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:
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.
AI- Generated Trading Setups
AI-generated bullish/bearish bias setups on forex currencies, gold, & indices.
Today's economic figures came out in US and Canada. GDP came in higher than expected in Canada while the price of goods purchased by consumers was lower than last month. Here are some pullback ideas for USD and CAD from GDP and PCE numbers. EdgeFinder Analysis NAS100 is a bullish reading on the EdgeFinder still. […]
This week has brought more inflation data with it regarding the USD's PCE and PMI numbers. Powell is also set to speak this Friday about monetary policy going forward. The RBNZ will also release their latest interest rate news tomorrow with expectations of an unchanged rate at 5.5%. EdgeFinder Analysis GBPUSD is a bullish bias […]
This week is a big PMI week for Europe, UK and US. Additional inflationary metrics will add to the overall sentiment of these countries' monetary policies going forward. Here are some setups for the coming week on these currencies. EdgeFinder Analysis GBPCAD is now a +7 on the EdgeFinder as we wait for CPI news […]
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.