Whether Hugosway is a scam or not cannot be answered by a “Yes” or “No” answer. Some clients claim that they have lost a bit of their money, while others say they have been using the broker for more than a year now, and they are happy with their services. So here is a detailed discussion to help us provide a perspective on the questionIs Hugosway Legit.?
Firstly, Hugosway is one of the many unregulated offshore brokers that provide traders an opportunity to trade more than 150 assets. It is based in Seychelles, which is known for its easiest process of establishing financial investment firms. Seychelles is home to plenty of companies that include but not limited to UKFinvest and FXLinked.
The broker is ownedby Hogo’s Way Company and offers stocks, commodities, indices, cryptocurrency trading, and currency pairs. Details on their website indicates that they are unregulated and are in the process of securing a license. Also, when you scan their website, you will come across statements such as “Hugo’s Way is so far not directed by any jurisdiction. Therefore, no one should use it to contravene any law or state regulations. It is a caveat statement, isn’t it?
Anyway, investors are already aware that the easiest thing they can do to protect their capital is to avoid offshore brokers that are not regulated. It is key that they only invest with reliable brokers to reduce the risk of losing their money.
BUT LET’S LOOK AT WHAT HAPPENS AT HUGOSWAY
Firstly, their support team is solid and quite responsive. It features a 24/7 live chat support that relies on a Chatbot and email to help solve client’s issues. But unlike other brokers who will quickly connect you to human contact, Hugosways will always ask you to check the FAQ when you don’t get a certifying answer from the bot. However, the email support team seems helpful and allows traders to file their queries at email@example.com and receive a response in a reasonable time.
With only a $10 deposit, Hugosway will permit you to start trading. Of course, you will not earn a decent profit, but you will be in business either way. So they provide a newbie who has been on demo for some time the opportunity to risk some little money and gain experience with real money trading. This is way cheaper and affordable than brokers that will want you to make a minimum deposit of $200 before they allow you to start trading.
Hugosway uses MT4 platform for its trading activities. MT4 is the world’s most popular trading platform. It gives traders access to vital tools which allow beginners to successfully control their trades as they gather more skills and experience.
So far, the broker has several security features that show they take the security of their clients’ accounts seriously. This is intended to ensure that your funds are secure and to give you peace of mind, especially when you consider that Hugosway is not a regulated broker. The broker features a two-factor Authentication process when logging in. It is intended to enhance the security of your account. The dual authentication process requires that you verify the account’s identity when logging in, so it makes it impractical for any unauthorized person to access your account. To this end, you will be required to activate the 2FA when creating your account but you could disable them in the future. Also, there are two different ways an account holder can authenticate an account. You may choose the SMS authentication option or use the app.
KNOW YOUR CUSTOMER
Hugosway has a strong KYC process and adheres to the international process that helps the brokers to identify and know their clients, including the sources of funds. In this regard, the client must provide anti-money laundering details.
Funding your account with Hugosway is much easier. There is a range of funding options you can choose from. You may make deposits using bitcoins- a digital currency that is quickly becoming a global powerhouse. It allows you to fund the account and make withdrawals in Bitcoin. It eliminates the need for intermediaries like banks when funding or withdrawing funds.
WHAT PREVIOUS CUSTOMERS SAY IN REVIEWS
It’s a mixed basket of both negatives and positives. There were enough complaints on withdrawal. A few people claimed that they were still waiting for the withdrawn funds to land in their accounts, and it looked like it would take an eternity to have their funds refunded. Also, there were plenty of issues with customer service. The email service is ok since you will receive a response after some time. But the live chat is a flop. You will mostly talk to a machine that will not provide the answer you will be looking for. One reviewer mentioned that customer service would serve you well when funding the account. But you will wait for days to get a response when making your withdrawal.
On the positive side, a trader mentioned that he had enjoyed trading with the broker for a period of one year. He said that the company’s spreads are ok, they have decent leverage and charge the lowest commission.
Indeed, Hugosway is a preferred platform for US citizens interested in trading with non-Fifo brokers. Also, as a crypto trading platform, it allows the traders more leverage and hedging facilities. But wait, Hugosway has not regulated so anything is possible. But when you look at the positive review it has received, we can only conclude that it is working on getting approved and preparing to serve customers even better.
Read Also: Hugosways Reviewed with all its features
Hugo’s Way, could be the best option for anyone interested in trading a wide range of assets with offshore brokers. Besides, it is an ideal broker for anyone funding their account via cryptocurrencies such as Bitcoins or for traders wanting to fund their account via Vload or Ole platform. Finally, Hugosway may not be regulated and is still seeking approvals, but they seem to be up to the task.