don’t have the best reputation within the online trading community, with only a rating of 2.9/5 stars on ForexPeaceArmy and a lot of fairly terrible reviews. We cannot verify these reviews or that they are from legitimate users but based on the amount of them it is slightly worrying.
As you can see there is definitely a mixed bag of reviews, so take them with a pinch of salt. These type of negative reviews are pretty common with unregulated forex brokers especially, such as this one.
There are definitely a lot of forex brokers out there with much higher reviews on the forums than this broker. If you’re looking for the same kind of trading conditions, but on a longer standing broker, I’d highly advise having a look at IC Markets and BlackBull Markets, as the conditions are fairly similar.
Limiting Risk With Hugosway
As we have mentioned in the article, Hugosway isn’t regulated which comes with a whole host of potential issues that could result in losing your capital. With the potential risks aside, having access to the offshore perks including the huge leverage could also provide huge potential gains and upside for traders. How do we mitigate this risk? We can reduce the exposure to Hugosway by using a trade copier.
I would recommend splitting your capital between 2 brokers, for example, a regulated broker like BlackBull Markets and an unregulated broker like Hugosway – to get the best of both worlds. By using a trade copier like Forex Copier 4, you can simultaneously copy your trades onto the copier account, by just trading one account like you usually would. This is a great way to diversify and still get the benefits of offshore brokers.
For more information feel free to have a look at our Top Forex Copiers List.
In conclusion, Hugosway is a high risk forex trading broker. They offer amazing 1:500 leverage and fairly competitive spreads and fees, along with great crypto options but they are based offshore and not regulated in the slightest. A lack of regulation is a huge worry as your money is at risk. They also have a lot of negative reviews from traders around the world, in online forums and when I personally used Hugosway I was not too impressed with the data connection on MT4 compared to other brokers I have used. If you’re going to use Hugosway and you have high levels of capital, definitely look at using other brokers alongside to reduce the exposure.
If you have any questions about this broker please do leave a comment and I will aim to answer them all. In my opinion, there are other brokers out there with high leverage offering much better conditions. Hugosway could be a great broker for new traders just looking to put $10 into their accounts and have a play around, but not serious forex traders. If you’re more of a serious trader, checkout some of the highly regulated brokers on the website. I have full reviews on FxPro and Blueberry Markets, 2 brokers that you may find a much more suitable fit.