Hugo’s Way is a brokerage that offers an ECN trading environment to clients around the globe. With STP execution, a wide variety of underlying assets, and competitive spreads, Hugo’s has become a favorite of many. Although a newcomer in the industry, the meteoric rise of this FX broker is nothing short of epic. Is Hugo’s Way a legit broker? Can you trust it? Is Hugo’s Way a scam?
To answer all your questions, here is a detailed review of Hugo’s Way FX.
Similar to other brokers, Hugo’s Way offers exclusive trading on the MetaTrader 4 platform. Despite the release of MetaTrader 5, MT4 remains a favorite among traders. Hugo’s Way MT4 is available on PC, iOS, and Android. With the application comes a complete set of trading commands, indicators, and analytic tools. On Hugo’s website, you can find all the links to download your MT4 applications. You can also trade on WebTrader- which is the browser version of the MT4.
Hugo’s offers flexible leverage options. You have a generous selection of leverage options. You may choose from ratios ranging from 1:1 all the way to 1:500. As for cryptocurrency, the maximum ratio is 1:100.
You can adjust your leverage ratio anytime. Follow the steps below:
- Log into the back-office account
- In the ‘My Accounts’ section, select MT4 account
- From the drop-down menu, select the leverage ratio that you desire
- Click on the ‘Submit’ tab to complete your request.
Alternatively, you can enlist the help of a customer service agent to complete this request.
The smallest trading size on Hugo’s Way is one micro lot (0.01 lot). This size is ideal for traders who prefer the lowest possible financial risk. On the highest scale, the largest trading position is 1,000 lots. When making decisions on funding, you should keep in mind the costs of trading certain assets.
In some cases, you may require $20 or more to trade a micro lot. Without the information, you may end up making a second deposit.
The margin rules that govern Hugo’s Way are as follows:
- Margin Call – 100%
- Stop Out Level – 70%
To mean that is you max out the 100% margin call, you may not be able to open new trades. In the case that you fall below 70%, a Stop-Out will occur. In such a situation, your MT4 will begin the process of closing your open positions. The largest losing trade will be the first to close.
You can always view your margin calls from your MT4 application. Adjust your trades accordingly to avoid a Stop Out.
Hugo’s Way offers a straight forward approach to their pricing and commission regimes. There is a $5 cost per traded lot. Hugo’s Way does not charge a flat swap fee. You can view the costs by right-clicking on the asset on your MT4 application.
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Educational and Trading Tools
Hugo’s way is lacking in educational tools. The FX brokerage does not have tutorials, videos, or glossary. There is nothing to guide traders who are completely new to trading. Is the lack of educational tools catastrophic? Of course not. The internet is filled with a lot of educational tools for trading. However, it would be nice to see a broker offering some educational resources.
What Hugo’s lack in education, they make up for in trading tools. This FX trading platform provides over 30 technical indicators and over 24 graphic objects. With these tools, you can comprehensively analyze price dynamics. Hugo’s Way also includes social trading capabilities. I could go on and on about the trading tools on offer. The bottom line is that Hugo’s Way has enough trading tools to impress the most advanced of traders.
There are over two-hundred assets for clients to trade.
- 104 Stocks
- 55 Currencies
- 31 Cryptocurrencies
There is also a wide selection of indices, futures, metals, and energies.
The trading hours for each asset depends on the market hours for the specific asset. There are assets that you can trade around the clock. A perfect example would be cryptocurrencies, which you can trade at any hour. You can view the complete list of assets on the ‘Assets’ page on Hugo’s Way website.
Hugo’s Way accepts the top three most popular funding methods. These include bitcoin, wire traders, debit, and credit cards. There is a $600 limit for each deposit on credit and debit transactions. They will allow up to three deposits per day. Also, there’s a maximum limit of 10 debit and credit transactions each month and no limits for bank wire transfer and bitcoin deposits.
There are no fees on deposits made through cards and Bitcoin. There is a $25 fee for wire transfers. However, the fee is waived on wire transfers exceeding $5,000.
From the points above, it’s easy to appreciate why many traders like Hugo’s Way. The brokerage has a straight forward philosophy on its charges, it has multiple trading tools, and a variety of methods to make deposits. The commitment to transparency is appealing. I didn’t expect this from an off-shore broker.
We will continue to monitor the broker and update you. For now, it’s a green light for Hugo’s Way Broker.