Should You Trade with Hugo’s Way?
Hugo’s Way was founded in 2018 and says it offers a wide range of trading products, including currency pairs, cryptocurrencies, stocks, and other assets. It has high leverage at 1:500, which can put the trader at a disadvantage. High leverage means that traders are encouraged to trade on the margin, which can lead to huge losses. However, Hugo’s Way does warn traders about risks of trading and has a “risk management section.
We Have Found Some Problems with Hugo’s Way
Hugo’s Way tells the visitor that it has segregated funds, or rather, that the broker’s personal account and the brokerage’s account are separate. This is not something to highlight as a perk, since it is a basic ethical expectation and is the law in the European Union for brokerages. Although Hugo’s Way has a license, it is from St. Vincent and the Grenadines, which is a third-rate license.
Here Are Some Hugo’s Way Red Flags:
- Not regulated
- No transparency
- No contact information
- Not regulated
- Bad reviews
What Should You Do If You Have an Account with Hugo’s Way?
We do not recommend opening an account with Chainmine. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
Is Hugos Way a Legitimate Trader or a Scam Broker?
Hugos Way was identified to be operating under questionable and unethical methods due to their regulatory status and suspicious terms of service. Chargebax recommends that users do not trade with them and if you are already involved, to contact them right away to cash out your funds.
If you have experienced the following with Hugos Way , it’s more than likely that you have been tricked or are involved in a scam. We therefore advise that you report a scam and file a chargeback against Hugos Way as the first step to recover your funds.
Reasons to Suspect Hugos Way is Operating a Forex Scam
- Hugos Way froze your account
- Hugos Way blocked your account
- You cannot login back into your account
- Money has been taken out from the account
- Hugos Way doesn’t take your calls
- Hugos Way shut down their website
- You noticed Hugos Way took money out from your bank account without your permission
- Hugos Way is offering you a bonus
- Hugos Way is offering you to fund more money into the account after you lost a large sum
How to Report a Scam and Return your funds?
The best chance for a successful chargeback is to start the process as soon as possible.
Start by filling in the following form and a representative will contact you to provide all the information you need to know in order to get your chargeback process started.