Demo accounts are available at no costs and no risks to the clients. The demo account can be credited with up to $100,000 with a leveraged setting of your choice. These accounts can be a great way to learn how to trade online with virtual funds whilst familiarising yourself with the brokers services and platforms. Yes, Hugo’s Way offers a free demo account that allows traders to practice trading with virtual funds. Hugo’s Way is a reputable broker offering competitive spreads, high leverage, and access to popular trading platforms like MT4 and MT5. Regulated by CySEC, it provides a high level of security and transparency.
I contacted live support and she contradicted this response by saying they just fixed the issue an hour ago. The minimum withdrawal limit is also $10, and it is the only way to make withdrawals. When it comes to the maximum limit, Hugo’s Way does not impose one. However, considering the complaints from customers about the withdrawal process, it is something to consider.
Persistent Technical Issues
If you believe the price may fall, you may consider selling a CFD on the instrument. The difference in the assets price from when you open and close the CFD, is the profit or loss minus any broker fees. ALEXONCAPITAL.com is free to use for everyone but earns a commission from some of its counterparts with no additional cost to the end-users like yourself. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines. During my research, I came across some names on a third-party company profile website called Rocketsearch.
Fees When Trading with Hugos Way
When the flow of new customers stops, the payments will stop, and customers will complain. Reading customer reviews on reputable sources is a great way to understand if a broker is a scam or legitimate. Hugo FX has also put in place security measures like KFC, 2FA, SSL, etc. This is to help try and ensure a safe trading environment for all traders. There are help guides on how to buy Bitcoin, understanding the markets and much more. There isn’t a telephone number to reach customer support but you can request a call back.
This, coupled with customer reviews about withdrawal issues and a legal warning from Spain’s CNMV, indicates that the broker is not safe to trade with and should not be trusted. They offer a good choice of over 150 assets for trading on the user-friendly MetaTrader 4 platform, including an impressive selection of over 30 cryptocurrencies. The choice of MT4 is well accepted among many traders especially as all its versions are available; web, desktop and mobile. Whatever your experience level, the platform is widely regarded as the industry standard amongst beginners and professionals alike. Cards like Visa and MasterCard are accepted for deposits ranging from $50 to $600 per transaction.
Trading Platforms
Hugo’s Way offers a range of educational resources to help traders improve their skills. These include eBooks, video tutorials, webinars, market analysis, and a free economic calendar. The broker’s educational content is designed to help both beginners and experienced traders enhance their trading strategies and stay informed about hugofx market trends. Trading accounts with HugoFX can be funded either via bank wire transfer, credit & debit card, the popular e-wallet VLoad, or by sending bitcoin.
MT5 also offers a multi-threaded strategy tester, making it easier to backtest trading strategies. Finally, the broker also offers a selection of over 30 cryptocurrencies, which is much more than most other Forex brokers. This is the primary payment option for all clients even without verification. If you have no Bitcoins, Hugos Way provide an easy to follow, step to step guide on how to buy Bitcoins from partner websites. Hugos Way offers a generous selection of over 150 trading instruments.
This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. Two Factor Authentication (2FA) can be enabled with an authentication app like Authy, Microsoft authenticator or Google Authenticator.
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- Rocketsearch is a search engine for company and personal information.
- I could not fund my account to get started bc I did not have Visa card so trying to fund was an issue for me, maybe not for others.
- Demo accounts are available at no costs and no risks to the clients.
- Have you come across this financial app and wonder what it is all about?
However, as I mentioned earlier, the information from Rocketsearch is not reliable. The cryptocurrency market is also designed to reduce the number of coins in circulation and increase the market cap value of them. The same can’t be said for Fiat currencies because central authorities like the governments keep adding currencies to the market, therefore increasing inflation. The first cryptocurrency to be introduced to the market was Bitcoin. Bitcoin introduced in 2009 and developed by an individual or group of individuals operating under the pseudonym of Satoshi Nakamoto.
I have screenshots of the manipulation and theft over the last 3 years. Hugo’s Way is an ECN broker, which means that fees directly affect your trading. ECN brokers offer substantially low spreads but try to compensate for them with fixed commissions.
- Simply create a withdrawal request within your account and our team will process it rapidly, sending your earnings to your account in Bitcoin.
- This allows traders to start with minimal capital and gradually increase their investments.
- The blockchain technology records every transaction made and stores it in a permanent ledger.
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This platform utilizes an ECN, an electronic communication network, for trade execution, offering direct access to liquidity providers and potentially tighter spreads. I would not suggest this broker – the platform DOES freeze as Frank says in his post. I could not fund my account to get started bc I did not have Visa card so trying to fund was an issue for me, maybe not for others. I do not like this broker and they are actually the reason I am searching for another broker and stumbled upon this review for Hugo. All in all, we believe HugoFX could be an ideal broker for small traders, since they get to enjoy the same conditions as the big boys in terms of leverage and spreads.
The lack of regulation poses potential risks and uncertainties for traders, as there are no specific rules and guidelines in place to protect their interests. Shady trading orders appeared and made me lose half my money in MT4. Maybe it was not malicious but I can’t trust my money to a dubious platform. I was running the exact same pair in another broker with the same exact strategy and that one was making big profits.
It creates digital contracts and transfers the coins from one party to another. It’ is very difficult to perform fraudulent transactions on this platform because every piece of encrypted data is unique and a matter of permanent record. Additional coins are created through a mining process in the blockchain.