HugoFX

HugoFX, also known as Hugo's Way, is a Forex and CFD broker founded in 2017 in Saint Vincent and the Grenadines. It serves clients globally, except in several restricted countries, including the United States, Burma, Congo, Cuba, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, and Zimbabwe.

Regulation

HugoFX operates from the Seychelles without regulation from any financial authority. The broker states that client funds are held separately from company capital in first-tier banks.

Leverage and Instruments

HugoFX offers leverage up to 1:500 on major currency pairs and 1:100 on cryptocurrencies. The instrument range covers more than 150 assets:

• Over 55 currency pairs
• More than 30 cryptocurrencies
• CFDs on shares of over 70 companies
• CFDs on stock indices, metals, and energy

Trading Platform and Account Type

The broker runs exclusively on MetaTrader 4, available on desktop, web, and mobile, with expert advisor support and backtesting. HugoFX offers a single STP/ECN account with spreads from 1.2 pips on EUR/USD, and supports USD, EUR, GBP, CAD, AUD, and Bitcoin as base currencies.

Deposits, Withdrawals, and Fees

The minimum deposit is $50. Funding methods include bank transfer, credit and debit cards, the VLoad e-wallet, and Bitcoin. HugoFX charges no withdrawal fees, but VLoad deposits carry a 5% fee.

Support and Education

HugoFX provides 24/7 customer support along with how-to guides and educational material on Forex and cryptocurrency trading.

Bottom Line

HugoFX stands out for its high leverage, low $50 minimum deposit, and broad cryptocurrency offering, but it operates without regulatory oversight. Traders should weigh this lack of regulation carefully before depositing funds.

Broker Summary