I do not want to jump the gun, but we may have a serious problem with Hugo’s Way. I am still investigating, but the spreads are either being manipulated or there is a serious API issue.
I know, for a fact, that they do their crypto trading with Bitfinex. I was told this by support multiple times. It is easy to check the spreads in real-time. The spreads that HG are providing appear to be fixed. They are floating spreads, but they appear to be locked in a minimum range. For example, the spreads appear to only be able to reduce to a certain amount. The spread amounts can grow, but the gap can only shrink to a certain amount.
Look at the spreads for XRPUSD, for example, no matter what the bid/ask is on Bitfinex, the bid/ask that they are providing is always around 0.0039 more…and this goes both ways. So, no matter what, there is always a 0.22+% gap, no matter what happens with price action. Not only that, but the gap tends to stay the same…whether the price is falling or climbing, the gap is maintained between the bid/ask, which is not normal behavior. When I say maintained, I mean, by a minimum amount. The gap can grow beyond that amount, but it never seems to decrease below a certain amount.
Check this out:
For anyone that is unsure, the right side of the images shows the live spreads from HG on their website. I have checked these with MT4, and they are the same. The numbers on the left side are live spreads from Bitfinex.
Let us hope that this is an API error, but even so, I would be super upset if I had been trading with those spreads this whole time.
I will keep everyone updated as I hear back from support.