Operating from the Seychelles, Hugo’s Way is an offshore ECN/STP Forex broker that has been in operation for a few years now. The firm offers an impressive asset index, which does include cryptocurrencies, with spreads starting as low as 0.0 pips. In this detailed Hugo’s Way review, we’ll uncover what it’s truly like to trade with this broker and let you know what to expect with regard to the trading platform, customer support, funding, and much more.
There are no tiered account types offered by Hugo’s Way. According to the FAQ’s, Islamic accounts are not provided at this time. With just one account type, all traders can expect to need to meet the same requirements with regard to funding and trading, and all will be provided with the exact same trading conditions within the platform. Understandably, some traders do like to have the ability to access extra perks in exchange for an extra-large deposit, but the truth is that the average trader typically does not opt for a VIP-type account until they have become quite experienced in Forex trading.
There is one platform provided, with that being MetaTrader 4. This platform is provided in app format for iOS and Android devices, as well as WebTrader format for in-browser trading. Those with concerns over using the apps will be happy to note that they do offer plenty of analysis tools and indicators, along with a complete set of trading orders. The PC and Mac versions of the platform can be downloaded from the broker’s website, as can the apps, which are also available in their respective app stores.
Hugo’s Way provides rather flexible leverage, with the maximum leverage ratio being 1:500. Those who wish to trade without any leverage can drop their setting down to 1:1, while those who wish to select a setting somewhere between the lowest and highest ratios will be able to choose from a variety of settings between the two. Provided that there are no open trades, clients can make changes to their leverage setting from their account at any time. Simply visit the ‘My Accounts’ area to make this change.
Micro-lot trading is possible, with trade sizes starting at 0.01. The largest allowed is 1,000 lots. A variety of FX strategies, including scalping, hedging, and news trading are permitted. Scalping, in particular, is best done using smaller trade sizes. In connection with trade sizes and rules, let’s talk about the margin rules. Hugo’s Way has a margin call set to transpire at 100%, while their stop out level is set to 70%. If you’re completely new to Forex trading, we highly advise that you learn how these settings can impact your trades well in advance of trading with actual money.
Hugo’s Way does charge commission of $5 per lot traded. The commission charge will be adjusted accordingly on trade sizes which are less than one whole lot. Swap fees, or rollover, are charged and do vary by asset. These costs can be viewed within either a demo or live version of the MetaTrader 4 platform. Simply click on any asset and then ‘Specifications’ to open a box containing detailed information about the chosen asset.
Hugo’s Way currently offers nearly two-hundred assets for trading, including:
- Stocks – 104
- Currencies – 55
- Cryptos – 31
Above this, a small number of Metals, Indices, Futures, and Energies are also provided. The broker does provide a complete asset listing on their website, so do visit that page to see if your preferred assets are made available.
This broker does offer excellent liquidity, having made connections with several major investment banks and liquidity providers. As a result of these relationships, they are able to offer some rather attractive trading conditions. Spreads start as low as 0.0 pips and remain reasonable across the board. As we so often see, brokers that charge commissions typically offer the best spreads and Hugo’s Way is no exception. The firm does provide live asset information on its website for those who are interested in checking out the latest rates.
The lowest accepted deposit is only $10, which is more than reasonable. When paired with the fact that they allow micro-lot trading, this combination provides an excellent path to testing the platform with little risk. There are, however, higher minimum requirements for some payment methods, and we have outlined the minimum and maximum limits for you below.
Max $600 (Per transaction)
Max 3 transactions per 24 hours (Per card)
Max 10 transactions per 30 days (Per card)
Deposit Methods & Costs
The accepted deposit methods are as noted above. Of these, the only method that carries a deposit fee is bank wire transfer. When that deposit method is opted for, there will be a $25 fee. That fee is waived on all deposits in excess of $5,000. Bank wire transfer is, of course, a secure method of depositing, but the other payment options offer a much faster way to get funds into your account. New and existing clients will find complete instructions for how to make a deposit using each of the accepted payment methods within the Hugos Way FAQ area.
Withdrawal Methods & Costs
Each of the accepted deposit methods may also be used to make a withdrawal. There are no fees for withdrawing funds back to your credit/debit card however, additional profits may incur withdrawal fees depending on the additional withdrawal method used.
- Credit/Debit Card: 0%
- Wire Transfers: $25
- Bitcoin: 0%
- Other Withdrawal Methods: $0-$20
HW asks that you contact customer support for additional information regarding fees on the “other” withdrawal methods.
Withdrawal Processing & Wait Time
The Hugo’s Way payments team processes all withdrawal requests either the same day or on the next business day. Any request made prior to 1 pm GMT will be processed on the same day. On withdrawal requests made on Friday’s, any request made after 5 pm GMT will be reviewed on Monday morning.
The expected wait time for funds to arrive are as follows:
- Cards: Banks timelines vary, but the average is 3 to 6 business days
- Bank Wire Transfer: Average is 3 to 6 business days
- Bitcoin: Average of 1 to 3 hours or as soon as 6 confirmations clear the blockchain
Hugo’s Way offers true 24-hours a day, 7-days a week. By “true” we mean that some brokers claim to offer around the clock support, but when tested, do not actually have staff members available to speak with clients at all hours. When tested, support agents responded to live chat requests within mere seconds, and our request for a callback was completed within two hours. An email sent to [email protected] was responded to within 15-minutes, so the firm passed all customer service tests quite easily.
Bonuses & Promotions
At the time of completing this Hugo’s Way review, there were no ongoing bonus or promotional offers. Obviously, this could change in the future, so check the broker’s website to check for these types of promotions in the future.
Educational & Trading Tools
Although not needed by experienced traders, novice traders do need educational tools. Hugo’s Way provides an excellent FAQ area, but there are no real educational resources to speak of. Obviously, this information can be found elsewhere online, but it’s still nice to see a broker providing at least the basics. As for trading tools, these are limited to only what the platform provides, which is a variety of technical indicators, analytical tools, and Expert Advisor capabilities.
Free, unlimited demo accounts are available to anyone who wishes to test the platform. A demo account can be opened directly from the website or from within the platform itself. Demo accounts allow end-users to select their desired leverage ratio and starting balance. It is possible to have more than one practice account if you wish, and each will remain active indefinitely, provided that they are logged into on a regular basis.
Residents of the following locations will not be allowed to open an account with Hugo’s Way:
- Democratic Republic of Congo (Republic of Zaire)
- North Korea
At the time of reviewing this FX broker, traders from the United States and Canada were permitted to create accounts and trade.
Hugo’s Way has become a “fan favorite” in the Forex industry, especially among U.S. and Canadian traders, both of which have limited broker options these days. Their customer support team is stellar, their trading conditions attractive, and their platform reliable. The addition of some educational resources would be nice, but those can easily be found elsewhere. For now, we’re giving this broker two thumbs up and giving traders the green light to use their trading services.