Hugosway is a Forex broker founded back in 2017 in the Seychelles. Considering the location of their headquarters, it is hardly surprising that they are unregulated. Still, this brokerage offers many benefits for traders to take advantage of. In our Hugosway review I will try to uncover every important aspect of this broker to help you make a decision whether they are worth your time and money.
Platform & Execution SCORE: 65%
Despite MetaTrader5 being out for some time now, Hugosway sticks with the MetaTrader4 platform that remains to be a trader’s favourite. It is offered in desktop and mobile versions, with both Android and iOS being fully supported. Alternative option for some will be the Web Trader which is just a web browser edition of MT4 that can be accessed on any computer with internet connection.
The fact that Hugosway is not regulated is far from attractive. Is this a deal breaker right away? To compensate, they made sure their 3rd party payments service is fully regulated. When submitting a deposit, you are required to submit proof of address and identity.
You can use apps like Microsoft authenticator to enable two factor authentications. In addition, Hugosway requires all clients to verify their accounts in accordance with Know Your Customer Procedures. Their network is encrypted with a 256-bit secured socket layer. This should in theory detract any fraudsters from attacking the network and its users.
Hugosway offers flexible leverage options, starting with 1:1 and going all the way up to 1:500 which is the maximum. Important thing to note is that for crypto, max leverage offered is 1:100. When it comes to trade size, the brokerage offers a variety of choices. For those wishing for the lowest possible financial risk levels, the minimum trade size is 0.01 lot. They employ a straightforward approach to pricing on their commissions, which is the industry standard $5 per a trader lot. For those who do not wish to start with a live account, a demo account is available.
Withdrawal Speed SCORE: 70%
There is no doubt that many traders will be attracted by the minimum deposit amount of just $10. If you do decide to go small, be aware that your trading abilities will be limited with such small amounts, however there is no shame in it if you just want to get a feeling for the platform and overall trading conditions. Better-than-average leverage allows traders to extent the potential of small deposits even further.
Hugosway accepts three most popular methods of funding including Credit and Debit Cards, Wire Transfers and Bitcoin. While it would be nice to see additional funding options, they do deliver on the three most popular ones. There are no maximum limits when using Bitcoin and Wire transfers. Unfortunately, if you prefer using a Credit or Debit Card you will find there is a deposition limit of $600 with a maximum limit of 10 transactions each month. There are no fees when using a card or Bitcoin. However, there is a $25 fee for wire transfers bellow $5,000.
All the same methods for funding are viable for making withdrawals too. While card and Bitcoin withdrawals are free, wire transactions cost $25. Be warned though that your fees could be even higher, depending on how much your banks or Bitcoin wallet providers charge.
All withdrawal requests are processes within 24 hours. Expected waiting time, once withdrawal has been approved, varies from 1-3 hours for Bitcoin to 3-6 business days for credit cards and/or bank transfers. You should not be alarmed because most of these long periods of time are caused by banks themselves, regardless of which FX broker you are using.
Customer & Assistance SCORE: 90%
There is plenty to love about Hugosway’s support service. They are available 24/7 and normally respond within seconds. Agents can be reached via email, live chat, or telephone. Unfortunately, there does not seem to be any telephone number for direct contact. However, you can request a call-back upon completing a short form. Currently the best option to get a quick response is via live chat which works seamlessly. Customer service is actually one of the strong points of this brokerage.
Education and Tools SCORE: 10%
If there is one area where Hugosway fall way below its closest competitors, it is definitely trader education. If you were hoping to go through some tutorials, videos or even glossary before you start trading, you will be deeply disappointed. If you are new to trading, you will be forced to look elsewhere for education. While this is not a huge obstacle, it would sure be nice of Hugosway to offer at least some educational resources for those who are in need of it.
While the education falls completely short, this brokerage offers an abundance of trading tools. There are more than 30 built-in indicators and graphic objects to allow deeper understanding of industry trends. The more experience you have in online trading, the more useful you will find this section. Which is exactly why it is a great shame Hugosway offers next to nothing to novice traders.
Hugosway has gone a long way since its inception. It has become popular in the U.S. and Canada. However, this is probably due to limited broker options for North American traders these days. This brokerage has one of the best support teams I have ever encountered. By having a strong and stable platform they have built up a solid foundation for now. If they decide they want to improve their offering, there is a lot to be addressed, starting with the appalling educational resources, poor pool of tradable assets and no regulatory policies in place. It is hard to recommend any brokerage with so many flaws, but we are happy with the direction Hugosway is taking.