thats strange i used a bank card the other day. are you sure its hugosway?
When they answer like this regarding regulation, I would run away as if a lion was chasing me!
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.
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.
I am currently using Hugosway on demo and plan to stay with them when i go live
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
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.)
I am using Hugosway, Haven’t had any problems as of yet
dude relax how you trade with your money and how other traders wanna trade with there money is there business
Dude, I am relaxed.
I’m just trying to protect other people who may be reading this thread.
There are way too many folks online either trying to scam lesser informed people or dangerously sharing wrong or outdated information.
For example, Leebax is basically saying that just because you have a small account, trading with an unregulated “isn’t much of a risk”?
Really? You agree with that statement?
You want new traders to believe that? That’s how they get hurt.
This HugoFX “broker” looks very suspicious. Like I mentioned, they don’t even provide a phone number.
Why would I encourage other people to deposit their money with them? There are so many other less risky choices out there.
I totally agree that how other traders want to trade is their business, but if that’s the case, why are they asking about the broker on the forums?
Hi Holly, are you within the USA using Hugosway? I am curious.
CFDs are illegal in the US and Hugosway is a CFD provider.
Curious to see if these new users will continue to post outside of Hugo FX topics.
Some one people require using the offshore brokers because they are US residents and wish to avoid FIFO and/or the 1:50 leverage cap. Don’t belive there is any way around it for US residents.
Or you want to trade Crypto with a decent leverage.
The US are hard on all regulation when it comes to crypto, forex & CFDS. Sometimes it can stop people making any decent money.
Iv found Hugosway to be great.
Are you a US citizen?
The rules arent to stop people making decent money, theyre to protect inexperienced traders from scammers and idiots from themselves