How to recover your investment from Hugo’s Way – Scam Broker Review
Be on the Lookout; Hugo’s Way is an offshore broker; Your investment is at risk. Read this review you want to recover your investment from Hugo’s Way.
Is Hugo’s Way a legit broker and how to recover your investment?
Hugo’s Way is an unregulated offshore broker that offers services such as forex, CFD and or binary options trading. The broker is registered in a fiscal haven that lacks the intervention of any investment regulatory process. This means that taking legal action against this forex broker is next to impossible. Read this review to recover your investment from Hugo’s Way.
Hugo’s Way broker relies on a number of tricks to reach their prospects and make them believe that the money they are investing with them is in safe hands and will generate humongous returns. Such tricks include the use of the state of the art websites and apps, with all sorts of attractive trading conditions followed by well-spoken staff and very efficient customer support after signup. This is all smoke and mirrors.
As far as this kind of scheme goes, the Hugo’s Way staff could very well be operating as part of a network of anonymous call centers in undisclosed locations. They could outright lie to you about their location and even their names. In typical investment scams, the staff uses stage names when communicating with the clients to add a layer of anonymity. Using excellent sales skills paired with manipulative psychology techniques, the staff involved in these sophisticated scams will prompt the victims to invest always more money, often beyond what they had planned in an attempt to avoid losing it all. This type of scam is now widespread and used to defraud unsuspecting victims billions of dollars annually.
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Hugo’s Way broker Reviews
A look into Hugo’s Way Reviews on various internet forums will reveal that Hugo’s Way clients have had issues withdrawing their investments and/ or profits. Though the reviews regarding Hugo’s Way have been drawn from various sources, it reveals a similar challenge. Hugo’s Way entices clients into this scam through interesting profits posted to their clients’ trading accounts.
The company even goes to the extent of transferring some of the money back to the clients. Once the clients’ trust is gained, they are prompted to invest more money for much better returns. Once the client has transferred the money, the problems begin.
Hugo’s Way broker will then manipulate the trading platform to create scenarios jeopardizing the clients’ investments. The clients are then prompted by Hugo’s Way Financial Analysts to transfer more money into their accounts to reduce the losses they are facing, often to avoid losing their investments altogether. Immediately after they do this, withdrawing the funds becomes an issue.
How To Recover Your Investment From Hugo’s Way Broker?
There is no easy way to recover your investment once you have sent it to Hugo’s Way. Hugo’s Way is structured in such a way that it makes it hard to pinpoint the scam to specific individuals and prove any wrongdoing. Hugo’s Way constitutes a brokers brand that is managed by a chain of shell companies registered in fiscal havens. Building a legal case against the broker would require one to utilize the services of a private investigator to track the money trails and trace it to individuals who could testify of the fraudulent practices of the broker. This does not even factor in the huge legal costs that would be required to institute a civil action in such offshore locations. Such prohibitive costs make it hard for customers of Hugo’s Way to take any action.
However, hope is not lost. There are other means through which investors can recover their funds from Hugo’s Way, without going the civil action route. A number of Hugo’s Way victims have managed to recover their investment by maneuvering the banking legal system. While this method might be unknown to many people, it is possible for an individual to get his or her bank to reverse credit card charges and bank wire transactions in his or her favor. While this is possible, the route has a lot of rules and regulations around such a procedure and it would be wise to hire an expert if you want to recover your money from Hugo’s Way broker.
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More reasons why you shouldn’t trust Hugo’s Way
Hugo’s Way is registered in Seychelles. The company claims it is applying for a license, but in the meantime, it is still unregulated. If you decide to trade with them, you would be taking risks.
An unregulated business can just take your money and provide services. This is the reason why most countries have financial regulatory agencies. For example, the Financial Conduct Authority (FCA) is that of the United Kingdom. It applies many strict rules to brokers who come under its supervision. They involve best execution policies, frequent activity reports and above all several rules concerning the security of clients’ funds.
First and foremost, there is a separation of customer accounts. This means that a broker regulated by the FCA cannot freely access (and “borrow”) the investments made by its clients. In addition, the financial services clearing system is in place. It is a system that guarantees merchant funds in the event of their broker’s bankruptcy. Coverage is limited to £ 50,000 per account.
What do regulators say about Hugo’s Way? It’s still a relatively new broker and there are some great things about them. However, there are also things that aren’t great about them that cause regulators to officially issue warnings. Even if they are still new brokers, they must be registered and regulated and this is not the case.
These brokers do not have an official phone number and there are negative reviews about them that traders should take seriously. Regulators warn that they are not legitimate brokers, as they do not have a license to prove legitimacy. And traders should rather look for more reliable brokers.
Many traders ask questions about Hugo’s Way brokers. They wonder if this broker is really legitimate. With this review, it has been proven that it may not be the best brokers in the market to use. And, it is recommended that other registered brokers be considered in place of Hugo’s Way.
Address: Suite 305, Griffith Corporate Centre P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
Company: Hugo’s Way Ltd
Regulation: Not Regulated