SeychellesRegulationSIN REGULAR
Min. deposit$10
Leverage1:1 – 1:500
PlatformsMT4, MT5, WebTrader
InstrumentsForex & CFDs (offshore)
Founded2017
🏛️ Which entity will open your account?
📍 Pick your country above and we'll tell you exactly which entity opens your account at Hugosway.
How is this decided and how do I verify it? →Regulation by region
The entity you sign with — and your protection — changes depending on where you live.
United Kingdom
No FCA license
Not authorized by the FCA. There's an FCA warning for 'HUGOWAYOPTIONS' (clone of a different domain)European Union
No license
No authorization from any European regulatorUnited States
Not registered
No CFTC/NFA registration. Allegations of being a successor of JAFX (pursued by the CFTC)Australia
No ASIC license
Not authorized by ASICRest of the world
Offshore, unregulated
Hugo's Way Ltd, no tier-1 license. Address in Seychelles (formerly SVG). SVG does not license forexAll licenses
Every regulator where the group holds a license, with its execution model. The entity that applies to you depends on your country (see above).
Account types
ECNsingle ECN account, min $10, up to 1:500, MT4/MT5
Pros
✓Competitive costs
Cons
✗No tier-1 regulation (offshore)
✗Withdrawal complaints / confiscation
✗No compensation scheme
✗Questionable transparency
✗Damaged reputation
✗Very high leverage (more risk)
Breakdown by axis
The total score (out of 100) is the sum of the 7 axes, with the same yardstick for everyone. Below each one, the rationale with its source.
Regulation: Unregulated0/22 pts
Why: UNREGULATED (SVG apparently cancelled / Seychelles). Alleged successor of JAFX (fined $600k by the CFTC in 2020) based on documented technical overlaps (not legally proven)
Withdrawals / payments: Denials0/20 pts
Why: withdrawals stuck 'under review', off-market fills, platform freezes; FPA 'be wary' thread, WikiFX 1.4-1.6/10
Fund safety: No protection0/15 pts
Why: unregulated: no guaranteed segregation, no FSCS/ICF/SIPC, no recourse
Transparency: Misleading0/10 pts
Why: unregulated + warnings CNMV Spain (2023) + CONSOB Italy + FSA Seychelles (2025)
Reputation: Damaged0/10 pts
Why: founded 2017; Trustpilot ~1.3-2.4, WikiFX 1.5/10
Costs: Competitive8/8 pts
Why: cheap raw + $10 min (that's why it's used for EAs), but the risk is huge
Flags detected
🚩[regulation] none -> UNREGULATED (SVG apparently cancelled / Seychelles). Alleged successor of JAFX (fined $600k by the CFTC in 2020) based on documented technical overlaps (not legally proven)
🚩[withdrawals] denies -> withdrawals stuck 'under review', off-market fills, platform freezes; FPA 'be wary' thread, WikiFX 1.4-1.6/10
🚩[fund_safety] none -> unregulated: no guaranteed segregation, no FSCS/ICF/SIPC, no recourse
🚩[transparency] misleading -> unregulated + warnings CNMV Spain (2023) + CONSOB Italy + FSA Seychelles (2025)
🚩[reputation] bad -> founded 2017; Trustpilot ~1.3-2.4, WikiFX 1.5/10
Sources
Don't take our word for it — check it yourself. These are the official registries and legal pages we relied on.
🔗 ⚠ FCA — Warning 'HUGOWAYOPTIONS' (similar name)🔗 FCA — Warning List of unauthorised firms🔗 CFTC — RED List (verification)Trader reviews
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