Hugosway is an offshore broker which is not regulated by any reputed regulation authority in its region. The broker may operate in many countries without the regulation required by the reputed regulation authority in its country. Your funds may not be safe if you are trading with Hugosway. Investors are advised to choose a well-regulated broker that assures the safety of their funds instead of scamming them. We recommend you to read this Hugo’s way review to know more about their scam.
HugosWay is located at Beachmont Business Centre, Suite 65, Kingstown, St. Vincent, and the Grenadines. It claims to include the trading instruments that include around 55 currencies, 35+ cryptos, and 170+ CFDs including precious metals, stocks, indexes, and commodities. The trading platform offered by the broker is MT4, the most popular among investors for an effective trading experience. Several types of research claim that HugosWay is a shady offshore broker where the investments are at risk and does not guarantee the protection of the funds. The broker is also said to be engaged in some suspicious activities that indicated a major red flag that should be taken care of. Along with this, the customer care executives are also not reachable to solve the queries of the client which makes the investors doubt the legitimacy of the broker’s status. HugosWay
Possible scam activities of scam broker Hugosway
- The broker may have made a number of false claims through its website.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The Hugosway makes continuous calls to the traders and urges them to invest higher and higher amounts.
- The broker promises returns that are too good to be true.
- The risk warnings may not be disclosed on their webpage or that would be hidden.
- The broker may be located in countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are haven for the scam brokers.
- Hugosway provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals and ultimately you are not able to make a withdrawal.
- The broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes name and website URL without any notice to existing traders.
Negative Hugosway Reviews and Complaints
Hugosway has got many negative reviews and traders who traded with this broker have raised many complaints against it. Low ratings and the number of complaints regarding the broker in several online platforms clear the statement that HugosWay is a potential scam broker.ReportScam has investigated a lot about this broker and based on the negative reviews, complaints and other scam features, we have listed Hugosway in the list of scam brokers 2021.
Is Hugosway scam or legit broker?
ReportScam does not recommend traders to trade with Hugosway and your funds may not be safe with this broker. Instead, look for regulated and reputed brokers regulated by CySec, ASIC, FCA, CNMV etc. who can really help in growing your investments and offers the legitimate status to the broker.
You can also visit Report Scam Facebook page.