Hugosway is an STP & ECN style unregulated forex broker that offers 56 currency pairs, 16 cryptocurrencies, and 37 crosses through the MetaTrader 4 forex trading platform and Payments with Bitcoin. See our experts’ verdict in our Hugo’s Way review.
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Hugo’s Way Summary
Hugo’s Way, based in Mahe, Seychelles, is a True ECN Forex Broker designed for professional traders. Its trading portfolio includes Forex, cryptocurrencies, and stocks with leverage up to 1:500. Hugo’s Way is great for traders who want high leverage, a broad range of trading instruments, and a focus on cryptocurrency trading.
Its commitment to ECN connectivity attracts those who value transparency and efficiency in trading. If you’re looking for a broker with low spreads, affordable commissions, and platforms other than MT4, you might want to consider other options.
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Hugo’s Way is a No Dealing Desk Brokers broker that only offers one trading account type. This account provides STP/ECN execution to connect you with liquidity providers compiled from over 50 banks to deliver you tight spreads.
The broker sets a USD $5.00 commission fee ($10.00 round-turn) to keep the spread at the raw prices set by the liquidity providers. This means there is no manipulation of your spread costs done with Standard accounts and by market makers.
Spreads offered by Hugo’s Way for the EUR/USD currency start from 0.0 and are generally reasonable for all 55 major and minor currency pairs.
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No Commission Spreads: Standard Accounts
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|---|---|---|---|---|---|
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0.90 | 1.30 | 3.60 | 3.00 | 1.70 |
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0.62 | 0.77 | 1.27 | 1.30 | 0.85 |
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0.93 | 0.92 | 0.98 | 1.31 | 0.98 |
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1.00 | 1.20 | 1.00 | 1.20 | 1.00 |
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0.80 | 1.20 | 1.20 | 1.50 | 1.20 |
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1.00 | 1.00 | 1.20 | N/A | 1.10 |
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0.80 | 1.00 | 1.00 | 1.50 | 1.60 |
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0.90 | 1.20 | 2.10 | 1.10 | 1.30 |
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0.90 | 1.10 | 1.60 | 1.80 | 1.50 |
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1.00 | 1.11 | N/A | 1.30 | 1.28 |
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0.84 | 0.83 | 1.79 | 2.32 | 1.92 |
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1.10 | 1.10 | 1.10 | 1.20 | 1.20 |
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1.20 | 1.30 | 1.20 | 1.20 | 1.30 |
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1.20 | 1.30 | 1.50 | 1.70 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.40 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025
The following spread ranges were observed:
| Spreads | Observed Min Spread 15/01/2024 |
|---|---|
| EUR / USD | 5.2 |
| AUD / USD | 4.1 |
| GBP / USD | 5.8 |
| USD / CAD | 9.5 |
| USD / JPY | 4.9 |
The main features to note include:
Verdict
Overall, Hugo’s Way has low spreads but not the lowest, as you can see in the ‘head to head’ Hugo’s Way vs IC Markets comparison. Hugosway doesn’t publish their average spreads, but to compare those that do and try the forex calculator go to the lowest spread forex brokers page.
| Trading Plaform | Available With Hugo's Way |
|---|---|
| MetaTrader 4 | Yes |
| MetaTrader 5 | No |
| cTrader | No |
| TradingView | No |
| Proprietary Platform | No |
The CompareForexBrokers team created a trading platform selector so you can work out what trading software best matches your trading needs. I recommend you complete the short 5 step questionnaire which will help you determine your most suitable forex platform.
Hugo’s Way only offers one forex trading platform option, this being MetaTrader 4 (MT4). At Compare Forex Brokers, our team are fans of MT4, so we consider this as a strength.
| Interface | Simple to use / customisable |
|---|---|
| Instruments | Forex, Indices, Communities, |
| Timeframes | 9 |
| Pending Order Types | 4 (Buy Stop, Buy Limit, Sell Limit, Sell Stop |
| Programming Language | MQL4 |
| Built-in-indicators | 30 |
| Free custom indicators | 2000+ |
| Paid Indicators | 700+ |
| WebTrader | Chrome, Firefox, Safari, Internet Explorer, Opera Edge |
| PC | Windows, MAC, iPhone, iPad, Android |
| Order execution types | 3 |
| Order Fill Policy | Fill or Kill |
| Graphical .Analytical Objects | 31 |
| Hedging | Yes |
| Strategy Tester | Single threaded |
When trading with MT4 using Hugo’s Way, you can choose from the desktop platform if using Windows, Linux or Mac, a web browser (Web Trader) or mobile and tablet apps compatible with Android and iOS. With such a range of choices, you can trade from just about anywhere.
Verdict
Hugo’s Way is an MT4 specialist. They only offer one platform. There is nothing wrong with this, as most traders only need one platform. Hugo’s Way does not offer any other tools that can integrate with MT4, such as social trading or charting tools. While other brokers will typically give you some options.
Hugo’s Way has a very low overall trust score of 11. We dissect the reasons for this score by discussing its regulation, reputation, and reviews.
Hugosway is not a regulated brokerage trading firm. While it is perfectly possible the broker is operating with the best or acceptable business practices, lack of regulation does mean they are not being held accountable by a financial authority with the necessary powers to influence the broker’s operations. That means that you do not have the peace of mind that your account and investments are safe and the business’s financial operations are secure.
| Hugo's Way Safety | Regulator |
|---|---|
| Tier-1 | X |
| Tier-2 | X |
| Tier-3 | X |
Hugo’s Way was founded in 2017 in Kingstown, St. Vincent and the Grenadines. They have a considerable amount of monthly Google searches, approximately 33,100 hits.
The company has received poor reviews on TrustPilot, with a score of 2.2/5.0 based on 182 reviews.
Verdict
We noticed that the broker states they sometimes keep funds deposited in the name of Hugo’s Way in an independent bank account. While it is hard to know what this exactly means, it does seem to be a bad business practice to keep your funds in any other name but your own.
In addition to questionable segregated account practices, they state they have segregated accounting records and that a trader’s funds will not be used to pay creditors should Hugo’s Way cease operating. With no external regulatory authority monitoring their books, you cannot be sure the broker is managing these books with the utmost integrity, and you can’t report suspicious activities and other common scams.
There is no listed phone number for the online broker. This may mean that other than storing funds with an unregulated broker, there may be no way to find direct contact if there are any issues.
Hugo’s Way provides a unique range of funding options compared to other brokers. Payment with Bitcoin is just starting to become available with some brokers, while Vload and Ole platforms are 3rd party providers only available with a select few brokers.
Hugo’s Way requires traders to deposit at least $10. Many brokers will require a minimum deposit of $200. If you are serious about trading, it is recommended to open your account with more than $200, but it’s good to know that opening with small amounts is also an option. Even if you start with a small deposit, you still need to meet margin requirements to open positions when trading.
The base currencies offered at Hugo’s Way are EUR, USD, GBP, CAD, AUD, and BTC. Hugo’s Way is one of the early adopters of Bitcoin cryptocurrency as a medium for depositing and withdrawals in the online forex brokerage industry and remains one of the few brokers that offer this method at this point in time.
Most funding methods do not charge a deposit fee except for bank transfers. When using Bitcoin, there is a minimum $50 deposit and no maximum. Hugo’s Way does not charge for funding with this method.
Below, we show the different payment channels this broker uses and the corresponding fees:
| Payment Method | Minimum Deposit | Deposit Fee | Withdrawal Fee |
|---|---|---|---|
| Credit/Debit Card | $10 | None | None |
| Bank Wire | $100 | $25 | $25 |
| VLoad | $10 | None | None |
| Ole | $50 | None | None |
| Crypto (Bitcoin) | $50 | None | None |
Vload
Vload is a voucher system that can be used to fund your Hugo’s Way account. With Vload, you purchase vouchers using your chosen payment method and then use these vouchers to deposits funds into your Hugo’s Way account.
Ole Platform
Hugo’s Way allows deposits and withdrawals using the Ole platform. The Ole platform is designed to simplify the KYC process and allow funding to your Hugo’s Way using prepaid debit cards, credit cards and reward systems using multiple global currencies.
Bank Wire Transfer
Of the deposit methods available, bank transfer is the least preferred option. This is because you will incur a $25 fee to deposit and withdraw funds from your Hugo’s Way trading account.
Credit/Debit Cards (Visa, MasterCard)
Hugo’s Way allows funding via Credit and Debit Cards (Visa and MasterCard). Hugo’s Way does not charge using this method.
When using a Credit or Debit card, you can only withdraw to the card as much as you deposited using the card. Other profits must use other withdrawal methods.
Hugosway provides demo accounts for all of its MT4 platforms. You can safely run multiple demo accounts simultaneously without any restrictions or risks. Novice traders often create multiple demo accounts with different leverages and account balances.
Creating a fully functional demo account on Hugo’s Way takes only a few minutes. When you create an account, you have the option to define the leverage for your account and choose the amount of virtual trading capital you would like to use.
Unfortunately, Hugosway hasn’t provided sufficient support to novice traders. Traders are not provided with any tools by the platform to support their trading activities. Some brokers collaborate with financial research firms, such as Claws & Horns and Trading Central, to provide exclusive analytics and trading concepts. It seems like other online trading platforms offer tools like Autochartist to assist their traders, but Hugo’s Way does not provide any such tools.
Verdict on Hugo’s Way Funding
The main advantage we saw with funding our accounts at Hugo’s Way is the absence of fees for most channels. Plus, you can fund your account using crypto.
Hugos Way offers a solid range of markets for 150 tradeable CFDs – from forex and shares to crypto. It allows you to diversify your Contracts For Difference (CFDs), which can be a smart risk management strategy when building your trading portfolio as your risks are spread out.
With this broker, you will be able to choose from
A commission of USD $5.00 per lot is charged for all of these CFDs. Leverage is maximum of 500:1 for metals and fixed at 1:200 for energies and indices. Shares are fixed at 1:20.
Cryptocurrency CFD
Perhaps Hugo’s Way’s biggest strength is its range of 15 Cryptocurrencies and 31 cryptocurrency crosses. Cryptocurrencies include:
| Cryptocurrencies | ||||
|---|---|---|---|---|
| Bitcoin | Bitcoin Cash | Dash | Ethereum | Litecoin |
| Ripple | Zcash | OmiseGo | NEO | Monero |
| IOTA | EOS | TRON | Santiment Network Token | Metaverse ETP |
Cryptocurrency prices are sourced from the BitFinex exchange, and leverage is fixed at 1:100. Commissions, like with other CFDs, are $5.00.
Crypto trading is growing fast as this instrument, more than other CFDs, offers a greater chance to make large profits due to its highly volatile nature. If you do trade cryptocurrency, like any other CFD, trade responsibly, as trading leveraged instruments carries high risk.
| Instrument | Number | Leverage |
|---|---|---|
| Forex Currency Pairs | 55 | 1:500 (Maximum) |
| Cryptos | 31 | 1:100 (Fixed) |
| Indices | 11 | 1:200 (Fixed) |
| Metals | 6 | 1:500 (Maximum) |
| Energies | 3 | 1:200 (Fixed) |
| Stocks | 104 | 1:20 (Fixed) |
Verdict
Hugo’s Way offers an ample selection of CFDs, with a particular focus on cryptocurrencies, which is especially beneficial for those trading in this market.
Hugo’s Way offers 24/7 customer service via email and live chat. Interestingly, there is no phone contact, which may be an issue for some traders.
Hugo’s Way Live Chat
We tried Hugo’s Way 24/7 live chat widget to find that no actual human contact was operating their live chat, but rather a fairly clever chatbot. While it’s fair to say the use of the word “live” is a bit of a stretch, the chatbot can be useful but is limited. Most brokers using a chatbox will connect you to a human contact if the bot cannot assist. Hugo’s Way chatbot, while fairly well-written and comprehensive, does not offer genuine human connection. Instead, you are persistently suggested to check their FAQ.
Hugo’s Way Email
The Hugo’s Way support team is actually quite helpful if you require support via email. More often than not, you will receive responses in a reasonable time, and the support team seems eager not only to answer your question but also to educate you about the forex concept relevant to your question. For example, we wanted to clarify the commissions they charged; they not only answered the question but explained how commission costs work when buying and selling lots. A nice touch.
Verdict on Hugo’s Way Customer Service
The customer service provided by Hugo’s Way leaves a lot to be desired.
The company is currently constructing a section dedicated to training traders. For answers to commonly asked questions about MT4 trading conditions and payment systems, you can visit their FAQs section.
Tools that Hugo’s Way Needs
Brokers who operate with integrity acknowledge that financial markets are risky to trade in. As a result, they often provide free or paid educational resources to help you trade forex responsibly. Education tools include:
Without providing these tools and knowledge to inexperienced traders, brokers who do not offer these tools are subtly encouraging you to an unnecessary level of exposure.
Market Analysis
The forex market is changing fast, making it hard to keep up with all the latest market news and events. Market conditions play a large role in determining currency prices, so it helps if the broker provides market resources to help with your trading. These typically include:
Hugo’s Way is not a regulated broker, so do your research and make sure you are comfortable with this, we only recommend brokers regulated by the relevant financial oversite in your region. You can view reviews and comparisons with competitors: Hugosway vs Tradersway, Fondex Review, Hankotrade Review, and KOT4X Review.
See our best-regulated brokers for the following regions
Possibly. Hugo’s Way has its own policies in place so clients can have a level of trust using the broker. These policies include segregated accounts, segregated accounting books, KYC and 2FA. However, Hugo’s Way is not a regulated broker, meaning they are not accountable to a more powerful oversight from financial authorities.
If you prefer a regulated broker, see our awards by Countries.
Hugosway offers the following withdrawal methods:
HugosWay allow the following deposit method
Traders are required to make a minimum deposit amount of $10. There are a few payment channels that may require a bit more.
Hugo’s Way offers demo accounts for MT4. You can have more than one demo account with no restrictions or risks involved.
Verdict
Fees
Trading Platforms
Safety
Funding
Product Range
Support
Market Research
Ask an Expert
How do I fund my Hugosway account?
Funding methods with HugosWay include Direct Bitcoin deposits, Bitcoin via Instacoins, Bank Wire Transfer via Instacoins,
How long does hugosway take to deposit?
If you deposit directly using Bitcoin or via 3rd party like Instacoin, funding can take 1 to 6 hours. This is because blockchain requires multiple confirmations.
What is the maximum leverage in Hugosway?
1:500 is the maximum leverage