Hugosway is an online forex broker offering trading services in multiple fiat and digital assets. The company is relatively new in the industry. With easy to use trading platforms and a quick signing up procedure, the broker also offers round the clock customer support. Today, I will have a detailed look at various services and features offered by the broker.
Overview
Founded in 2017, Hugosway is an online ECN broker that operates under the brand name of Hugosway Ltd. The company provides multiple trading solutions to its clients all across the globe.
Hugosway head office is located in an offshore country St. Vincent and the Grenadines. According to the information available on the company’s official web page, the address of the broker’s head office is Beachmont Business Centre, Suite 65, Kingstown, St. Vincent, and the Grenadines.
The company is currently in the phase of seeking regulations from various regulatory bodies in different regions of the world. At present, the broker accepts clients from all parts of the world except, the UK and the USA.
The company claims to offer the best prices from the pool of more than 50 liquidity providers Worldwide. The broker also claims to offer instant trade execution without interfering with clients’ orders.
| Pros | Cons |
| Offers competitive spreads Multiple deposits and withdrawal options Quick account opening process Free demo accounts Round the clock customer support | No Regulation No funds protection scheme Does not accepts clients from the Uk & the US No phone support |
Who Hugosway is for?
Hugosway can be a good option for both novice and skilled professionals looking for low-cost trading opportunities. Since the broker has an ECN execution policy for trades, therefore, it can be the best fit for scalpers and high-volume traders. The broker also offers free demo accounts so novice traders may practice different trading strategies without incurring any financial loss. Hugosway also supports institutional trading and offers corporate accounts.
Rating: 4/5
Sign up bonus: The broker does not offer any signup bonus.
Is Hugosway Safe?
Hugosway does not hold any regulations in any jurisdiction around the world. The platform itself has a disclaimer note on its official webpage, confirming its non-regulated status. However, adhering to the best ethical practices, the broker keeps clients’ funds in segregated bank accounts. The company also ensures advanced internet security protocols to protect clients’ confidential data. Hugosway does not hold any insurance plans. The absence of a funds protection scheme also means that you can’t claim compensation for your financial loss in case the company goes bankrupt. Also, the company is an offshore business concern that raises many questions on its status of being safe and secure.
Rating: 4/5
| Year founded: | 2009 |
| Publicly traded: | No |
| Licenses: | CySEC |
| Backlist: | https://scambroker.com/hugosway/ |
Offering of Investments
Hugosway offers a reasonable product portfolio. Clients can trade nearly 55 forex pairs including 07 major FX pairs, 21 forex crosses, and 27 exotic pairs. In addition to 63 stock items, clients can also trade 06 metals, 01 future, 11 indices, and 3 energies. Traders who prefer cryptocurrency trading can also choose between 35 crypto-assets (CFDs) available to trade. However, the availability of tradable assets may vary depending upon your jurisdictional area. Therefore, cross-checking the availability of a specific product with the broker can save you from any inconvenience.
Rating: 3.5/5
| Forex: Spot Trading | Yes |
| Currency Pairs (Total Forex pairs) | 55+ |
| Social Trading / Copy-Trading | Yes |
| CFDs instruments | Forex, Metals, Stocks, Energies, Indices, Commodities (70+) |
Commissions & Fees
The broker claims to offer tight spreads with low commissions. However, it does not have a fixed spread charging mechanism. The spread cost varies according to market conditions. Typically, it remains around 0.7 pips on EUR/USD with an added commission of $5, charged on each standard lot traded at Hogosway.
There is only one account type available at the Hugosway, the Standard ECN account. The minimum deposit amount to get started with the broker is $10. The company offers a leverage of up to 1:100. However, clients can opt to change the leverage level without any additional cost.
The maximum leverage level available at the Hugosway platform is 1:500. The broker accepts deposits in five different fiat currencies, including AUD, USD, GBP, EUR, and CAD. Clients can also fund their accounts using the cryptocurrency. At present, the only supported cryptocurrency accepted for deposits is BTC.
Hugosway also offers separate wallets for holding your funds. Clients can transfer funds between customized wallets and MT4 accounts for free.
Traders can deposit funds in their accounts using debit cards, credit cards, and bank transfers. A maximum of $600 is allowed for each transaction. Traders need to use the same method for deposits and withdrawals.
Rating: 3.5/5
| Minimum Initial Deposit | $10 |
| Average Spread EUR/USD – Standard | 0.7 Pips |
| All-in Cost EUR/USD – Active | 0.9 pips |
| Minimum withdrawal | Not Specified |
Platforms & Tools
Hugosway lacks any proprietary trading platform. It does not have any custom-built mobile trading app either. The only trading platform available for traders is MetaTrader4 which is a third party vendor MetaQuotes. MT4 is a well-known trading software that traders prefer to use over any other trading platforms.
Clients can use MT4 across all channels, including web, desktop, and mobile phones. Traders can use the MT4 trading platform for multiple functions, such as order placement, chart annotations, and one-click trading.
The platform allows the automation of trading strategies using expert advisors. MT4 technical indicators and drawing tools help traders to perform technical analysis on underlying assets across multiple time frames. The platform also supports complex order types, including trailing stops and limit orders. Market orders and pending orders are some other types of orders supported at Hugoways MT4.
Through MT4 push notifications, clients can stay up to date on significant market moves. The platform also allows a built-in programming interface(MQL), enabling traders to create manual scripts, indicators, or develop robots.
Rating: 4/5
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | No |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Charting – Indicators / Studies (Total) | 40+ |
| Charting – Drawing Tools (Total) | 20+ |
| Charting – Trade From Chart | Yes |
| Order Type – Trailing Stop | Yes |
Research
Surprisingly, the broker doesn’t have a research section that leaves me blank to write or comment anything. Hence, I’ve started feeling curious about the broker’s legitimacy status. Honestly, I had doubted the broker right from the beginning of this review. Initially, I thought It’s just my paranoia, but as I go through various aspects of the broker, I become skeptical that the broker has something fishy that needs to be explored.
Setting my reservations aside, the broker should have some industry-standard research tools available under this section. Research tools can include market analysis, trading signals, news corner, and an economic calendar, etc. Traders could use market analysis to remain updated on possible future trends of underlying assets. Trading signals might help traders to make reasonable trading decisions. The availability of an economic calendar would enable clients to keep track of upcoming economic events.
Rating: 0/5
Education
The education section seems to be missing from the website at first look. However, after paying close attention, you can finally find it under the “Insights” tab. The broker has worked hard to provide a variety of content in the form of written articles. However, I didn’t find anything else in this section. If that’s the only place traders can visit for educational content, then the broker needs to go a long way to meet the industry standards. Without having video tutorials, informational webinars, and a glossary section, the education section means nothing.
The broker should consider adding more content to its educational library. Video tutorials covering basic and advanced level lessons will provide an excellent learning opportunity for traders. The glossary section will help learners to understand the meaning of different trading terminologies. The broker can also consider conducting live webinar sessions to educate traders on recent industry trends. All such content will not only enhance traders’ learning experience but also add value to the broker’s reputation.
Rating: 2/5
Mobile Trading
To fulfill the needs of on-the-go traders, the broker offers MT4 mobile-based trading platform. Most of the time, corporate clients prefer using the mobile version of the trading platform instead the web-based or desktop platform. However, it is equally in demand from retail trading professionals. The MT4 mobile version offers access to all features available through the rest of the channels. Live quotes can help traders to have a customized view of their favorite trading instruments. Traders can also access live charts in 9-time frames from the ease of their mobile phone screen. The app enables traders to view trading history and account balances. Opening a position, modifying it, or having it closed, becomes quite handy for customers using the mobile trading platform.
Rating: 3.5/5
| Mobile devices | Android & Apple |
| Features | Watchlist, charting tools, negative balance protection, price alerts |
Final Thoughts
After a detailed review of the broker, I am really skeptical about the legitimacy of the broker. While writing this review, I came across multiple links that were cautioning people to avoid signing up with the Hugosway broker. Secondly, its non-regulatory status, no research and educational resources, offshore physical presence, and no details for point of contact make me wonder if the broker worth signing up.
Overall rating: 2.5/5
