Not sure, but I thought they were out of Edinbugh, Scotland; although
perhaps they are moving jurisdictions anticipating future events ! I don’t
remember whether the registered address was Edinburgh or whether
it was just an office. Chat guys say they are in Edinburgh… I like that
they speak a version of English, which is Scottish ! lol I speak a
version of English, which is called American…
[EDIT] I wonder how BREXIT in March will affect the Forex regulatory
business in the newly detached U.K. ?? Could only be a good thing,
I would imagine… versus European Union regulation.
It is my opinion that Brexit will have no impact on the regulation of the forex market, or any other financial market, in the U.K.
The U.K. is a member of The International Organization of Securities Commissions (IOSCO) and, as such, has entered into numerous Multilateral Memoranda of Understanding (MMoU’s) with that organization. In fact, the U.K. (along with the U.S. and other major players in world markets) is one of the heavy-weights in the IOSCO syndicate.
IOSCO is the vehicle by which the CFTC is securing its position as World Forex Police.
Brexit represents the divorce of the U.K. from the E.U. Brexit will not affect U.K. membership in IOSCO, and will not alter the U.K.'s obligations under IOSCO MMoU’s. We can expect the U.K.'s FSA to continue to work hand-in-glove with the CFTC before, during, and after Brexit.
For more on IOSCO, and Multilateral Memoranda of Understanding, see this post —
For more, refer to these IOSCO webpages –
Finally, for anyone who thinks WORLD FOREX POLICE is an exaggeration –
I see this: “Customer also hereby confirms that these funds are free of any liens or debts, are clean and non-criminal in origin and do not originate from the United States of America or any country on the Office of Foreign Assets Control (OFAC) List. As such, Customer agrees to comply with any request to provide additional documentation that is requested by Hugo’s Way and its representatives.”
What does that mean? “do not originate from the United States of America” ?
[EDIT] I chatted with one of their agents, and they did say their ECN accounts
were variable spread plus commission. The spreads they advertise are not
great, but OK for many purposes. Their MT4 servers are located in U.S. NY4
apparently, which sounds OK. They said their standard commission was
$5 / lot which I am assuming is one side, but I didn’t ask if it was round turn,
[EDIT] I guess it is round-turn and that is quite good
sorry. Their spreads were about twice as wide as Dukascopy’s new MT4
accounts show… In general, seems like an OK brokerage. BTC transfers
can be used, which I think is good. They seem accepting of U.S. persons
but I used a Canadian VPN to ask the questions, and it wasn’t “No” anyway…
when I asked whether I could recommend my U.S. friends to apply for
an account.
“Identity Verification. To help the government fight the funding of terrorism and money laundering activities, Hugo’s Way is required to obtain, verify, and record information that identifies each person who opens an Account with Hugo’s Way. When Customer opens an Account, Hugo’s Way is required to collect information such as the following: 1) Customer’s name; 2) date of birth; 3) permanent address; and 4) identification number. If Customer is a U.S. Citizen, the identification number required is Customer’s social security number. Hugo’s Way may verify Customer’s identifying information by performing a credit check, or requiring Customer to provide a driver’s license or other identifying documents”
Does hugos way indeed require that much KYC information? They are clearly breaking some sort of cftc rules by not being a registered foreign exchange to offer commodities, since team america gets to retroactively call crypto a commodity.
well being allowed to start an account with a us id at all is a pretty good start considering im not suppose to be on crypto ones that i use. it’d be good to have a fallback.
It is quite alarming in a good way to see that they offer 100 x leverage on so many alt coins, i truly wonder how they have the liquidity for such things, im interested in peoples experiences. That kind of leverage on an alt coin could lead to some profound profits (or losses)…crypto alts still out perform everything .even in a bear market. Though I tend to just hyper focus on bitcoin. (I’m not a maximalist though )
what scare me about these brokers offering U.S. stocks is that it makes it easy for the cftc to go after them other then that from doing my little research everything look positive so far
This thread has been invaluable to me over the past few years since FXCM went under, but I haven’t had anything to contribute… I guess I still don’t, but I’ll just jump in to say I’ve done multiple deposits and withdrawals with FX Choice, with zero drama or complications. I’ve recently been experimenting with others, probably with the same philosophy as SmallPaul - I don’t want all my eggs in one basket. I may as well lay it out like his list to make it easy:
FX Choice - funded, withdrawals with no issues
Tradersway - funded and trading, no withdrawals yet… Bitcoin deposit process is seemless, execution has been good
Coinexx - funded and trading, no withdrawals yet… Bitcoin deposit process is seemless, execution has been good
Finpro - funded, withdrawals with no issues
Hugos Way - setting up account now out of curiosity… Those spreads are no joke though
Thanks again to everyone who has contributed to this thread!
I’ve pushed a dozen or so live accounts to Coinexx
in USD denomination… Their MT5 terminals have meant
I had to do some stabilization testing with the NJ4X framework,
but looks good now.
My currently active list of brokerages: Coinexx, FinProTrading,
TurnkeyForex. If none of these significantly “goes away” or
"degrades"… then I’ll consider others. Currently, I am not
happy with Coinexx performance, but I can work with it. The
top performers are FinProTrading and TurnkeyForex, as far
as I know…
Personally, I have to stop collecting “trial” brokers, as I ramp up
my trading operation… Just too much work to evaluate them…
Having said that… If anyone has a Live MT4 brokerage and wants
some technical evaluation, on 1) spreads, plus 2) order entry
performance… then you’d need to provide me credentials, and
make sure you change the password when I’m done !!
I’ve just been too busy with Forex Order Flow, Risk and a number
of other feeds from a central server into the BOTs… to pay much
attention.
@Clint
I REALLY APPRECIATE CLINT’S EXPLANATIONS of IOSCO, although
I do not need more depressing news about the unavailability of the
world’s best brokerage for us, as U.S. persons.
