Heat oven to 50°C / 120 °F for 10 minutes and then turn off. Or use the proofing function at 35°C / 95 °F.
Combine flour, yeast, and sugar in a large mixing bowl. See Notes below.
Pour in the water and salt gradually, while stirring with a whisk. If the mixture is too thick to stir, add an extra splash of water.
Let it rise. Cover the bowl with a dampened tea towel and place in the oven until doubled in size.
Heat the oil. Half-fill a saute pan with half olive oil and half vegetable oil or use 1 part olive oil to 2 parts vegetable oil. Heat until oil reaches 160°C / 320 °F.
Take a handful of the dough in your left hand and pass it through the top of your fist, scoop it using a small teaspoon and toss it into the hot oil. Repeat the process until you have a couple frying in the hot oil, don't overcrowd them. Dip the teaspoon in cold water so it will be easy to spoon the dough without sticking.
Deep-fry until honey-golden on all sides. Turning the Loukoumades every now and then with two forks.
Transfer to a cooling rack to drain.
Serve warm, drizzled with plenty of honey and cinnamon on top. You can also sprinkle some icing sugar, walnuts, or sesame seeds if you like!