Hugo’s Way Review

Hugo’s Way started in 2017. Even though it’s a new company, it has become well-known among Forex brokers. They mainly offer CFDs for trading, but you can also trade stocks and cryptocurrencies. We reviewed Hugo’s Way to see if it’s a reliable broker for you.

The broker operates from an offshore location and doesn’t have any licenses. The website says they keep client accounts separate, but it doesn’t mention any partner banks. They also use two-factor authentication to encrypt signals and protect traders’ accounts. However, because Hugo’s Way doesn’t have a regulatory license, no financial authority oversees them.

🏢 Headquarters	Seychelles
🗺️ Registered in	St. Vincent and the Grenadines
💻 Regulatory Status:	No Regulation
🗺️ Type of License	ECN Broker
💰 Should I trade with it	No (We don’t recommend)
⭐ Scope of Business	Suspicious

Is Hugo’s Way a trusted broker?

To answer your question about Hugo’s Way, we only provide facts, not opinions. Hugo’s Way is not regulated and is based offshore. These two factors make us skeptical about them.

Regulation ensures transparency and gives clients a way to report issues. Without regulation, trust is hard to establish. Even though Hugo’s Way claims their servers are in Michigan, their terms state that clients’ funds cannot come from the U.S. or any country on the OFAC list. This is confusing because OFAC is a U.S. organization, and it doesn’t make sense for a broker to refuse U.S. clients if they are really based in the U.S.

For people outside the U.S., it’s important to know the broker’s location to understand how long transactions might take and if there are any risks with transferring funds. Based on these points, Topforx advises against doing business with Hugo’s Way.

How to Get Your Money Back

The Hugo’s Way website doesn’t have any information on how to get your money back if the broker goes bankrupt or other problems arise. Hugo’s Way even states in its Legal Risk Disclosure that it is not responsible for any money you lose.

Here are some tips to protect yourself:

• Research your broker thoroughly before depositing any money.
• Keep records of everything, including screenshots, emails, and chat logs. This documentation can help you if you need to report the issue to authorities.

If a broker scams you, try these steps to get your money back:

• Contact your bank and request a chargeback. A chargeback allows banks to return the disputed funds from the seller’s account if the service was not provided.
• Consider taking legal action against the company.

How to Identify a Scam Broker

A broker might be a scam if:

• It isn’t regulated.
• It is regulated in places known for being offshore havens, like Vanuatu or St. Lucia.
• It appears on a warning list from a top regulator, such as the UK’s FCA or the US SEC.

To learn more about scams, how to avoid them, and how to recover your money, visit our Forex trading scams page.

Education

Hugo’s Way is currently building a section to train traders. They have a FAQs section that answers common questions about trading conditions, payment systems, and using MT4. However, they do not provide information on Forex terminology, basic Forex knowledge, or video tutorials for using the trading platform.

Customer Support

Hugo’s Way offers support 24/7. They provide an email address and a live chat function. However, when we used the live chat, we didn’t get useful answers. Another concern is that there is no phone number for emergencies.

FAQs

Does Hugo’s Way use MT4?

No, the broker has removed it’s trading platforms from MT4 and moved to TickTrader, but the new CRM is not useful at all.

Conclusion

It’s important to understand that not all unregulated brokers are scams. However, when a broker lacks regulation, it raises concerns. Hugo’s Way, for instance, doesn’t provide protection for investors and doesn’t take responsibility for financial losses caused by system failures, execution issues, or lack of information. There’s limited data available about the company, with crucial information missing such as its foundation date, financial statements, or a reliable auditor. Additionally, there are numerous negative reviews on platforms like Trustpilot and scam advisories from clients. Therefore, Topforx advises against trading with unregulated brokers like Hugo’s Way.