What is HugoFX?
HugoFX is an online STP and ECN brokerage which is owned and operated by Hugo’s Way Ltd, a company registered in Kingstown, St Vincent and the Grenadines. HugoFX is still relatively new, being first established in 2017. However, to date, the online broker has attracted over 100,000 clients from around the world with its convenient trading tools, competitive prices, and a decently secure trading environment.
HugoFX is partnered with over 50 top-tier banks that act as its liquidity providers, offering its clients the best in terms of spreads, execution speeds, and a No-Dealing Desk (NDD) process.
However, with HugoFX is not spared from negative reviews, which can be found around online. In this brief broker review, we will look into some of the features and services as well as its operations to see whether the feedback it has garnered hold any weight or not. In the conclusion, we will check its history to see if the broker can be a safe and lucrative choice for traders, novice or seasoned.
HugoFX: Services and Offerings
Do keep in mind that some of the products and services listed below may be different or inaccessible, depending on the location of the client due to legal restrictions.
• Trading Instruments
HugoFX offers a wide variety of financial instruments amounting to over 150 for its clients to trade with. This includes over 50 currency pairs, with over seven Major Currency Pairs, 21 Cross Pairs, and 27 Exotic Pairs to trade with. In addition, it offers over 31 Cryptocurrency assets, 6 Metals, 11 Indices, 63 Stock CFDs, 3 Energy, and 1 Future in its listings.
• Account Types
HugoFX keeps its account offerings as simple and straightforward as possible, offering only one type of standard account with flexible options to suit the trader’s need and trading practices. This is called the Hugo’s Way MT4 ECN Account, which features an average spread of 0.7 pips, with a commission of $5 per lot traded.
Signing up for an account is free and offers an e-wallet for holders of USD, EUR, GBP, CAD, AUD, and even for cryptocurrecy holders for BTC. Account holders can also deposit in Bitcoin with the addition of being able to deposit in other currencies after the client verifies themselves by the broker.
HugoFX also features a demo account where clients can trade with a virtual $100,000 to test the capabilities of the trading platform in a simulated, risk-free environment.
• Trading Platform
HugoFX mainly incorporates the MetaTrader4 (MT4) trading platform by MetaQuotes. MT4 is one of the leading trading platforms in the industry, most notable for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading options, to name a few.
It is available for desktop, web browser, and mobile for iOS and Android.
• Payment Options
Payment options include credit/debit cards, bank wire transfers, and online payment services such as VLoad. Deposits and withdrawals can also be done with cryptocurrency.
Withdrawals are usually processed within the same day, though it could take more if requests are done outside of business hours. Bank transfers usually take one to three business days to process, though some options can take a few seconds.
Bank processing fees may apply depending on which service has been chosen. Online payment services may charge additional fees for deposits or withdrawals.
Most of the details listed above may often be subject to change. Therefore, for updated information, please look into the broker’s official website.
HugoFX: Is it safe?
HugoFX does not seem to have any evidence of being regulated by any proper regulations from authoritative financial entities. However, its third-party payment service is, which require a proof of address and identity in order for clients to make a deposit.
In terms of account security, HugoFX uses a Two-Factor Authentication (2FA) with Authy or Google Authenticator. For added measure, account access can also require SMS validation for a verified mobile number.
All of HugoFX’s network is protected by a 256-bit Secured Socket Layer (SSL) encryption, ensuring any sensitive data sent to and from it servers are secured.
HugoFX has some of the most competitive trading conditions, especially when compared to other brokers operating in St Vincent and the Grenadines. The broker shines in in its cryptocurrencies offerings, with over 30 in its listings. Its MT4 platform is also one of the best in the industry.
HugoFX also has decent account security for its clients with KFC, 2FA, SSL protocols, ensuring a safe and secure trading environment. The broker’s website also hosts a good variety of guides for beginners wanting to invest in cryptocurrencies such as Bitcoin.
However, one of the biggest downsides to HugoFX is its lack of proper regulation, which could be enough to deter most potential clients. Therefore, it is safe to say that there are other decent online Forex and crytprocurrencies brokers that offer almost the same requirements but with an added benefit of being regulated.