Hugosway is a forex and CFD broker that provides online trading services globally. It is an offshore forex broker located in Seychelles. The broker offers 55 Currencies, 73 Stocks, 38 Cryptos trading instruments. Being an unregulated forex broker enables Hugosway to offer high leverage and unrestricted trading, which are often restricted in many regulated markets. However, the lack of regulation also exposes traders to potential risks. Despite this, many traders opt for Hugosway due to its competitive trading condition, high leverage, and lower minimum deposit.
In this content, we will analyze and review Hugosway, exploring its features, pros, and cons. We will also answer the most common questions people ask about Hugosway. By reading this review, you will gain a better understanding of whether Hugosway is the right broker for your trading needs and preferences.
What is Hugosway?
Founded in 2017, Hugosway has been attracting traders from all over the world with its focus on ECN pricing and trading. Only commissions are charged on trades, and no spread mark-ups. Low minimum deposit, high leverage, and 24/7 support are some of the strengths of Hugosway.
Hugosway Overview
- Founded In: 2017
- Trading Instruments: 200+ trading Instruments including Forex, CFDs, Crypto CFDs, Futures, Indices, Metals, Stocks
- Minimum Deposit: $10 for Bitcoin, $100 for Instacoins
- Maximum Leverage: 1:500
- Regulations: None
- Trading platform: Pro4
- Account Types: Live account, Demo Account
- Payment Options: BTC, Instacoins, Wire Transfer via Instacoins
- Trading Styles: Allows all trading styles including scalping, Copy Trading, EA Trading
- US Traders: Accepted
Key Features:
- Trading Instruments: 55 Currencies, 73 Stocks, 38 Cryptos
- Trading Platforms: PRO4 Trading Platform
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Trading Fees: Only Spread is charged (No Commission). Variable spreads from 0.01 pips. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket): 1000 Lots
- Funding Currencies: Wire Transfer, Credit Card, Bitcoin
- Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account.
- Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 70%
- Margin Call Level: 100%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
Hugosway Pros and Cons
Pros:
- Low Minimum Deposit – Starting from $10
- Allow Crypto CFD Trading
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading and News Trading
- Hugosway Accepts Crypto Deposits
Cons:
- Offshore Broker with very limited information
- Limited Deposit and Withdrawal Option
- Spread sometimes widens during market volatility
- Unregulated Forex broker
- No Managed Account Options
Our Ratings for Hugosway:
Review and Reputation on Public Domains:
Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process
Hugosway Ratings and Reviews from Trustpilot:
Hugosway has earned a rating of 1.7 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.
Hugosway Ratings and Reviews from Forex Peace Army:
Hugosway has achieved an average rating of 2.8 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.
Frequently Asked Questions
Is Hugosway a Legit Broker?
Hugosway is considered a good offshore forex broker and is registered in Seychelles. The broker offers over 55 Currencies, 73 Stocks, 38 Cryptos. However, the broker is not regulated or authorized by any regulatory authority. Due to this lack of regulation and the absence of available financial information, we do not recommend trading with Hugosway.
Is Hugosway regulated?
No, Hugosway is not a regulated broker. It is an unregulated offshore forex broker which offers restriction-free trading facilities.
Does Hugosway Offer CFD Trading?
Yes, Hugosway offers CFD trading. CFD is a form of derivative trading that allows traders to speculate on the price movements of various financial instruments such as stocks, commodities, indices, and currencies, without actually owning the underlying asset. Hugosway provides a variety of trading CFD instruments including Currencies, Stocks, Cryptos.
Where is Hugosway Located?
Hugosway is located in Seychelles. Seychelles is the home of many offshore forex brokers.
Does Hugosway require KYC Verification?
Yes, Hugosway requires KYC (Know Your Customer) verification. This process involves verifying the identity of its clients to comply with brokers’ requirements and ensure the security of the trading environment. Typically, this includes providing identification documents such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement
Does Hugosway payout?
Yes, Hugosway does payout to its clients. Traders can withdraw their funds from Hugosway using cryptocurrencies only. Payouts are processed within 24 hours. Once processed, it can take 1-6 hours, or as soon as there are 3-6 confirmations on the blockchain before the funds will be available in your crypto wallet
Is Hugosway an ECN broker?
No, Hugosway is an ECN forex broker.
What is the minimum deposit for Hugosway?
The minimum deposit for Hugosway is $10.
Conclusion
Hugosway is an offshore forex and CFD broker that offers online trading services to traders and investors worldwide. The broker provides a wide range of trading instruments, including 55 Currencies, 73 Stocks, 38 Cryptos. The broker’s spreads start from as low as 0.1 pips. Hugosway offers high leverage (as high as 1:500 ) and a low minimum deposit (as low as $10). The restriction-free trading facilities, such as CFD trading, lower minimum deposit, and higher leverage, make Hugosway a good choice for many traders.
However, the broker is not regulated by any regulatory authorities. Therefore, do your research and ensure you are comfortable with this. We only recommend brokers regulated by the relevant financial authorities.
