If so, what are the positives and negatives?
And if not, why?
Are they legit?
just no there are many reputable brokers
like who? would do you use personally or who do you recommend
United States of America.
I use Hugosway(not sure if they are the same as Hugo FX Broker??). I have had no problems and I like the high leverage you can get.
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Yes i am also with hugosway. They have been brilliant for me, customer service always fast, and deposit easily with debit/credit card. Withdrawals also arrive to my bank quickly within a coupls of days. Very happy with the service
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They don’t seem to be accepting payment via bank card any more?
thats strange i used a bank card the other day. are you sure its hugosway?
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When they answer like this regarding regulation, I would run away as if a lion was chasing me! 
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If, as a broker, you want to offer high leverage Crypto trading then you can’t be regulated(I believe). I use Hugosway with no issues.
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You can be regulated. And should be regulated if you want adequate customer protection. At least, if the regulators are CFTC, FCA, or ASIC.
You might not have issues but imo, it’s just not worth the risk trading with an unregulated broker when there are plenty who are regulated. Risk/reward ratio in doing that is very poor.
Also, they claim to be a “true ECN broker” but offer 500:1 leverage and 0.01 lots? Definitely signs that they are not a true ECN broker. Looks like misleading marketing copy to me.
I appreciate the reply and the thoughts and will definitely take them on board of course.
I won’t be changing broker right now though as everything for me at least is fine.
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I am currently using Hugosway on demo and plan to stay with them when i go live 
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I would recommend going with a regulated broker instead.
The problem with some countries as youre probably aware, like the US and UK, there is no regulated broker that offer leverage above 1:20 and offer a small deposit structure. if people are trading with small accounts then trading with an unregulated broker really isnt much of a risk. Maybe if i had 10,000 in there then i would re consider but until then i think its totally fine. Many unregulated brokers run for decades without problems
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I disagree. Trading with high leverage is how you blow your account.
And if you’re trading with an unregulated broker, they’re taking the opposite of your trade so they want you to use high leverage AND blow your account so they profit.
You’re basically walking into a casino who is about to take your “small deposit”.
There’s a reason why US and UK limit leverage because data has shown high leverage basically guarantees losses.
Please name some unregulated brokers that have “run for decades”?
Retail access to forex trading is only about a decade old so not sure how one can operate for multiple decades.
The retail forex broker industry has evolved over the years with some brokers being acquired and other brokers closing down. The ones that are still operating from a decade ago are ALL regulated (e.g. Forex.com, OANDA, Saxo, FXCM, Dukascopy, etc.)
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I am using Hugosway, Haven’t had any problems as of yet
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dude relax how you trade with your money and how other traders wanna trade with there money is there business
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