Hugo FX or Hugo’s Way is a Seychelles-based forex ECN broker that offers trading services in foreign exchange, cryptocurrencies, commodities, and stock markets. As an ECN broker, Hugo FX incorporates deep liquidity from top investment banks, ultimately offering rates direct from the market movement and orders that are speedily executed.
Hugo FX Security and Regulation
To protect client funds, Hugo FX makes it a point to segregate each client’s funds in different accounts that may be under the client’s name or under Hugo FX’s name. Segregated accounts are recorded in Hugo FX’s system to ensure that each individual assets and funds are tracked separately. This allows Hugo FX to easily determine the stored funds of each client, as well as their own corporate funds.
When it comes to risk management, Hugo FX only works with top-tier banking institutions such as HSBC, Barclays, and Deutsche Bank. This assures fast processing of deposits and withdrawals, as well as security. Hugo FX also continually monitors the risks relevant to its daily trading operations. They evaluate policies and procedures that are currently in place and assess whether they are subject to change.
However, the most important aspect of security when trading with any brokerage firm is whether it is regulated by a respected independent body. In the case of Hugo FX, it is unclear whether this broker is regulated by any.
Hugo FX Platforms
Hugo FX only offers one platform and it is MetaTrader4. This is available in both web and mobile versions. The MT4 platform is known for its instant execution and user-friendly interface, making it a popular choice for beginning and even professional traders. Its simplicity allows traders to use various strategies of any complexity.
MT4’s other features include: market and pending orders, chart trading, trailing stop and stop orders, tick chart, and trading history. All of these tools allow traders to keep track of their trading career conveniently.
Hugo FX Trading Assets
Hugo FX offers trading services in the foreign exchange, cryptocurrencies, commodities, and stock market. Some of the cryptocurrencies offered by Hugo FX include but are not limited. In the commodity market, Hugo FX offers both metals and energies.
Hugo FX Trading Conditions
Since Hugo FX is an ECN broker, it is no wonder that it offers some of the most competitive rates in the market. Leverage is at an optimal level in ECN brokers and rates are directly reflected from the market movement, making the process easier and more convenient. In ECN brokers, there is no middleman between the trader and the market.
- 1:500 maximum leverage
- Variable spreads
- Commissions begin at $5 per lot
- Convenient funding through wire transfer, credit/debit card, and Bitcoin
- $10 minimum deposit
- Fast deposit and withdrawal processes
- Free demo accounts
- 24/7 live customer support
Hugo FX Final Review
Hugo FX has proven to be a true STP broker that offers ECN connectivity to its clients. It also has implemented trustworthy security measures such as segregated accounts and two-factor authentication.
Hugo FX has a wide range of assets to trade, beginning with more than 30 cryptocurrencies to choose from. This is on top of more than 150 assets eligible for trading. The trading conditions are fairly competitive as expected of an ECN broker. The high leverage allows traders to maximize their trading capacity and explore various markets with limited funds.
All of these qualifications are great to trade with and Hugo FX would certainly earn a spot in the recommended brokers by many reviewers. However, in terms of regulatory status, Hugo FX fails to provide documentation that it strictly adheres to the rules and regulations of a respected independent body. This lack of regulation could lead to many risks in trading, especially for beginning traders. A regulation from a trusted body would earn Hugo FX a better standing in the market as well as attract more potential clients.