HugoFX is a legally registered forex broker located in the Seychelles, but not regulated by any government agency.
HugoFX accepts clients from all over the world, excluding Burma, Congo, Cuba, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, Zimbabwe.
Forex broker offers the following underlying assets for trading.
|55+ Currency Pairs||Based on major and minor world currencies.|
|30+ Crypto Pairs||Based on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, Ripple, Tether, Monero, Eidoo, OmiseGO, Santiment, Zcash, Qtum, EOS, ETP, IOTA, NEO, TRX.|
|12 Indice CFDs||Based on baskets of different blue-chip stocks and US Dollar Index.|
|5 Metal CFDs||Based on Gold, Silver, Platinum and Palladium.|
|3 Energy Spot CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|60+ Stock CFDs||Based on shares of US, UK and EU companies.|
HugoFX, sometimes also referred to as Hugo’s Way FX, is a relatively new forex & CFD broker registered in the Seychelles in 2017.
Although the Seychelles generally regulates forex brokers through the Seychelles Financial Services Authority (SFSA), Hugo FX is one of many unregulated forex brokers that operate out of the country in what appears to be a regulatory grey area.
However, the payment services part of the business, which is the part of the company that actually handles transactions, is registered in Saint Vincent and the Grenadines under the name Hugo’s Way Ltd. As is the norm in Saint Vincent and the Grenadines, the government does not provide any regulatory oversight of forex brokers, and the broker is thus free to operate in pretty much the way it wants.
With that said, however, it appears that HugoFX is working actively on the issue of regulation, stating on its website that: “We are investigating different regulatory jurisdictions to ensure our clients have the best cover possible. Once we have finalised this we will share with our clients and update our status.”
In terms of instruments that are available for HugoFX’s clients to trade, the selection includes all of the assets that one would expect to find from any broker these days. In addition to more than 50 forex pairs and stock CFDs of more than 60 companies, HugoFX also offer CFDs based on stock indices, metals, and energy commodities.
Lastly, the broker also offers a selection of more than 30 cryptocurrencies, which is far more than most other forex brokers we have reviewed here on FX-List.
All of these assets can be traded on the classic MetaTrader 4 (MT4) platform, which also happens to be HugoFX’s only trading platform. Although this certainly doesn’t make the broker stand out in any way, it is still common among forex brokers to rely solely on the MT4 as their platform. And since it is still among the most popular trading platforms in the world, traders seem to be fine with it for the time being.
When it comes to the spreads that are available, HugoFX is in no way the cheapest broker out there, but instead offers medium-sized spreads compared to other brokers. Interestingly, however, the broker only offers one account type, which means that traders with very small trading accounts will get exactly the same spreads and trading conditions as the bigger traders.
Meanwhile, the trading leverage offered by HugoFX is among the highest that is available in the industry, with up to 1:500 in leverage even for non-professional traders. Although this certainly means that profits can be accumulated quickly for skilled traders, it also means that they can be lost just as easily if proper risk management techniques are not used.
Trading accounts with HugoFX can be funded either via bank wire transfer, credit & debit card, the popular e-wallet VLoad, or by sending bitcoin. Unfortunately, however, HugoFX charges a fee of USD 25 just for accepting deposits made via bank transfer, which seems a bit unreasonable to us. For credit & debit card deposits, the broker limits the amount that can be sent to a maximum of USD 600 per transfer.
All in all, we believe HugoFX could be an ideal broker for small traders, since they get to enjoy the same conditions as the big boys in terms of leverage and spreads. This is unusual in the brokerage industry, and proves that HugoFX is among the brokers that are targeting the mass market rather than serving the few very large and professional traders.
What we don’t like, though, are the many fees that HugoFX charges for depositing and withdrawing money. Fortunately, however, this can be avoided by using bitcoin and certain other payment methods.
Do not use!
Twice I was unable to access my account for unknown reason and customer support was unresponsive and did not solve the problem for weeks. Most recently Sept 2 2020 I was unable to access my account for no apparent reason. Customer service wanted me to input documents which I did ...however they did not clear the problem and I lost the account entirely.
I certainly will not reinstate it and I encourage others to find a more reliable broker.