Do not trust
20 out of 100 · 81% checked
Our investigation confirmed it is a scam, and our investigation found it is a confirmed scam.
Capped at 20 · Confirmed scam
We checked HUGO FX on 2026-10-28 across its company record, client terms, trading offer and service, and could verify 81% of its record. The score was held at 20 because our investigation confirmed it is a scam. What would move the score: policy risk, critical clauses, language parity. Our published investigation found it is a confirmed scam, with 9.6 years of track record. Its client terms have not been reviewed yet.
Score last calculated 2026/10/28
Wikilix independent safety report
Hugo FX (hugosway.com) is not a regulated broker, and we rate it high risk: it holds no licence from any financial authority, two regulators have published warnings naming this exact website, and the…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
What Wikilix has recorded about HUGO FX: its history, the licences it holds, its trading conditions and its fees.
HUGO FX trades under the brand Hugo's Way and is operated by Hugo's Way Ltd, a company registered in Seychelles. It has been operating since 2017 and gives access to 55 forex pairs, 87 CFDs and 35 cryptocurrencies through two Windows desktop terminals it brands PRO4 and PRO5. The broker describes itself as an ECN broker running an STP execution model.
Two things set it apart from most brokers of comparable size. Accounts are funded with cryptocurrency rather than with cards or bank transfers, and the broker names no financial regulator anywhere on its website. A standing disclaimer in its footer states that its services and information are not aimed at citizens or residents of the USA.
There is no confirmed financial regulation for HUGO FX. The broker names no regulator, no licence number and no supervisory authority anywhere on its own site, referring only in general terms to applicable regulations and to governmental or regulatory agencies. There is therefore no licence to describe, no jurisdiction of supervision and no licence status to report.
What the broker does publish is a corporate identity. It names Hugo's Way Ltd, registered in Seychelles, at House of Francis, Room 303, Ile Du Port, Mahe, and publishes no registration number for it. A company registration is not financial regulation and carries none of the obligations a licensed broker owes its clients.
No. No financial licence is recorded for HUGO FX and its website names no authority that supervises it. In practice that means there is no regulator to complain to, no compensation scheme behind client money and no external reporting on how the business is run.
Hugo's Way Ltd is the legal company HUGO FX names as its operator, registered in Seychelles with an address at House of Francis, Room 303, Ile Du Port, Mahe. The name and address are the broker's own statements, and it publishes no company registration number, so the entity behind the brand is identified by name and address only.
HUGO FX carries the risks that come with an unregulated offshore broker, and nothing in its published material offsets them. No supervisor checks how client money is held, there is no compensation scheme, and a dispute has no route outside the company itself.
Set against that, the broker has traded under the same brand since 2017 and states its account terms, commission and funding rules openly rather than burying them. The risk here is structural rather than a matter of hidden terms: client protection rests entirely on the conduct of Hugo's Way Ltd.
HUGO FX offers a single ECN account rather than a tiered range, with a minimum deposit of 10 USD. There is no higher tier with different terms, and no swap free or Islamic variant is published, so clients who need interest free trading are not provided for.
Pricing is commission based: 5 USD per lot traded, charged on top of variable spreads. The broker publishes no fixed spread and no representative average spread is confirmed for it.
On funding, it publishes a zero deposit fee on its Bitcoin and third party on-ramp routes, names no deposit fee on the other cryptocurrencies, and states that it deducts no withdrawal fee. Money routed through the outside on-ramp still carries that provider's own charges, which sit outside the broker's published schedule.
Leverage runs to a maximum of 1:500 on the broker's ECN account.
HUGO FX publishes two desktop terminals under its own branding, PRO4 and PRO5, corresponding to MetaTrader 4 and MetaTrader 5. Both are installed from the broker's own download pages and both permit Expert Advisors.
Both are Windows only. No Mac build is offered and the site directs Mac users to a browser based WebTrader instead, so a client who trades on a Mac, or who expects a mobile app, should check what is actually available before funding an account.
Funding is cryptocurrency first and, for withdrawals, cryptocurrency only. Deposits are accepted in Bitcoin, Ethereum, USDT, USDC and Solana, with minimums of 5 USD on most of them and 10 USD in Bitcoin. Withdrawals are paid in Bitcoin, Ethereum, USDT or USDC, and the broker aims to process a Bitcoin request within 24 hours before the transfer settles on the blockchain.
The broker does not take card or bank payments itself. Both routes are handled by Instacoins, an outside platform where the client buys Bitcoin that is then forwarded to the trading account, from 50 USD for the card route and 100 USD for a wire. There is no matching exit route, so money that arrives by card or wire leaves as cryptocurrency. Solana appears in the deposit list but not on the published withdrawal pages, so confirm it before funding that way.
Support is in English only, through live chat the broker states is available 24 hours a day, email at support@hugosway.com and a ticket portal on its own site. No telephone number is published.
The strengths are a low entry point at 10 USD, commission based pricing stated openly at 5 USD per lot, leverage to 1:500, cryptocurrency withdrawals with no fee deducted by the broker, and live chat around the clock.
The limitations are the absence of any named regulator or licence, an offshore operating company with no published registration number, no deposit or withdrawal route in ordinary currency that the broker handles itself, Windows only desktop platforms, a single account tier with no swap free option, and no telephone support.
HUGO FX is a low cost, crypto funded ECN offering with accessible terms and no regulatory safety net. It is coherent for an experienced trader who is comfortable holding and moving cryptocurrency and who understands that recourse rests on the company rather than on a supervisor.
The decisive consideration before funding an account is that no authority supervises Hugo's Way Ltd, so both the money and any dispute sit outside regulatory protection. Clients in the United States are outside the broker's stated audience, and prospective clients elsewhere should confirm their own eligibility, because the site publishes no list of accepted countries.
8 full-page captures of HUGO FX's own site, archived so what they said can still be read after the pages change.
We have not confirmed any regulation for HUGO FX. Money deposited with an unregulated broker is protected only by the company itself.
Trading with an unregulated broker puts your deposit at risk.
We have not confirmed any regulation for HUGO FX. An unregulated broker is not supervised by a financial authority, and money you deposit is protected only by the company itself.
What this means for you
One account type on record. Minimum deposit from USD 10. Leverage up to 1:500.
| Account | Min Deposit | Max Leverage | Commission |
|---|---|---|---|
| ECN | USD 10 | 1:500 | $5 per lot traded |
Where HUGO FX says it will and won't take clients
Confirmed blocked
Named in the broker's own terms
Covered by a parent block
Territories a blocked country carries with it
7 ways to fund an account. 3 with no deposit fee. 4 credit instantly.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
BitcoinCryptocurrencyMinimum 10 USD to deposit and to withdraw, with no maximum published. Deposits need 3-6 blockchain confirmations, typically 1-6 hours. Withdrawals are aimed to be processed within 24 hours and then take a further 1-6 hours on the blockchain. The broker states it charges 0% on Bitcoin deposits and deducts no withdrawal fees. Bitcoin Cash (BCH) is not accepted, and a deposit address is single-use and expires 15 minutes after it is issued. Note the broker's own marketing funding page still advertises a 50 USD Bitcoin minimum, which its help centre contradicts with 10 USD. | Free | Free | USD 10 | USD 10Not recorded | Up to 6 hours |
Ethereum (ETH)CryptocurrencyMinimum 5 USD to deposit and to withdraw, with no maximum published. Deposits are credited automatically, usually within minutes, once 12 network confirmations are received; withdrawals also usually complete within minutes once processed, on the Ethereum network (ERC-20). The broker states it deducts no withdrawal fees. It publishes no deposit fee for this method, so none is recorded. | Not recorded | Free | USD 5 | USD 5Not recorded | Instant |
USDT (Tether)CryptocurrencyMinimum 5 USD to deposit and to withdraw, with no maximum published. Withdrawals are supported on the Ethereum (ERC-20), Tron (TRC-20) and Solana (SPL) networks, require 19 confirmations and usually complete within minutes. The broker warns that an address given for the wrong network may fail or lose the funds. It deducts no withdrawal fees and publishes no deposit fee for this method. | Not recorded | Free | USD 5 | USD 5Not recorded | Instant |
USDC (USD Coin)CryptocurrencyMinimum 5 USD to deposit and to withdraw, with no maximum published. Withdrawals are supported on the Ethereum (ERC-20) and Solana (SPL) networks, require 12 confirmations and usually complete within minutes. The broker warns that an address given for the wrong network may fail or lose the funds. It deducts no withdrawal fees and publishes no deposit fee for this method. | Not recorded | Free | USD 5 | USD 5Not recorded | Instant |
SOL (Solana)CryptocurrencyNamed in the broker's current deposit-method list with a 5 USD minimum and no maximum, credited automatically within minutes once 12 network confirmations are received. The broker's published withdrawal pages name only Bitcoin, Ethereum, USDT and USDC, so on what it publishes this is a deposit-only route and clients should confirm the exit route before funding this way. No deposit fee is published for this method. | Not recorded | Not recorded | USD 5 | Not recordedNot recorded | Instant |
Bitcoin via InstacoinsOtherMinimum 50 USD. The broker presents this as a 'Fast Deposit via Instacoins' option on its deposit screen, which redirects to a third-party site where the client must register and buy Bitcoin; the broker states this route can be funded with a credit or debit card. The broker publishes a 0% fee for the route, but the third party's own charges, limits and verification requirements sit outside the broker's schedule. Funds arrive as Bitcoin and need 3-6 blockchain confirmations, typically 1-6 hours. There is no matching withdrawal leg: withdrawals are paid in Bitcoin or another supported cryptocurrency. | Free | Not recorded | USD 50 | Not recordedNot recorded | Up to 6 hours |
Wire Transfer via InstacoinsWire TransferMinimum 100 USD. The broker does not receive bank transfers itself: the wire is sent to Instacoins, a third-party platform, where the client registers and buys Bitcoin that is then forwarded to the trading account. The broker publishes a 0% fee for the route, but the third party's and the sending bank's own charges sit outside the broker's schedule. Funds arrive as Bitcoin and need 3-6 blockchain confirmations, typically 1-6 hours. There is no bank-wire withdrawal: withdrawals are paid in Bitcoin or another supported cryptocurrency. | Free | Not recorded | USD 100 | Not recordedNot recorded | Up to 6 hours |
2 trading platforms on record: MetaTrader 4 and MetaTrader 5.
Published by the broker as its PRO4 desktop terminal for Windows, installed from its own download link. Expert Advisors are permitted. No Mac build is offered; the site directs Mac users to its browser-based WebTrader instead.
Published by the broker as its PRO5 desktop terminal for Windows, installed from its own download link. Expert Advisors are permitted. The site brands it PRO5 and does not print a platform vendor name.
5 domains on record. All active and served over HTTPS.
One legal entity behind the HUGO FX brand.
HUGO FX names Hugo's Way Ltd as the operating company. We could not confirm that registration on the registry.
3 other brokers on the record share what HUGO FX offers — its country, regulator, account types or platforms — set beside it on the same measures.
Common questions about HUGO FX
We have found nothing establishing that HUGO FX operates fraudulently, and nothing establishing that it is a safe place to keep money either. It names no financial regulator anywhere on its own site, no licence is recorded for it, and it is operated by a Seychelles company whose registration number it does not publish.
The practical consequence is that no regulator, compensation scheme or complaints body stands behind an account, and funding is cryptocurrency only, so a client who runs into trouble has little recourse beyond the company itself.
No. HUGO FX publishes a single ECN account tier and no swap free or Islamic variant, so clients who need interest free trading are not provided for.
No. The disclaimer HUGO FX carries in the footer of every page states that it provides services and information that are not aimed at citizens or residents of the USA, and the same block covers Puerto Rico, Guam, the US Virgin Islands, American Samoa and the Northern Mariana Islands.
Its terms are not fully consistent with that disclaimer, so a prospective client in the United States should treat the disclaimer as the broker's stated position. No other country is named anywhere on the site.
Not directly. HUGO FX does not take card or bank payments itself: both routes go through Instacoins, an outside platform where the client buys Bitcoin that is then forwarded to the trading account. The card route starts at 50 USD and the wire route at 100 USD.
That provider's own charges, limits and verification requirements sit outside the broker's published schedule, and there is no matching withdrawal leg, so money paid in this way comes back out as cryptocurrency.
Withdrawals are paid in cryptocurrency. For Bitcoin the broker aims to process a request within 24 hours, after which the transfer needs a further one to six hours to settle on the blockchain. Ethereum, USDT and USDC withdrawals usually complete within minutes once processed.
The broker states it deducts no withdrawal fee, and the minimum is 5 USD for Ethereum, USDT and USDC and 10 USD for Bitcoin. There is no bank or card withdrawal route.
HUGO FX gives access to 55 forex pairs, 87 CFDs and 35 cryptocurrencies. It describes itself as an ECN broker running an STP execution model.
HUGO FX charges a commission of 5 USD per lot traded on its ECN account, in addition to variable spreads. Spreads are not fixed, and no representative average spread is confirmed for it.
On funding, the broker states it charges nothing to deposit by Bitcoin and deducts no withdrawal fee, though money sent through its outside on-ramp carries that provider's own charges.
HUGO FX offers leverage up to 1:500. The same cap applies to its single ECN account, which takes a minimum deposit of 10 USD.
HUGO FX trades as Hugo's Way and names Hugo's Way Ltd, a Seychelles company, as its operating entity. The address it publishes is House of Francis, Room 303, Ile Du Port, Mahe, Seychelles.
It publishes no company registration number, so the entity behind the brand is identified by name and address only, on the broker's own statement.
Yes. HUGO FX supports clients in English only, through live chat that it states is available 24 hours a day and by email at support@hugosway.com. Tickets can also be raised through its support portal at .
No telephone number is published. The broker also maintains Facebook, X and Instagram accounts.
HUGO FX funds accounts with cryptocurrency. Deposits are accepted in Bitcoin, Ethereum, USDT, USDC and Solana, with a minimum of 5 USD on most of them and 10 USD in Bitcoin.
Withdrawals are paid back in cryptocurrency, and the broker's published withdrawal pages name Bitcoin, Ethereum, USDT and USDC. It does not take card or bank payments itself: those routes run through Instacoins, an outside platform that converts the money to Bitcoin first. The broker states it deducts no withdrawal fee.
HUGO FX publishes two desktop terminals under its own branding, PRO4 and PRO5, corresponding to MetaTrader 4 and MetaTrader 5. Both are installed from the broker's own download pages and both permit Expert Advisors.
Both are Windows only. No Mac build is offered, and the site directs Mac users to a browser based WebTrader instead.
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