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August 15, 2020

Hugo's Way Broker Review

Frank Cabibi
Customer Service4/5
Commissions & Fees3/5
Platform, Tools & Education1/5
Customer Reviews & Regulation3/5
Offering of Investment4/5

As a user of Hugo's Way, I can say that it has been an amazing experience so far. Here is what I, along with other traders think of this broker:

Customer Service

On the Hugo's Way website, you can easily access their customer support through filing your name and sending a request, or you can access your representative on the bottom corner of the screen to pull up a chat. First hand, I can tell you that the response time is very quick and efficient. When I had an issue, I contacted my representative through the support button and got a reply within minutes. Their 24/7 client support department is very timely, similar to AxiTrader.

Commissions & Fees

Hugo's Way offers a $5 USD commission per traded lot. So, on a .01 lot, you would pay five cents per trade, on a .02 lot you would pay ten cents, and so on. Commissions are a little more expensive for this private broker compared to AxiTrader ($3.5) and Oanda ($0.01 minimum). There are no fees to sign up, and the process is very general and simple.

Platform, Tools & Education

Hugo's Way uses the standard MT4, MT5 platforms with a maximum leverage of 1:500. They also have tight spreads and good execution on trades. As far as scanners, bots, and other tools, this broker does not provide any of that which could turn some users away. Beginning traders might want more tools to access for their trading, but that is up to the user's preference. Hugo's is more focused on helping clients with account issues rather than providing education, which is probably why their customer support has been very thus far. It is also easier to not provide tools and scanners for clients because someone will always have an issue with it.

Customer Reviews & Regulation

For clarity, Hugo's Way is not a regulated broker meaning that if something were to happen to them (go out of business), they would not be obligated to recover any of your funds. However, this broker works hard at helping all their customers because it is good for business. On almost every broker review page, someone has an issue with recovering funds or withdrawing from their account. According to TrustPilot, the reviews were majority 5 stars and 1 star, giving Hugo's Way a 3/5 on their site. A plethora of reviews were concentrated on their customer support which was either praised or condemned by users. So, there are very mixed reviews regarding Hugo's client portal; it might just be the luck of the draw.

Offering of Investment

The reason why I use Hugo's Way is not only because it is hard for a US citizen to gain access to indices and metals, but they also offer a variety of stocks to trade including Tesla, Apple, Amazon, Microsoft, McDonald's, Intel and more. The broker has so much to offer for the user, especially for US citizens who are looking to trade these along with currencies, metals, commodities, crypto and exotics. This is definitely one of the best brokers out there access-wise. For those of you who want to trade indices like the US30, NAS100 or SPX500, this is a good place to start.

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