Who Is HugosWay?
HugosWay is an online platform that facilitates trading in the forex, crypto, and stock markets. Established in 2017, it is still operational and its head office is located in St Vincent and the Grenadines. The Hugosway platform offers over one hundred different tradable assets and up to 1:500 leverage for investors.
In the HugosWay review below we investigate whether this is a legit broker or a scam organization that is likely to put investors’ funds at risk.
Is HugosWay a Licensed Broker?
In attempting to answer the question, "is HugosWay legit" it is important to consider its status in this regard. HugosWay is not currently regulated or licensed by any overseeing financial body. This means that any funds placed with this broker are potentially at risk, whether or not it’s a scam company. When an unregulated, unlicensed broker shuts down without warning, or disappears, taking its members’ money with it, there is very little recourse in terms of reclaiming these funds.
If you’re considering investing in an online broker, it is highly advisable to check that the potential organization has all the relevant licenses in place and is fully regulated, to best protect your capital. It’s also worth bearing in mind that the regulations in different territories vary in strictness, so check this, too, before investing.
Is HugosWay a Scam or Legit?
In investigating whether or not a HugosWay scam is being, or has been, perpetrated, its unregulated status is a warning sign. However, a closer look at this company shows that it is publicly listed on the stock exchange, and shares in the business can be purchased by the public; this suggests that, although unregulated, this is a legit platform. Investor’s funds are also held separately from other company assets in a Tier One bank account; banks in this category are considered to be the healthiest, and the least likely to get into trouble.
The fact that this online brokerage has been running for over four years and has a user base of over five thousand members suggests, too, that HugosWay is not a scam organization.
In conclusion, it is unlikely that a wholesale HugosWay scam is underway; however, the fact that this organization is unregulated means that it remains a potentially risky proposition for potential investors and current members.
Biggest Complaints Against HugosWay
In terms of HugosWay complaints, the most frequent are those regarding customer service, with platform members detailing on review sites how some issues have been proved tricky to get resolved:
The lack of regulation and licensing is also frequently mentioned by current or past investors, who feel that this is a shame given the otherwise generally high quality and reliability of the platform.
Can I Get My Money Back from HugosWay?
Although this platform appears to be legit, if you feel you have been persuaded to trade on this site through unscrupulous marketing, have been pressured to part with more money than you wanted to, or believe yourself to have been the victim of any other type of HugosWorld scam, then there is a chance of getting your money back.
In order to obtain a HugosWorld refund you can either make representation yourself, to the company and any other bodies that you believe to have been involved, or you can instruct the services of a professional chargeback company. The latter option offers a much greater chance of getting your HugosWorld money back, as the team at a chargeback company have the industry expertise and experience with similar past cases to know exactly the avenues to follow and steps to take in a bid to recoup your lost funds.
What is the Chargeback Process?
The first step is deciding on the chargeback company you wish to use. Spend some time researching your options: you’re looking for a company with lots of positive reviews from past clients and a high success rate in the cases they take on. Once you’ve selected the one you want to go with, make contact: most chargeback companies have a simple online form on their website to complete in order to make an initial enquiry and get the ball rolling.
Once you’ve submitted the form, a member of the chargeback team will contact you. You will be invited to give full details of your case, including the value of the funds lost. If the team decides that your case has a high chance of success, then they will take it on, and the process of document and evidence gathering will begin.
The chargeback company will now work to track down your scammed funds, and then confront both HugosWay and any other entities involved in the loss of your money, using all the powers and knowledge at their disposal. Cases usually take up to six months to conclude and, when successful, the HugosWay refund will be deposited directly into your account.
If you believe that you’ve been the victim of a HugosWay scam, then it’s important to get in touch with a chargeback company at your earliest convenience in order to begin the process of recouping your money.