HugosWay Review – Facts That Make Them Illegal Broker

At first glance, everything looks nice and shiny about HugosWay broker. With fancy-looking websites with a vast of information available, traders might think they are legit. Thus, very quickly you can realize that story might be different.

Important to realize is that the company looks like changed its headquarters country. Or at least address it on their website. Many more discrepancies you can find by reading through our HugosWay review. But don’t skip also DWS Invest and RoboticsForex reviews to understand the bigger picture of the trading world.

Regulation of HugosWay and Fund Security

As we can see from HugosWay broker reviews, many claims they are from St. Vincent and Grenadines. Thus, the active situation states the company comes from Seychelles. Nevertheless, both countries are offshore. Moreover, none of them raises the credibility of the broker. Now, Financial Services Authority (FSA) in Seychelles is the official regulator.

If you were trying to guess if they are licensed or not, we will cut it out for you. They are not. Not only by the FSA but also not by any Tier 1 trusted regulator. Like FCA, BaFin, CONSOB and ASIC. None of their registers didn’t bring any results upon the research of HugosWay scam broker.

The company promotes segregated bank accounts for clients’ deposits. Thus, they don’t reveal what institution that is. However, without regulation this information is questionable.

Overview of Trading Platform

On the positive side, HugosWay broker provides cutting-edge trading software. As the leader in the industry, Meta Trader became one of the most popular choices. Primarily because of the high reliability and transparency of the platform.

Also, traders can enjoy multiple advanced features with this software. Therefore, improve their trading strategies but also results. Especially if they are using social and copy trading, but also advanced technical tools.

Moreover, the company offers access to the platform through various devices. But most importantly, all iOS and Android devices can use MT4 features. On the negative side, you must remember that the company is not licensed. On top of that, almost 60% of reviews on Trustpilot are with the lowest ratings.

Account Types Available

Important to realize is that the HugosWay scam broker doesn’t offer account types. For a licensed broker that’s almost crucial. Simply because they attract traders to deposit more money. In exchange for better trading conditions of course. So, it’s a win-win situation. On the contrary, this investment scam doesn’t care about your account. They only care about your deposits.

Nevertheless, the minimum deposit requirement varies on the funding method. With a crypto transfer, they will accept as low as $10. However, if you are planning to use a debit or credit card the minimum is $50.

Deposit and Withdrawal

Funding methods with HugosWay are suspicious at best. The company actively promotes Bitcoin transactions. Which leads to the conclusion that they are trying to hide something. In addition to that, the company has a logo of Visa/Master card on the website. Thus, once you open funding methods only Bitcoin seems to be accepted.

So, for depositing options traders can choose

• Direct Bitcoin transfer
• Bitcoin
• Wire transfer via Instacoins

Instacoions is a third-party crypto platform registered in Malta. So, practically this transaction is as well anonymous. Another key point is that the withdrawal processing time takes between 2-5 business days. As known as the investment scam, this could be even longer or never in most cases. Also, the broker promotes affiliate programs. Which more looks like a Ponzi scheme.

How the Scheme Was Implemented

The company promotes quick money-earning schemes on social platforms. However, they don’t ask you for money on the first step, but for information. Once you leave those you can expect constant calls from the broker. Once traders start their journey they can expect numerous things.

But most of the time, all of them end up the same. The broker doesn’t let you withdraw your profits. Whether it’s because of inadequate documentation or AML laws. But also, the latest trick is a non-existent withdrawal fee or tax. Think about it, if the broker has real funds in your trading account why do they need more instead of taking any fees from there?

Exactly, they don’t. So, don’t fall for those dirty tricks. Also, avoid accepting any bonuses because they come with shady policies. Also, the company promotes affiliate programs. Nobody can tell you that if you get any withdrawal, it’s not the portion of the money gotten from your referral.

HugosWay Summary

In conclusion, the most important thing is to avoid unregulated brokers like HugosWay. They don’t provide any funds protection for its traders. Even if they claim so, they don’t need to comply with that. Besides trusted Meta Trader, they don’t have anything to offer. Also, company mostly promotes anonymous crypto transfers.

If this broker or any other scams you, don’t feel ashamed. It can happen to anyone. Thus, you must do something about it. Luckily, our fund recovery team has CipherTrace software for crypto transfer tracking. Use that wisely and get in touch with us today.

FAQs About HugosWay Broker