Hugo's Way review

The Financial Services Authority of Seychelles published a warning about hugosway.com on 7 November 2025, stating the company never held authorisation and had been struck off and dissolved as of 1 April 2025. The site is still live, still advertises a $10 minimum deposit, and its client agreement still names a Seychelles corporation.

Last verified 11 August 2026 · how we check

On 7 November 2025 the Financial Services Authority of Seychelles published a notice about the website hugosway.com. Two sentences from it matter.

The regulator says the company behind the site “does not, nor has it had any authorisation to operate” under the Virtual Asset Service Providers Act 2024 or the Securities Act 2007. And it says this:

The company has since been struck off and was dissolved as of the 1st of April 2025.

The site is still up. We checked it on 11 August 2026: the front page advertises 1:500 leverage and a $10 minimum deposit, the signup flow is open, and the client agreement still describes Hugo’s Way Ltd as “a corporation organized under the laws of Seychelles”.

What “struck off” means, and what it doesn’t

Hugo’s Way was incorporated under the International Business Companies Act, which is the Seychelles vehicle for a general offshore company. That is not the same thing as a securities dealer licence, and the FSA’s notice makes the distinction for you: whatever the company was registered as, it was never authorised to deal in securities or to handle virtual assets.

So there were two separate gaps, not one. The firm was taking trading deposits without the licence that activity requires. And since April 2025 the corporate shell that signed those client agreements has not existed at all.

That second point is the one with practical consequences. Your agreement is with a company. If the company has been dissolved, the counterparty named on your contract is gone, and the question of who exactly is holding your balance no longer has an answer you can look up.

The contract already told you less than you’d think

Even before the strike-off, the client agreement was unusually clear about what it was not offering. This clause is still on the site today:

Customer acknowledges and agrees that Accounts are segregated in the Hugo’s Way’s books and records only, and Customer’s funds are not FDIC-insured and are deposited with a liquidity provider selected by Hugo’s Way in its sole discretion.

Segregation normally means client money sits in a bank account legally distinct from the firm’s own, so an administrator can identify it and give it back. Here segregation happens in the firm’s bookkeeping. Your balance is a line in a ledger they maintain, and the cash itself sits with an institution the agreement never names, chosen at the firm’s discretion.

Put that clause next to the dissolution date and the arrangement resolves into something simple: a ledger entry held by a company that was struck off sixteen months ago, backed by money at an unnamed third party.

No licence number appears anywhere

We read the front page, the About Us page, the Risk Disclosure and the full Terms and Conditions. None of them carries a licence number, and none names a regulator. The word “license” appears once in the agreement, in a clause about collecting customer data.

The registers we hold in full return nothing either:

The FCA line carries the caveat we apply everywhere: that register lists firms the FCA has authorised and firms it has warned UK consumers about, so a firm that never solicited anyone in Britain won’t appear there regardless of how it behaves.

Leverage and jurisdiction line up with everything else

1:500 on a retail account is a fingerprint. No UK, EU or Australian licence permits it, and the caps by regulator are on our leverage limits page. A firm offering it is serving you from somewhere without such a cap.

The governing-law clause names the same jurisdiction the regulator just warned about:

This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed and enforced in all respects by the laws of the Seychelles.

For a retail balance, that clause usually settles the matter. Litigating in Seychelles against a company that has been dissolved there is not a realistic path for someone trying to recover a few thousand dollars.

Two smaller conditions worth knowing from the same document: the firm may limit your withdrawal options where it suspects money laundering or fraud, and accounts failing its activity criteria incur a $10 monthly inactivity fee.

If you arrived here from EagleFX, you were routed

EagleFX moved its client accounts to LHFX in March 2025 and then went quiet. Its domain no longer points at LHFX. It now forwards to a Hugo’s Way signup page carrying parameters that credit the traffic to EagleFX:

https://users.hugosway.com/signup?utm_source=eaglefx&utm_medium=partner&utm_campaign=eaglefx

Whoever still controls the EagleFX domain is sending its leftover visitors here and being paid as a partner for it. Somebody typing an old broker’s name into a browser bar lands on a signup form, and nothing on the way tells them the destination is a different company, or that the company was dissolved a month after EagleFX stopped answering.

The one fact pointing the other way

hugosway.com has been archived continuously since August 2018, and it kept operating straight through the strike-off and the regulator’s notice. Eight years is longer than most firms that collect deposits and vanish; the three closed brokers we’ve covered, OspreyFX, KOT4X and EagleFX, all had shorter runs.

We report it because it’s true and because a page that only points one way is worth less. It is not a defence. Continuing to trade for sixteen months after your corporate existence ended is not evidence of stability; it’s evidence that nobody stopped you.

What we checked, and what we didn’t

We read the firm’s published documents, retrieved the FSA notice from the regulator’s own site, and searched three registers we hold in full. We have not opened an account, deposited money, or tested execution, withdrawals or support, and nothing here is a report on any of those.

If you already have a balance there, the useful questions are narrow. Which institution holds the money, and will they name it in writing? What does the firm say about its own corporate status after 1 April 2025? And does the withdrawal that worked last month still work this week?

Sources

• FSA Seychelles — Warning: Unauthorised Activity under the Virtual Asset Service Providers Act, 2024 and Securities Act, 2007
• Hugo's Way — Terms and Conditions
• Hugo's Way — Risk Disclosure
• ASIC Financial Services Licensee Register
• CySEC — register of Cypriot investment firms
• FCA — Financial Services Register
• Internet Archive — hugosway.com capture history