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hugofx

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Hi, I cannot find any information on regulation bodies used by HugoFx. Are they legit?
Anthony
France
2022-03-16
ANSWER HugoFX is an UNLICENSED broker and should be avoided at all events. HugoFX claims to be owned by Hugo's Way Ltd, a company registered in Saint Vincent and the Grenadines, but we didn't find any result in the registers of Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Besides, SVG FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. Therefore, we highly recommend exercising caution when dealing with brokers claiming to be registered in or regulated by SVG FSA as they are actually unregulated.Our verdict is that HugoFx is actually not regulated by any financial regulator. That means investors' funds in this broker are unsafe and cannot be protected by any laws. Therefore, it is thoroughly a scam. We would recommend traders stay away from unregulated brokers like HugoFX and trade with licensed brokers.
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Is EA allowed during the transaction with Hugo's Way?
nek
Thailand
2022-02-08
ANSWER HugoFX is not under valid regulation and should be avoided at all events. HugoFX claims to be owned by Hugo's Way Ltd, a company registered in Saint Vincent and the Grenadines, but we didn't find any result in the registers of Saint Vincent and the Grenadines' Financial Services Authority (SVG FSA). Besides, SVG FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. Therefore, we highly recommend exercising caution when dealing with brokers claiming to be registered in or regulated by SVG FSA as they are actually unregulated. Most importantly, HugoFX states that they are on the way finding the most proper regulator, which can take a lot of time. However, despite its claims, it is merely their ridiculous excuse for illegally operating its business under no license or accreditation. Our final verdict is that HugoFx is actually not regulated by any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a thoroughly a scam. We would recommend traders to stay away from unregulated brokers like HugoFX and trade with licensed brokers.
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