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HugosWay Review: Is Actually This Broker Legit?

HugosWay: Legit or Scam?

HugosWay advertises itself as an STP forex broker, but several red flags raise scam concerns:

  • Unregulated: Not overseen by any financial authority, raising doubts about fair trading practices, fund security, and dispute resolution.
  • Lack of Transparency: Hidden fees (commissions, SWAPs, deposit/withdrawal) make it difficult to calculate true trading costs.

Company Overview

Registered in

St. Vincent and the Grenadines

Regulated by

No effective regulation at this time

Year(s) of establishment

2-5 years

Trading instruments

Forex pairs, cryptocurrencies, indices, commodities, futures, energies

Minimum Initial Deposit


Maximum Leverage


Minimum spread

0.0 pips onwards

Trading platform


Deposit and withdrawal method

VISA, MasterCard, bitcoin and bank transfer

Customer Service

Email, address, live chat, call back, social media

Fraud Complaints Exposure


Services or Products

  • Forex Trading
  • Cryptocurrency Trading
  • Indices Trading
  • Commodities Trading
  • Futures Trading
  • Energies Trading

If you have lost money to companies like ClickTrades, or Winsorfx; please report it to us on our report a scam form.

Trading Platform & Leverages

  • Platform: MetaTrader 4 (MT4) – Popular platform, but limited customization options.
  • Leverage: Up to 1:500 – High leverage can amplify profits and losses, use with caution.

Spreads and Cost of Trading

HugosWay advertises competitive spreads but fails to disclose commissions and SWAP fees. This lack of transparency makes it impossible to calculate the total cost of trading.  Traders are left in the dark about potential hidden fees that could significantly erode their profits.

License and Regulations

Legal Warning Against HugosWay

HugosWay lacks regulatory oversight, which is a major red flag. Financial authorities exist to protect traders by ensuring brokers meet certain standards. Without regulation, there’s no guarantee of:

  • Fair Trading Practices: No authority monitors for manipulation or unfair practices.
  • Fund Security: Your deposited funds may not be held securely in segregated accounts.
  • Dispute Resolution: Limited options for resolving disputes with the broker.

Deposit and Withdrawal Methods

  • Deposits: Visa, MasterCard, Bitcoin, Bank Transfer (Limited information on fees and processing times)
  • Withdrawals: Visa, MasterCard, Bitcoin, Bank Transfer (Limited information on fees and processing times)

HugosWay Pros and Cons



Low minimum deposit ($10)

Unregulated Broker

Wide range of instruments

Limited educational resources

MT4 platform

Lack of transparency on costs (commissions, SWAPs, deposit/withdrawal fees)

High leverage (up to 1:500)

Limited information on account types

24/7 Live Chat Support

No physical office address

Why Dealing With An Unlicensed Broker Is Risky

Unlicensed brokers pose significant risks:

  • Increased Chance of Fraud: Regulatory bodies hold brokers accountable, reducing the risk of scams.
  • Fund Loss: Unsecured funds can be lost if the broker goes bankrupt or disappears.
  • Limited Dispute Resolution: Few options to recover funds in case of issues.

Client Feedback

Reviews regarding HugosWay’s customer service and transparency are mixed. Some users report positive experiences, while others express concerns about the lack of information and potential difficulties.

How Can “ReviewsAdvice” Help You If You Get Scammed?

Unfortunately, recovering funds lost to a scam broker can be extremely challenging. However, “ReviewsAdvice” can still help you in a few ways:

  • Raise awareness: Share your experience with our platform to warn other potential victims about HugosWay and similar brokers. By educating others, we can help prevent them from falling for the same scams.
  • Report the broker: We can add HugosWay to our database of suspicious or blacklisted brokers. This information can be helpful to others researching the broker’s reputation.
  • Gather evidence: Keep all your communications and transaction records with HugosWay. This documentation may be useful if you decide to pursue legal action.

We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.

Get Your Money Back from Scammers.

Final Thought

HugosWay’s lack of regulation and transparency raises serious concerns. While the platform and product offerings may seem attractive, the potential risks outweigh any benefits. Consider established, regulated brokers with a proven track record to protect your hard-earned money.

Picture of  William Pewitt

William Pewitt

William Pewitt is an experienced forex broker reviewer, dedicated to helping traders navigate the complex world of currency exchange. With a sharp eye for detail and years of experience, I try to provide concise and insightful assessments of various forex brokers. My reviews offer valuable guidance, helping traders make informed decisions about their investments.

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