Cheated by a financial organization, does not withdraw money? Do you want to check the financial company?
Independent review of Hugo’s Way - why we deal with scammers, reviews as proof of scam
A broker focusing on cryptocurrency and other instruments. At the same time, the bright website does not contain any detailed information about the broker. It seems that management is trying to keep facts as far away from traders as possible.
|Year of foundation
|Regulation and jurisdiction
House of Francis, Room 303, Ile Du Port, Mahe, Seychelles
- 24/7 support via online chat
- A demo account is provided for beginners to test the platform
- Available minimum deposit - from 10 dollars
- Anonymity of the founders of the financial company
- Lack of data regarding available methods of depositing and withdrawing funds
- Questionable registration and offshore license
- There is no educational platform for beginners
- There is no Russian-language layout on the site
Mobile Platform для Android и iOS
|Types of accounts
Credit cards Visa/Mastercard/Maestro
International payment systems
Up to 1:500
From 1.7 points (floating)
Cryptocurrency, currency pairs, indices, commodities, precious metals, international stocks, energy, futures
Market Execution, Instant Execution
|Competitions and bonuses
Review of Hugo's Way: history of formation
Hugo’s Way is a company that provides a secure ECN trading environment that allows traders to trade exclusively online. The main operating principle of the company is the STP (Straight Through Processing) execution model, which means the absence of manipulation by the dealing center and requotes. This also eliminates the possibility of a conflict of interest. Each client’s trade is processed through the Hugo’s Way aggregator, which guarantees the best rates as they are selected from a pool of leading financial institutions providing liquidity.
Hugo’s Way was created with the goal of providing traders with the opportunity to trade in a transparent and fair ECN environment where the interests of clients always come first. The company strives to provide its clients with access to global financial markets with the best conditions, using modern technologies and providing a high level of support.
Hugo’s Way’s core missions include providing a reliable and efficient trading platform, providing competitive spreads and commissions, and providing 24/7 customer support. The company strives to constantly develop, introducing new technologies and expanding the range of financial instruments for trading.
The “About Us” page does not contain specific information about the launch date of the project, the place of registration of the company, or the presence of a license. Hugo’s Way focuses on transparency in its operations and providing quality support to its customers, which is a key aspect of its mission and corporate culture.
The problem is that none of the sections contain information regarding licensing. Accordingly, all statements regarding reliability are fake. Since the Central Bank of the Russian Federation knows nothing about the activities of the service, the license was not issued by the authority. At the same time, we note that the completely anonymous one insists on reliability, but at the same time does not provide the relevant documents.
Formats for communication with technical support
The following methods of contacting support are available:
- about online chat 24/7. Offers the opportunity to contact their support at any time of the day via live chat;
- request for a call back. The site includes a call back request feature that allows you to leave your contact information so that a customer service representative can contact you.
The problem is that reviews of Hugo’s Way indicate serious problems with the quality of service. After registering and depositing funds, the trader simply becomes uninteresting.
How Hugo’s Way attracts users’ attention
Lie broker offers traders the opportunity to trade a wide range of assets, including:
- digital coins;
- energy resources. Trading on the energy goods market.
- the ability to work with futures contracts.
- currency pairs, including major (FX Majors), cross rates (FX Crosses) and exotic pairs (FX Exotics);
- world indices;
- metals. Including gold, silver and other valuable metals.
- trading shares of the world’s leading companies.
And here you can ask, where are the documents giving the right to do this? Of course there are none. Now regarding what other terms of cooperation the broker reports:
- minimum deposit. Trading is available with an initial deposit of $50;
- leverage up to 1:100 for cryptocurrencies and possibly higher for other assets;
- competitive spreads on various assets, including currency pairs and cryptocurrencies, but again without any specifics;
- trading platform. Hugo’s Way offers trading through the MetaTrader 4 platform, providing access to a deep liquidity pool and fast order execution;
- Various trading strategies are allowed, including the use of Expert Advisors, scalping, hedging and news trading;
- Margin Call and Stop Out levels: Margin Call occurs at a margin level of 100%, and Stop Out at 70%.
The company claims to have measures in place to ensure the security of customer funds, including two-factor authentication. Here it is important to remember that there is no license and legal registration has not been completed.
In addition, I would like to note the absence of a user agreement. In fact, there are footnotes to the document, but it is not valid. Since no one controls the activities of the broker, which means the company can easily change the terms of cooperation at any time.
Hugo’s Way is an ECN broker offering professional traders the opportunity to trade Forex, cryptocurrencies and stocks with leverage up to 1:500. This project promises to provide its clients with transparent trading conditions supported by ECN connectivity, which ensures lightning-fast order execution and competitive spreads. The Company emphasizes its commitment to the security of client funds by using segregated accounts to ensure their protection, and actively manages the risks associated with its operations. But a check and analysis of the site showed that the company operates without basic documents giving the right to provide services legally on the territory of the Russian Federation.
Reviews of Hugos Way
Below are stories of those who were completely disappointed in the broker. The company cheated them out of money and left users with nothing.
Study the responses, you will understand that the company does not deliver on its stated promises, but simply manipulates clients and that’s all.
Attempts to withdraw money do not produce any results. Since the broker initially did not plan to work for returns.
Practicing traders have every reason to criticizeHugo’s Way review project showed that they are scammers. Scammers talk for a long time about the advantages, but in reality they simply steal other people’s money. If you also lost your savings due to the fault of this scam, write to us and we will help get your money back no overpayments.
How Hugo’s Way scams you out of money
Now, regarding how scammers operate, the fraud algorithm looks like this:
- pattractive trading conditions. The promise of high leverage of up to 1:500 and a minimum deposit of $50 makes the offer tempting for beginners and experienced traders. Claims for access to ECN and STP, which should provide direct access to the market and the best prices;
- the company is registered in Saint Vincent and the Grenadines, without a license. This means the platform is completely under the control of scammers. You can simply forget about the transparency and honesty of the organization;
- problems with withdrawal of funds. To verify this, just go back to the reviews. It says in black and white that the project does not allow you to withdraw money;
- Difficulties with customer service. Lack of effective customer support, especially when problems arise, which leaves traders alone with their financial losses.
Actually, it cannot be said that Hugo’s Way came up with some new scheme. The organization operates according to a classic algorithm.
Conclusion about the Hugo’s Way project
Now we suggest that you familiarize yourself with the signs of divorce that were discovered during the review of the organization:
- pregistration in an offshore zone. The company is registered in Saint Vincent and the Grenadines, a country that is on the OECD gray list and has a reputation as an offshore zone;
- unrealistic promises. The promise of trading with leverage up to 1:500 and a minimum deposit of $50 may sound attractive, but such conditions often involve high risk for traders;
- doubts about the transparency and security of funds. Claims about segregated accounts and risk management are not supported by evidence, which raises doubts about the reliability and transparency of working with client funds;
- customer service problems. User reviews indicate difficulties in communicating with support, especially when trying to understand problems with withdrawals of funds or losses on transactions;
- the switch from registration in the Seychelles to registration in Saint Vincent and the Grenadines may indicate an attempt to avoid regulatory attention;
- lack of regulation by the Central Bank of the Russian Federation.
These signs simply indicate that Hugo’s Way is a common breeder. The office operates without a license, but advertises its reliability.
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Customer reviews are one of the main criteria influencing the reputation and position of a broker in the ranking of reliable companies. You can view reviews about Hugo’s Way on the main page of the broker’s profile.
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