It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.
Pros and cons of HUGO
Pros:
Low minimum deposit requirement of $10
Wide range of tradable instruments including forex pairs, cryptocurrencies, indices, commodities, futures, and energies
MetaTrader 4 platform available for trading
High maximum leverage of up to 1:500
Customer support available through live chat, social media, and email
Wide range of payment options available for deposits and withdrawals
Cons:
HUGO is not regulated by any financial authority, which may cause concerns for some traders
Limited information available about account types and fees
Lack of educational resources for traders
No information available on commissions and SWAP fees
Limited information on deposit and withdrawal procedures, including additional fees and minimum amounts
Limited information on the company's background and ownership
What type of broker is HUGO？
HUGO operates as a Straight Through Processing (STP) broker. This means that they do not act as a market maker, instead, they pass their clients' orders directly to liquidity providers such as banks or other brokers. By doing so, they can provide their clients with a transparent trading environment with no conflict of interest. This also eliminates the need for requotes as the prices offered are taken directly from the liquidity providers. However, since HUGO does not control the spreads, they may be higher than what market makers offer. In addition, slippage can occur during high market volatility since there is no guarantee that the order will be filled at the requested price. Nonetheless, STP brokers like HUGO are often preferred by traders who value transparency and fair trading conditions.
General information and regulation of HUGO
HUGO is an online brokerage firm registered in St. Vincent and the Grenadines, offering trading services in forex, cryptocurrencies, indices, commodities, futures, and energies. As an STP broker, HUGO provides clients with direct access to the market and no dealing desk intervention. The platform used by HUGO is MetaTrader 4 (MT4), which is a popular trading platform among traders due to its user-friendly interface and advanced trading tools. HUGO offers a maximum leverage of 1:500 and a minimum deposit of $10. Customer support is available via call back, social media, and 24/7 live chat, but educational resources are limited.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Market instruments
HUGO offers a diverse range of instruments for trading, including forex pairs, cryptocurrencies, indices, commodities, futures, and energies. Trading on multiple asset classes can provide traders with the opportunity to diversify their portfolio and manage risk more effectively. The availability of futures and commodities trading can be beneficial for those interested in trading physical assets. However, HUGO has a limited selection of cryptocurrencies compared to some other brokers, and there is no specific information available on the spreads and margin requirements for each instrument. Additionally, there is limited information on the execution model for each instrument, which can make it difficult for traders to make informed decisions about their trades.
Spreads, commissions and other costs
HUGO provides live spreads on their website, which are competitive with industry standards. However, the broker does not disclose their commissions and SWAPs, which can make it difficult for traders to calculate the total cost of trading. This lack of transparency can be a disadvantage for traders who prefer to have all costs disclosed upfront. Additionally, while there are no deposit and withdrawal fees, HUGO's pricing lacks full transparency. On the positive side, the broker's minimum deposit requirements are low, which can be an advantage for new traders who want to start trading with a small amount of capital.
Trading accounts available in HUGO
HUGO provides limited information about their account types, making it difficult for traders to understand their options fully. They only mention the minimum deposit requirement of $10, which is beneficial for traders who want to start with a small amount. However, the lack of transparency regarding the features of each account type and the absence of information about account types other than the minimum deposit amount may be frustrating for traders who are looking for more comprehensive options. While it is possible that HUGO offers various account types, it is challenging to determine which one will suit a trader's requirements. Therefore, it is advisable to contact their customer support team for detailed information about the account types and their features.
Trading platform(s) that HUGO offers
HUGO offers the popular and widely used MetaTrader 4 (MT4) platform to its clients. MT4 is a well-established platform in the forex and trading industry, known for its reliability and ease of use. The platform supports a variety of technical indicators and offers an easy-to-use interface for both beginners and advanced traders. Additionally, the platform supports automated trading through the use of expert advisors. HUGO's MT4 platform is available for Windows, MacOS, and mobile devices, making it accessible to a wide range of traders. However, the platform does have some limitations, such as limited customization options and the absence of advanced order types. HUGO does not offer a proprietary trading platform or a web-based platform, which may be a disadvantage for some traders who prefer alternative options.
Maximum leverage of HUGO
HUGO offers a maximum leverage of up to 1:500, which can be an attractive feature for traders looking to maximize their potential profits with a small deposit. Leverage allows traders to take larger positions in the market than their account balance would normally allow. However, it's important to note that while leverage can increase potential profits, it can also increase potential losses. It's essential for traders to understand the risks involved and to use leverage responsibly. Inexperienced traders should be cautious when using high leverage as it can be risky. Additionally, regulated entities may have lower maximum leverage restrictions due to their obligation to protect their clients from excessive risk. Overall, the maximum leverage offered by HUGO can provide flexibility and diversification for traders, but it may not be suitable for all trading styles and should be used with caution.
Deposit and Withdrawal: methods and fees
HUGO offers a limited number of payment options for both deposits and withdrawals. The company lists Visa, MasterCard, Bitcoin, and bank transfer as its available options. However, important information like fees, processing times, and minimum amounts are not clearly stated on the website. This lack of transparency could be a significant disadvantage for traders who need to plan their finances and expect to know the total cost of their transactions. Additionally, HUGO does not provide any information on potential withdrawal fees, which could be problematic for traders who may face unexpected costs. On the other hand, the company does not charge any deposit fees and promises fast processing times for deposits. Overall, while HUGO offers some payment options, its lack of transparency on additional costs and fees could be a disadvantage for traders.
Educational resources in HUGO
HUGO lacks comprehensive educational resources for traders, with only a small section called “Insights” available on their website. The insights mainly cover company news and updates, with limited information on trading education. The company does not provide any trading tools or indicators, tutorials, webinars, or comprehensive trading strategies. Additionally, there is no option for traders to practice their skills on a demo account. This lack of educational resources may make it difficult for beginner traders to learn about the market and develop their trading skills.
Customer service of HUGO
HUGO provides several options for customer care, including call back, social media, and 24/7 live chat. Additionally, email support is available for customers. HUGO's live chat option has a quick response time and can be helpful in resolving issues quickly. However, the company does not provide a physical office address, which may be a concern for some customers. There is also limited information available on the website about customer support.
Conclusion
In conclusion, HUGO is an STP forex broker registered in St. Vincent and the Grenadines, offering various financial instruments such as forex pairs, cryptocurrencies, indices, commodities, futures, and energies. The company provides the widely popular MT4 trading platform, as well as high leverage of up to 1:500. However, the lack of transparency on costs such as spreads, commissions, and other fees, as well as limited information on account types, educational resources, and deposit and withdrawal options are concerns. Customer support is available through various channels, including live chat, email, and social media. While HUGO may be suitable for experienced traders, beginners may need to look elsewhere due to the lack of educational resources and transparency on costs.
Frequently asked questions about HUGO
Is HUGO a regulated broker？
No, HUGO is not regulated by any financial regulatory authority.
What trading platforms does HUGO offer？
HUGO offers the popular trading platform, MetaTrader 4 (MT4), for desktop, mobile and web-based trading.
What is the minimum deposit requirement to open an account with HUGO？
The minimum deposit requirement to open an account with HUGO is $10.
What financial instruments can be traded on HUGO's platform？
HUGO offers a range of financial instruments including forex pairs, cryptocurrencies, indices, commodities, futures and energies.
What are the payment methods available for deposit and withdrawal with HUGO？
HUGO accepts deposits via VISA, MasterCard, bitcoin and bank transfer. Withdrawals can be made through the same payment methods.
Does HUGO provide any educational resources for traders？
HUGO offers limited educational resources with a section called “Insights” available on their website. However, the information mainly focuses on the company itself rather than trading education.
2023-04-06 10:02
