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, the 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. So 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 scam broker.

On 2 October 2023, the Comisión Nacional del Mercado de Valores (CNMV) issued a warning that HugoFx was providing financial services or products without authorisation. You may visit: https://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=1&sortExpression=Fecha&sortDirection=1&page=1

HugoFx, an unlicensed trading platform that also calls itself Hugo's Way once recorded by BrokersView in 2021, is still in business.

We notice that it has changed its registration and regulatory information. It currently claims to be operated by the company Hugo's Way Ltd which is supposedly registered in Seychelles. However, our search for this company in the register of  the Seychelles Financial Services Authority (Seychelles FSA) didn't yield any matching results. This means it is not financially registered in this jurisdiction, making its offerings illegal.

Therefore, we strongly suggest investors stay away from HugoFx or Hugo's Way, given the substantial risks involved.