What is HugoFX?
HugoFX (also known as Hugo’s Way) is a true ECN/STP broker which is owned and operated by Hugo’s Way Ltd that provides its clients with access to the trading markets. It was established in 2017, with its offices located in Kingstown, St Vincent and the Grenadines.
HugoFX has over 50 top-tier banks that act as its liquidity providers, offering its clients the best in terms of spreads, execution speeds, and a No-Dealing Desk (NDD) process.
However, while HugoFX does get its share of positive user reviews, there is an equal amount of negative ones around as well. In this review, we will take a brief look at some of the features and services that this online brokerage provides and see if it does hold up to its reputation or not. In addition, we will investigate into its history to see if the broker is a safe choice for traders.
HugoFX: Services and Offerings
While HugoFX offers the following services to clients residing in almost any part of the globe, some offers may differ depending on the location of the client.
• Trading Instruments
HugoFX offers a wide variety of financial instruments amounting to over 150 for its clients to trade with. This includes over seven Major Currency Pairs, 21 Cross Pairs, and 27 Exotic Pairs. It has over 31 Cryptocurrency assets, 6 Metals, 11 Indices, 63 Stock CFDs, 3 Energy, and 1 Future Asset in its listings.
• Account Types
HugoFX does not offer much in terms of account types. Signup is free and each client is given access to an e-wallet that can hold USD, EUR, GBP, CAD, AUD, and BTC. Clients are also given the option to deposit in Bitcoin but can deposit in other currencies after the client becomes verified by the boker.
Clients can trade with an average spread of 0.7 pips, with a commission of $5 per lot traded.
HugoFX has one real account type – the Hugo’s Way MT4 ECN Account. This account can be opened with just $10 (or its equivalent in Bitcoin) and clients can trade with a maximum leverage of 1:500.
HugoFX also has a demo account where clients can trade with a virtual $100,000 to test the broker’s trading platform in a simulated, risk-free environment.
• Trading Platform
HugoFX mainly incorporates the MetaTrader4 (MT4) trading platform by MetaQuotes. MT4 is one of the leading trading platforms in the industry, most notable for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading options, to name a few.
It is available for desktop, web browser, and mobile for iOS and Android.
• Payment Options
Payment options include credit/debit cards, bank wire transfers, and online payment services such as VLoad. Deposits and withdrawals can also be done with cryptocurrency.
Withdrawals are usually processed within the same day, though it could take more if requests are done outside of business hours. Bank transfers usually take one to three business days to process, though some options can take a few seconds.
Bank processing fees may apply depending on which service has been chosen. Online payment services may charge additional fees for deposits or withdrawals.
Most of the details listed above may often be subject to change. Therefore, for updated information, please look into the broker’s official website.
HugoFX: Is it safe?
Safety and security are the two most important aspects that every online brokerage must look into. It protects its clients and assures that its operations have met with industry standards. Unfortunately, HugoFX seems to lack any proper regulations from authoritative entities. However, its third-party payment service is, which require a proof of address and identity in order for clients to make a deposit.
In terms of account security, HugoFX uses a Two-Factor Authentication (2FA) with Authy or Google Authenticator. For added measure, account access can also require SMS validation for a verified mobile number.
All of HugoFX’s network is protected by a 256-bit Secured Socket Layer (SSL) encryption, ensuring any sensitive data sent to and from it servers are secured.
HugoFX has some of the most competitive trading conditions, especially when compared to other brokers operating in St Vincent and the Grenadines. The broker shines in in its cryptocurrencies offerings, with over 30 in its listings. Its MT4 platform is also one of the best in the industry.
HugoFX also has decent account security for its clients with KFC, 2FA, SSL protocols, ensuring a safe and secure trading environment. The broker’s website also hosts a good variety of guides for beginners wanting to invest in cryptocurrencies such as Bitcoin.
However, one of the biggest downsides to HugoFX is its lack of proper regulation, which could be enough to deter most potential clients. Therefore, it is safe to say that there are other decent online Forex brokers that offer almost the same requirements and are fully regularized to boot.