Hugosway


ForexisLIFE

Well-Known Member
Has anyone else here used Hugosway?
I have been using them for the past 4/5 months after a recommendation on another forum and I have been very pleased so far. Quick/easy debit card deposits and withdrawals and good spreads.
Also, an advantage for me, they have loads of Crypto to trade at weekends when the Forex markets are shut.
 

jack

Administrator
Staff member
Never heard of them before. Their website is really slow to load for me.

They are located in Seychelles and I can't find any info on their site about who / how they are regulated.

I'm unable to recommend a broker that lacks regulation.
 

ForexisLIFE

Well-Known Member
Never heard of them before. Their website is really slow to load for me.

They are located in Seychelles and I can't find any info on their site about who / how they are regulated.

I'm unable to recommend a broker that lacks regulation.
Thank you for your reply.
 

Zack King

Member
I have been using Hugo's and if you have questions, I can vouch for the fact their customer support team are incredibly helpful and quick to respond. To answer regarding regulation, they are not currently regulated. However, there are a lot of pro's to operating a non-regulated broker: tighter spreads and lower commissions, which they definitely offer! (commissions at $4). If they were to become regulated, like regulated brokers, chances are, because this is a very costly move for a broker, the spreads would widen, and trade commissions would increase- this is because they need to make their money back from becoming regulated so they push the costs on to their clients. Embrace unregulated brokers, I say!
 

Zack King

Member
hmm interesting read......... thanks for the share however the only possible thing i can deduce from brokers being linked in that way is that maybe they share the same liquidity provider ? after all, there are less liquidity providers than brokers so obviously multiple brokers share the same liquidity providers. As both brokers in question are unregulated, i do not imagine they have as much flexibility and options as some other larger, more heavily regulated brokers would. ?
From a personal point of view, i do find it to be unfair for people to label such brokers as 'scams' when in my experience, there are multiple brokers who use the same liquidity providers.
 

jack

Administrator
Staff member
How about a question that matters: Has anyone been able to take $10k+ withdrawals out from hugosway via wire or other means? How long was the process? Any delays? What payment method? etc.. speak up!
 

TrayDader0001

New Member
How about a question that matters: Has anyone been able to take $10k+ withdrawals out from hugosway via wire or other means? How long was the process? Any delays? What payment method? etc.. speak up!
This is a good question -- anyone have an answer?
 

2xOz

New Member
How about a question that matters: Has anyone been able to take $10k+ withdrawals out from hugosway via wire or other means? How long was the process? Any delays? What payment method? etc.. speak up!
I've used Hugo for the past few months now. I have withdrawn funds in the 2-3k range without any hiccups. The only withdrawal method they allow is BTC. Funds generally came in same day within a few hours. Reading through this forum there are obvious concerns with it being unregulated, and you should be mindful of that when depositing funds. I use them with an understanding that any day I may not be able to access my funds and be left holding an empty bag.
 

jack

Administrator
Staff member
I've used Hugo for the past few months now. I have withdrawn funds in the 2-3k range without any hiccups. The only withdrawal method they allow is BTC. Funds generally came in same day within a few hours. Reading through this forum there are obvious concerns with it being unregulated, and you should be mindful of that when depositing funds. I use them with an understanding that any day I may not be able to access my funds and be left holding an empty bag.
The difficultly here is that one day they might vanish, and if you're a US resident then you have zero recourse.. If you're trading with $500 then I suppose that's a risk that could be acceptable, but what if you grow the account? What if you want to trade for a living and put down a 5 or 6 figure sum? How comfortable would you be then? (Not directed at you, more so food for thought for others reading..)

I personally wish more brokers (regulated ones) used bitcoin for funding and withdrawal... International wire fees are silly, especially when currency conversions get involved.. and using payment systems like paypal isn't an option when you start doing frequent large transfers (not to mention their % based fees are near criminal.)

I get why AML rules make it hard, if not impossible, to accept crypto as a deposit and withdrawal method when following strict international AML... but damn, the other day I used XRP to transfer some cash and it cost me less than a penny to do it. These worlds (crypto and banking) need to be bridged.. but I digress.

Back to the broker topic... I'm hoping someone can chime in who's done a 5 figure (or more) withdrawal with Hugosway.
 

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