When choosing an FX broker, regulation is very important as it protects you from various risks in the market throughout the deposit and withdrawal process and in various ways. Hugosway is not regulated.
This means that your funds are at risk and you are at risk of becoming a victim of fraud and unethical commercial practices.
Hugosway is an unlicensed forex broker. However, many traders choose Hugosway for its high leverage and unrestricted trading options.
Is Hugosway regulated?
No, Hugosway is not regulated by any regulatory body. It is an unregulated offshore forex broker.
Many traders choose an unregulated offshore forex broker to enjoy unrestricted trading (Forex, CFDs, Indices) with high leverage and low spreads.
Is HugosWay Safe?
Hugo’s Way may seem like a great investment opportunity, and you may have seen people recommending Hugo’s Way on emails, forums, chat groups, and social media.
Hugo’s Way is not a trustworthy broker as it is not regulated by any financial institution with strict standards. We would not open an account with them.
If you want to stay safe, only sign up with brokers that are regulated by the highest standards and strictest regulatory bodies. All 100+ brokers reviewed HugosWay on the BrokerChooser website meet these standards.
FAQs
What is Hugo’s Way?
Hugo’s Way offers trading in Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.
They claim to offer a new level of trading, offering their clients a true ECN connection,and allowing them to offer market-leading prices and trading conditions via their MT4 platform.
Hugo’s Way offers a wide range of products, including 24/7 trading on 35 cryptocurrency pairs with leverage of up to 1:100.
According to the information provided on the broker’s website, the company is in the process of applying for a license but is currently unregulated.
As evidence, this website states that Hugo’s Way is not subject to any jurisdiction and is not intended to be used against local laws or regulations, so the statement about True ECN or quality trading cannot be proven because the broker is not subject to serious audits. Regulators generally
Why is it important for a broker to be licensed in Canada?
A financial license is an important document for any broker. It confirms that the company complies with the requirements of financial regulators and is compliant with the law.
It is important for traders to choose a broker registered in their jurisdiction for the following reasons:
All claims will be filed at the broker’s registered location. This will make it easier for traders to file claims in the event of a dispute.
A license issued in Canada ensures that the broker operates in compliance with the laws of that country and reports to local regulators.
Traders can claim compensation under the government’s deposit insurance program if the broker experiences financial difficulties.
You can also choose a broker that is not regulated in Canada. However, in this case, the company must be licensed by a reputable regulator, such as an EU country, the UK, the US, or Australia.
How do I check a broker’s license?
The broker must provide a license on its official website. It is also advisable to check the official website of the financial regulator.
Does the broker have to have an official representative office in Canada?
Yes. According to Canadian regulations, a broker must have an office in Canada. This is a prerequisite for obtaining a license.
Can a license issued in Canada be considered a reliable protection against fraud?
Yes. The rules of the Canadian financial regulator are very strict, making it very difficult for fraudsters to obtain a license in this jurisdiction.
What kind of information should a broker provide to traders?
A broker must provide the name of its management company, its registration certificate, its legal address and internal regulatory documents on its official website.
Conclusion
Hugosway is an unregulated forex broker that offers forex, CFD, and cryptocurrency trading via the MT4 trading platform.
As an offshore forex broker, it can take clients from anywhere in the world. This broker allows traders to trade in all styles, including scalping, hedging, EA trading and news trading.