Anyone using the broker HugosWay/Hugo FX Broker?

[Cryptopotamus]

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There are way too many folks online either trying to scam lesser informed people or dangerously sharing wrong or outdated information.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?

[GonzalesD13]

Hi Holly, are you within the USA using Hugosway? I am curious.

[Cryptopotamus]

CFDs are illegal in the US and Hugosway is a CFD provider.

[purtle]

Curious to see if these new users will continue to post outside of Hugo FX topics.

[Em3]

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.

[jessoprules]

Or you want to trade Crypto with a decent leverage.

[callumxx5]

Totally agree.
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.

[Cryptopotamus]

Are you a US citizen?

[eddieb]

The rules arent to stop people making decent money, theyre to protect inexperienced traders from scammers and idiots from themselves

[callumxx5]

No I’m from the UK. US seems very strict in regards to all financial regulation.

[callumxx5]

Reducing the leverage and not allowing crypto etc does not protect them…

[hollyholly141]

No the UK why?

[GonzalesD13]

just wondering as I am in the US and I am a new currency trader.

[hollyholly141]

How are you finding it?

[Glastonburyk]

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.

[eddieb]

Why do you think this?

[callumxx5]

It can protect but it can also highly restrict the amount you can make.

[eddieb]

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?

[jessoprules]

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.

[forexforexforex]

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.