Hugo’s Way Broker Review 2020

General Information

Website                            https://hugosway.com/

Founded                           2017

Regulated                         No

Platform                            MetaTrader4

Mobile App                      Yes

Tradable assets 150+

Min. Deposit                    $10

Max. Leverage   1:500

Min. Trade Size 0.1

Free Demo Account        Yes

Payment Options            Bank Transfer, Credit/Debit Card

Hugo’s Way is fairly new to the online trading game. It has been founded in 2017, with headquarters in Seychelles. Even though the official stance is that they are applying for a licence, at the time of writing they are still unregulated. It remains to be seen if this gets updated in the future, but for the moment, trading with them means undertaking some risks.

Trading Platform

The only platform provided on offer is MetaTrader4. This platform comes in both desktop and app format. On mobile devices, there is a version for Android and iOS. They offer plenty of analysis tools and indicators with a complete set of trading orders. For those who prefer a more comfortable trading experience on a larger screen, there are both PC and MAC versions. You can download those on the broker’s website, while the mobile apps can also be downloaded in their respective app stores.

Trading Conditions

  • Leverage

Hugosway is flexible when it comes to leverage. It can range from 1:1, all the way up to 1:500. Changes can be made at any time in the “My Account” page.

  • Trade Sizes

Micro-lot trading is available, with trading sizes starting at 0.01. Largest-allowed size is 1000 lots. If you wish to employ a variety of trading strategies including hedging and scalping, you are permitted to use all of them on Hugo’s way.

  • Trading Costs

There is a charge commission of $5 for every lot traded. The commission charge is adjusted on trade sizes which are lower than one whole lot. Swap fees are charged, and they vary from one asset to another. Every fee can be viewed on both the demo and live version of the MT4 platform.

  • Assets

Hugo’s Way offers more than 150 financial instruments available for trade. These include more than 100 stocks, 50 currencies, 30 crypto and a small offering of commodities and indices. For the entire list of tradable assets, you can check it out on their website.

  • Spreads

On first glance, there are some rather attractive trading conditions. Spreads start as low as 0.0 pips and remain generally reasonable further on. As it is the case with many other brokers, Hugo’s Way charges commissions, but in return offers the best spreads.

Deposit

Hugo’s Way offers a reasonable minimum deposit of $10. Combined with the fact that they allow micro-lot trading, this brokerage will be attractive to those wishing to test the platform with little risk. These are the allowed payment methods:

  • Credit Card (Min $50 – Max $600)
  • Wire Transfers (Min $100 – Max unlimited)
  • BitCoin (Min $50 – Max unlimited)
  • VLoad (Min $10 – Max unlimited)

The only deposit method that carries a deposit fee is the bank wire transfer. There will be a $25 charge when using this method. This can be circumvented with deposits in excess of $5,000. These transfers are the safest way of depositing, but the other methods offer a much faster experience to fund your account.

Withdrawal

Every deposit method is also viable when making withdrawals. You will encounter no fees when taking funds back to your wallet, with the exception being wire transfers that incur a $25 fee. All withdrawal requests are processed the same day, and you can expect between 3-6 working days for your funds to actually arrive. The fastest method is by far Bitcoin with an average of 1-3 hours from the moment you get a confirmation.

Education

Although not needed by experiences traders, novice ones are most heavily impacted by the lacklustre offering of education material on Hugo’s Way. Apart from the decent FAQ area, there is little else on offer, and new traders will have to look elsewhere to familiarise themselves with both the trading platform and the intricacies of online trading.

Conclusion

Hugo’s Way is a new project, trying to make it in the big leagues. Until the company becomes fully recognised by the financial watchdogs, we would recommend proceeding with caution. With all that in mind, trading conditions are reasonably competitive if you are an experienced trader. At this point we cannot understand, nor accept that a low entrance barrier can make up for the fact that there is little to no education materials for novice traders. If Hugo’s Way manages to upgrade these two key flaws, they will become highly competitive in the future.