If you are interested in trading, then you must find a good and trustworthy broker to work with. The good news is, nowadays, brokers are just a few clicks away. All you have to do is search for one in your search engine, and a full list will appear on your screen. Among the many results, you might take a look at HugoWay, and something about its name might interest you in the broker and what it has to offer.
Who is HugoWay for?
HugoWay can be a good broker for experienced traders looking for a diverse list of products. The platform offers indices, Forex currency pairs, stocks, commodities, and cryptocurrency trading. Apart from that, it is also great for people on a budget who are looking for a small minimum deposit. Another good news is that there are no inactivity charges.
Things We Like
HugoWay sure does a lot of things right. In addition to a low minimum deposit, it also offers a demo account, both of which are excellent options for anyone looking to start trading.
Apart from that, there are other great things that we like, like the fact that there are no inactivity fees and no deposit and withdrawal fees. Then, we are also happy to know that they keep clients’ money in segregated accounts for security. In this way, client funds can be protected. The company is also publicly listed.
Things We Don’t Like
What bothers us about HugoWay is the fact that they charge CFD commissions, as well as the fact that they are not regulated by any high authority. Also, no contact phone number. While there may be other ways to contact them, some people prefer a faster method like calling them. The fact that this option is not available is disappointing.
HugoWay may seem like a convenient choice, especially when you know about fast deposits and withdrawals, fast trade execution, free demo accounts, low minimum deposits, and the number of tradable assets. But it’s not enough to make someone trust the broker. There are other considerations to be made before applying. So, let’s look at the legal issues of hugoway.
Who is HugoWay?
HugoWay is a relatively new broker. It was only founded in 2017, and its headquarters are in the Grenadines and St. Vincent. It is a global broker, available to people from different countries. The brokers are Forex and CFD, and the price is one of the leading in the market.
Apart from that, they provide the MT4 platform, as well as true ECN connectivity. What’s more, the broker has a wide variety of instruments to offer, and trading 35 Cryptocurrency Pairs is available 24/7 and has a leverage of up to 1:100.
Is HugoWay Regulated?
Here comes the bad things about HugoWay, as the broker is not regulated. Owned by an offshore company registered in the Grenadines and St. Vincent, a company known as Hugo’s Way Limited.
Given the offshore aspect, it is clear that there are very few requirements for company operations, even though financial investment companies are registered. As a result, the broker is unregulated, not supervised by any authority, and therefore does not follow international rules. Not following strict rules makes the broker unstable for not offering any protective measures to those who use the platform.
Is HugoWay Safe?
HugoWay is not regulated, therefore it is not very safe to trade with it. The website mentions that they are trying to apply for a license at the moment. Until that happens, the broker will remain unregulated, prolonging the unsafe conditions traders must go through.
The website itself mentions how the broker is not geared towards any jurisdiction. It also mentions the fact that it was not made for use by people who would violate local laws or regulations.
Countries Accepting Clients from
The broker accepts clients from many countries, and even US customers are welcome. But to comply with the law, one should not use this broker as a US resident considering the only brokers allowed are those regulated by the CFTC.
In terms of trading, HugoWay uses the MetaTrader4 platform. It is an award-winning system and has web, desktop, and mobile platforms.
The web trading platform comes with a 2-step login process, as well as the option to view past trades, cost reports, and much more from your performance history. There are also options for 4 pending orders, each Sell Stop, Buy Stop, Sell Limit, and Buy Limit. Email notifications are also provided.
The desktop application comes with the same command, and also allows you to use the Stop Loss command. The platform comes with extra security apart from 2-step authentication. Expert Advisors, as well as scalping and wedging, are allowed. You can download the platform on Windows and Mac, which will allow you to get notifications if you wish.
All clients will have the same account type, each ECN/STP account. So, this is the only option no matter whether you are a beginner or an expert.
There is an extremely high-level level of risk engaged in transaction securities.
Concerning trading on margin-based foreign exchange, off-exchange derivatives, and cryptocurrencies, there are considerable risks, counting but not limited to, leverage, solvency, imperfect regulatory protections, and market instability that could considerably touch the price or liquidness of a currency. or related instruments. It would not be assumed that the processes, techniques, or statistics presented in this product will be beneficial, or will not result in failures. Learn more on Wikipedia. In addition please learn about forex social trading.