Detailed hugosway review for the novice traders

The most important point to look for in a broker is reliability. When you join a platform, you intend to stick with it long-term. This blog presents a detailed hugosway review for those who plan to learn forex trading to become a trader.

HugosWay Review

Traders from Europe and Asia are welcomed by the platform. HugosWay is determined to offer a streamlined trading experience to its clients. The primary role of the company is to offer intermediary services in the international forex market. You can trade above one hundred and fifty assets on the platform. These include;

1. Currency pairs
2. Cross-rated
3. Cryptocurrencies
4. Indices
5. Commodities

The company recalls itself under the list of ECN and STP brokers. It aims to introduce technical advancements in data transmission among the participants in the international forex market. The official site of the broker is an informative source as it lists all the information on segregated accounts, liquidity offered by banks with 0.0 pips spread level and information on other topics. Well, even still, you cannot say that the platform is transparent. It is because it doesn’t report which are the company’s partners and which bank collaborated for segregated accounts.

Similarly, in the case of spread, as the company claims about offering 0.0 pips, it is possible only when ECN platforms are used for withdrawal. You should know that no bank supports 0.0 pips spread. Moreover, you can view it on the online spread page which indicates that none of the spread is less than 1.7. This claim has an exception – commodity markets are exempted.

The trading platform accessible is MT4 and it doesn’t integrate any special modifications. However, it includes all trading tools like indices and crypto coins. You won’t find any additional advanced-level services or tools. It only emphasizes custom trading.

You may say that there are no significant bad points about the platform. Furthermore, the existing clients or early users have never registered any complaints about the issues with withdrawal systems or trading experiences. Hence, the broker is among the best and most recommended brokers list.

Why should you join Hugo’s Way?

The answer to this query is so simple. Have a look at these reasons to join this platform. These reasons are defined in terms of the benefits of joining the broker.

1. The minimum deposit limit is low starting from ten dollars.
2. You can trade crypto.
3. The demo account is available for practice.

Why should you not join Hugo’s Way?

There are multiple reasons not to join this broker. But remember, these points are only considered when you are concerned about them, otherwise you may ignore the drawbacks of the platform.

1. It is very little to no information about the liquidity providers.
2. No diversity in deposit and withdrawal payment options. You have only 4 different payment methods available.
3. The average spread usually becomes larger when the market is volatile.
4. There are a few trading tools available as compared to competitors.

Affiliate program

Let it be any business site, you will see that they have an affiliate program. It has become so common to introduce an affiliate program. Hence, the companies are now trying to integrate better design and incentives than other competitors. The affiliate program of this broker is also an attractive addition to the platform. It is an MLM type of affiliate program. It has a five-level referral model where the 1st level referrals get around two dollars for every single referral. The affiliate partner may receive up to forty percent commission on other tiers. There are no complex eligibility criteria and you can start referring even without being an active trader. The affiliate commissions are paid weekly.

Trading Conditions

When you want to join a platform for trading, you must explore the trading conditions to know if they are favorable. Let’s read the trading conditions of Hugo’s Way!

1. You can start trading on the platform by depositing 10$.
2. The leverage offered is 1:500.
3. The customer support center is available on weekdays only and this is sometimes not favorable.

The broker doesn’t provide enough data on this subject. This is the biggest drawback of this platform. However, it details a policy that is an individualized approach. Hence, you may need to contact customer support for all kinds of concerns. It is mentioned on the website that the commission for each lot is five dollars but how it is calculated, is not clear.

Take Away!

HugosWay is not an experienced broker and is yet new in the market. It is also true that there are no such negative reports about the company. However, transactions are a little delayed (negligible delays) and some are claimed for wide spreads. The broker is determined to resolve the technical issues and offer investment programs in the near future.