How To Recover Funds Lost To Trades On Hugo FX

Recover Funds Lost To Trades On Hugo FX: Hugo FX is an online forex broker, established in August 2018. Hugo FX headquarters is situated in St. Vincent and the Grenadines. With over 50 currencies, 35+ cryptocurrencies and 170+ CFD including indexes, commodities, precious metals and stocks, the major red flag is that Hugo FX is not licensed nor regulated.

Hugo FX sole trading platform is the MT4 platform. The broker is available in Web version for both PC desktop and Mac and also a mobile version for both Android and iPhone. Hugo FX special features include Bitcoin Funding and Withdrawals, and the notable company blog.

Recover Funds Lost To Trades On Hugo FX

License and Regulation

It is not safe to trade with Hugo FX as it is unlicensed and unregulated. Hugo FX is owned by Hugo’s Way Limited, an offshore company registered in St. Vincent and the Grenadines.

However, St. Vincent and the Grenadines registered the investment firm but provides an awful requirement for the company operation. St. Vincent and the Grenadines is an offshore zone where scam brokers go for registration just to appear regulated to the public. St. Vincent and the Grenadines have poor regulatory requirements and demand nothing from the broker apart from the licensing fee. Do not trust Brokers that are registered in this region as this means that the Broker does not follow an international rule that protects the welfare of traders.

Recover Funds Lost To Trades On Hugo FX

Here are examples of trusted regulatory bodies;

  • The Cyprus Securities and Exchange Commission (CySEC) for Cyprus
  • The Financial Conduct Authority (FCA) for the United Kingdom
  • The Australian Securities and Investments Commission (ASIC) for Australia
  • Autorité des Marchés Financiers (AMF) for France
  • Commissione Nazionale per le Societa e la Borsa (CONSOB) for Italy
  • The National Futures Association (NFA) – For the United States. And other European regulatory bodies.

An unlicensed investment platform poses a risk to investors’ capital. You should avoid unlicensed financial service platforms like Hugo FX.

How to recover funds lost t Hugo FX

 They have been lots of reviews on various forex forums where traders complain about the inability to withdraw money from the Hugo FX platform and about several unfavorable trade conditions. If you are a victim of the scam scheme of Hugo FX and you are looking for ways to recover your money from them, here is how;

Your best shot is to hire a Funds Recovery Expert. A Fund Recovery expert can file a Chargeback or Wire Recall for your case. A chargeback is a reversal of a credit card transaction. You have to structure a report to convince your Bank that you were scammed.

If you made payment with Bitcoin, a fund recovery expert can trace the transaction on the blockchain and lock the address of the receiver till funds are returned. just like the Colonial Pipeline Ransomware case in the United States.

A Fund Recovery expert comprises lawyers, data recovery experts, and financial advisers, so a Fund recovery personnel is trusted to put down a well-structured report to file for a chargeback that your Bank will accept.

You can hire a Fund recovery expert from Duolabs. Duolabs is a trusted platform where you can hire different recovery experts such as Funds, Data, Cryptocurrency Wallet, Bitcoin, etc. With over 500+ satisfied customers, Duolabs can be trusted to recover funds lost to the Hugo FX scam.

There are several negative feedbacks about Hugo FX online from unfavorable trade conditions to the inability to withdraw.

Here is a review of unfavorable trade conditions from Ace Mayer in the United State. The review is from trustpilot.com;

If I could give zero stars

If I could give zero stars, I would. My account was just BLOWN at the fault of these SCAMMERS!!! Froze up for over 30 minutes – did not allow me to place a stop loss or do ANYTHING whatsoever to save my trades. Literally drained my entire account, MEANWHILE, the DEMO was working perfectly with no issues AT ALL!!!!! I would most definitely sue these people if possible. Will NEVER use them again. I am beyond upset at this point!!!

Another from Justin Bucci:

This is the worst broker I’ve ever had…

This is the worst broker I’ve ever had in my life. Twice it’s happened where I couldn’t close a trade in profit and it ran negative. It said “off quotes” and then they send you some Bull email about liquidity issues.

Stay far away from them!!!

A review from 55brokers about withdrawal issues

they were recommended by a friend and it makes me question his judgment. Their lack of regulation makes it likely I will never see my money again. There was amazing customer service, email and chat when I set up the account and funded it. Now that I’m trying to get funds out, I can’t get a response.

All along there were red flags such as their lack of regulation, no phone, and their shifting funding methods. I thought their dropping of the bank wire option was to avoid the US regulatory regime but now I think it’s just one more indication to run from these guys. Currently, you can fund with Bitcoin, credit/debit via Instacoins or VLoad.

When I first tried to withdraw funds Friday morning, it only gave me the option of a Bitcoin withdrawal. They rejected that and said I had to do a VLoad withdrawal as that was how I funded the account. So I submitted that. The website says withdrawals can take several hours. It’s been over 96 of them so far (Monday evening). The only contact I have received was a Sunday night email questioning why I wanted to withdraw funds! Until I submitted a response, my withdrawal would remain pending as it has even after my response.

I have sent several emails and attempted to use their vaunted 24/7 chat service. The chat just runs through its scripted routine and you cannot talk with a customer service rep if they still have any.

I’m not sure if it’s zoo monkeys or carnival barkers running this show but save your money and get a different broker.

Recover Funds Lost To Trades On Hugo FX

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