HugosWay is an online trading platform founded back in 2017 and in just four years it has grown to offer clients the possibility to engage in forex, stocks, and cryptocurrency trading. They have global coverage and headquarters located in St. Vincent and the Grenadines. This may sound standard for a broker and possibly even safe, especially for a beginner trader. However, HugosWay is by no means a safe broker that we recommend.
In this HugosWay review, we will clarify why we think this broker is a money-stealing SCAM that you shouldn’t sign up for. Choosing an online broker can be very difficult at times, which is precisely why we have decided to offer you as much information as possible so you avoid falling victim to such sketchy services.
As we have already mentioned, HugosWay offers clients the possibility to trade with stocks, forex, and crypto. Moreover, this broker also gives the option to open a demo account so that new traders can learn more while actually trading and not just from theory. This can appear as a benefit but, in fact, this broker wants nothing more than to attract as many clients as possible with these features.
The minimum deposit for this broker is only $10 which is not only incredibly low but also another proof of how desperate these people are. They want to attract as many traders as possible and are willing to do anything for it.
Speaking of money, according to the official website, HugosWay uses tier-1 banks so your money can safe at all times. Tier 1 banks are usually the safest when it comes to their clients’ capital. However, this cannot be verified from the outside meaning that this broke can claim anything to make you believe they are safe. So, as long as there is no way to verify this claim, you should be careful.
HugosWay is not regulated
The regulatory status of an online broker is the first thing that a client should look at when choosing such a service. In the case of HugosWay, they are clearly not regulated by any administrative body. Plus, the location of their headquarters is sketchy and famous for being a paradise for scammers.
Unregulated brokers that conduct trades on their own put the capital of their clients at great risk. Besides that, they are free to do anything with their money. Usually, these services do not allow clients to withdraw any funds because they keep them for themselves.
Being an unauthorized broker means placing the customers at risk by revealing not just their confidential info and bank records, but also their capital. Hazardous parties can quickly obtain access to this information and create huge issues for users. An inexperienced customer could easily fall into their trap and this is one of the first reasons why we DO NOT RECOMMEND putting your trust in HugosWay.
Unregulated brokers use a simple tactic to obtain people’s money and personal information. Traders are first convinced to make an immediate deposit through repetitive phone calls or e-mails, as suggested on their website.
Furthermore, many promotions and offers that seem to be exceptional will be made available in order to entice people to become their prey. If you make your first deposit, you will be trapped in an endless cycle that will continue to extort money from you by promising more and more discounts and insane benefits.
HugosWay fees and costs
When it comes to the fees and costs of HugosWay, you should know that they have withdrawal fees that vary depending on your payment method. The problem is that the client never actually knows the amount of this fee until they must be paid. The broker also has CFD commission fees.
Speaking of withdrawals, HugosWay claims to offer clients the possibility to withdraw money using credit/debit cards, bank transfers, Neteller, PayPal, or Payoneer. This looks nice but the problem arises when they refuse to send you your money. According to numerous former clients, this broker lengthens the withdrawal process so much until you can no longer get in contact with them and they get to keep your money. This is one of the main reasons why we DO NOT RECOMMEND this broker!
HugosWay trading platforms
Last but not least, it’s time to talk about the trading platform that HugosWay uses. It’s the famous MetaTrader 4 that has both a web and a mobile version available for clients. This could attract a large number of customers because, usually, this trader has the reputation of being safe.
However, not many people know that any broker can use the MetaTrader and twist it according to their will. This type of trader is not only specific to trustworthy brokers as many people think. In fact, there are more and more scam services that use it to promote themselves and to draw in large numbers of customers. So, you should never fall into this trap.
HugosWay – NOT RECOMMENDED
We do not recommend HugosWay because it’s a SCAM broker that does nothing else but steals the clients’ money through elaborate schemes and tricks. Your capital is always at risk with any online trading broker but, in this case, there are multiple testimonies online from former clients who had bad experiences with them. Do not fall into their trap, especially when you have so many other alternatives that are serious and professional.