I’m with Hugo’s guys and they have been pretty great. My friend who has just gone full time trading recommended them to me and they are always helpful.
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Why do you think this?
It can protect but it can also highly restrict the amount you can make.
So,now youre agreeing that it does protect.
Given that the vast majority of new traders lose money, doesnt it seem reasonable to protect them in any way possible, even if that restricts how much they can make?
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I use Hugo’s Way. Admittedly I signed up before looking into lots of others as I signed up on a recommendation.
As I live in Europe and shitty EU regulations don’t allow decent leverage, therefore maybe some brokers are not regulated simply so they can offer high leverage to customers.
I have been using Hugo’s Way without any problems so don’t see a reason to change.
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Stick with a US regulated broker… That leaves you to the following:
Forex.com- Oanda
- IG US
- TD Ameritrade
- Interactive Brokers
The top three actively market towards forex traders. The bottom two not so much.
As a new trader, you want as much protection as possible from external factors outside of your control. It’s not bullet proof, but going with a regulated broker is a step in the right direction.
Hugosway has a business registration in the Seychelles. I’m guessing that means they’re regulated in that same country by the Financial Services Authority (FSA), but I can’t confirm that from their website. Wouldn’t they want to say so if that were the case? Well, they don’t.
Also, read what the US State Department has to say about Seychelles and the Financial Services Authority, the financial regulatory organization of Seychelles. It’s a post from 2015, but it’s still active on their website:
https://www.state.gov/j/inl/rls/nrcrpt/2015/supplemental/239297.htm
Some key quotes to highlight.
- Seychelles is not a major financial center.
- Corruption is also a problem.
- Seychelles actively markets itself as an offshore financial and business center that allows the registration of nonresident business companies.
Those statements don’t necessarily apply directly to Hugo, but why worry about any of that. Stick with a regulated broker.
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If you’re a newbie, you really have to do your own research. I don’t see what the problem is with sticking to the bigger companies where they’re regulated as what @forexforexforex has pointed out. If you gain experience and find that you want to switch and are confident that you’ve done your research well enough, I don’t see why you can’t try whichever broker you want.
But as a new trader, I’d recommend staying away from non-regulated brokers.
I totally disagree mate, high leverage does not guarantee blown accounts.
No trading plan
No edge
No risk management
Wrong position size
Not having a clue as to what market you’re in or not knowing how the market your in moves
Not knowing the best sessions to trade
Stop loss and TP placement
Entries and exits
Trading emotionless
Accepting you’re wrong
Cutting loosers letting winners run
Crisp clean charts void of indicators IE noise
I’ve not even gotten to leverage yet 
If you believe that the Gov released data is anywhere near true God help us
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Heya @jessoprules – I was going over this thread again as I’m getting ready to fund my a small trial account with HugoFX (is what I think they’re now called).
Any further experience – good or bad – that you’ve had with them would be welcome.
Thanks, mate.
Mark
Not really anything to mention of note either way tbh…I am still using them but have recently been going back to studying and demo mode.
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Hugo FX was actually the first Forex broker I’ve ever heard about. My first account was with those guys. The seemed okay, I guess?
i wouldnt because regulated brokers in the united states are trash. they’re set up to take away any and all advantages a retail trader could possibly use lol
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exactly why hugos way is the way to go 
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regardless of what people may say, i have had absolutely zero problems with them. easy deposit, fast customer service & easy withdrawal. i use coinbase and instacoins to fund my account and withdrawal comes within 2-4 hours. minimum is $10 in and out. people don’t read the FAQ page and then scream scam when they try changing up their payment method. it clearly states that you can only withdraw your deposits to the same funding source you used originally. so if you you deposit with a debit card, withdraw to one.
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I have been with Hugosway for almost an year and never had any major issues with them. But recently, have started to experience excessive slippage issues. Have also heard some rumors they are getting sued by the CFTC in US like their parent company JAFX was, and that there is some fraud investigation going on them. Has anyone heard anything about this?
i never heard hugosway getting sued,v where did you hear this info from?
Is their bitcoin method of deposit safe etc.
better off using eaglefx or cryptorocket
Been with Hugos for around a year, the only positive point I could find is their support. Very reponsive, they have weird opening hours if you trade WTI and some commodities, stupid high spread but that didn’t bother me that much since I do swing trades. You will get a ”market closed” or ”invalid” when theres a lot of volatility in the markets which makes you unable to place trades.
I used BTC to fund my account because it didn’t require any KYC (I like BTC because of its privacy aspect) When I asked a withdrawal because I am leaving their broker they made me take a selfie of me while holding an ID while holding a piece of paper where I had instructions of putting date/withdrawal amount/signature, they tell you it’s for ”safety purpose” Keep in mind that the only info they had was my name and phone number, for me this is total bs (I had an authenticator and been using the same IP/IPS since the opening of this account a year ago)
They don’t know how to do business, if a customer wants to leave just give him his money, because of this I will not recommend this broker to any of my friends+ will tell my close people to move over to vantagefx because they now offer BTC funding/withdrawal, better spread, more instruments…everything better basically except if you’re a 100+ lot trader. I will take 2 hours of my time posting this comment on every possible review website.
If you read this hugosway, consider paying your customer the respect they deserve, reputation is everything in this game. Imagine how much customers will look for another broker after reading this comment, a unhappy customer can have a huge effect these days with all the medias.
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How long have your friend been using them? I am with LQDfx- a real great offshore broker and with an AMAZING customer support but I can only use bitcoin to make deposits and withdrawals, this cuts into my profits being that there is a FEE to purchase bitcoin and a small fee to transfer it to the broker. None of which are the brokers fee! They are the “cash app” fee that I am using to make the transaction. Very very tight spreads reasonable commissions, great to scalp 5 minute chart with. I also have an Oanda account - harder to make money with and very strict- you can forget about scalping with Oanda. I am US citizen and 50:1 leverage is requiring a lot of money in the account if you want to trade mini lots over 10,000 units or full lots- is almost impossible with a small account.