CFTC Sues Bulgarian FX Broker JAFX for Accepting US Clients
https://www.forexpeacearmy.com/forex-reviews/13417/jafx-forex-brokers
Can we get some first hand reports from clients who can describe
what’s being offered in Forex, technicals, fund transfers, etc. please?
from this: Terms & Conditions | Hugo's Way FX
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.
hyperscalper
Just inquired with Hugosway…
USD denoted accounts
Wire & Bitcoin transfers to/from USD account
100:1 on Crypto
500:1 on Fx
$5 round turn per lot FX/100K crypto value
For those who also trade cryptos… The USD denoted account, lower commission costs and higher leverage puts them above Evolve in my eyes.
“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.
Same KYC as turnkey, finpro, fxchoice, lqdx & traderway… ID & proof of address (bank/CC statement or utility bill)
thats standard across the board @jack112forexdude Most of our brokers from the list ask for 2 forms of ID proofs. KYC shouldn’t be a deterrent
this thread here lists the documents required by the brokers listed on it. It has few common names as our list.
love to hear more details pls, esp wrt to spreads & withdrawals
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 )
100:1 is quite insane on crypto… to be honest with how much those things move I don’t need more than 20:1.
i did open account with them same process as fxchoice and tradersway don’t know if i will every fund my account but i keep my options open
i have account theses following brokers.
fxchoice- funded and makes weekly withdrawals and live off the money
tradersway- funded makes monthly withdrawal but slowly moving funds to coinexx
coinexx- funded with hand cross
lmfx- not funded
findpro trading- not funded
turnkey forex- not funded
hugosway- not funded
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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!
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BROKERAGES
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.
hyperscalper
Hey guys, I just noticed this…
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interesting! glad they’ve added MT4 
just noticed they made few changes to their client area as well. they;ve automated leverage change, internal transfer, password resets
& can see vload listed on the deposit page… seems like coinexx is on fire
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look like coinexx just took the whole damn cake and they ain’t sharing
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Seen it. But I am not in the US. I have had no problems with them.
I use Hugosway. Good broker, good customer service too. Always quick to respond.
Ummm… MT4 is what I was missing, moving some eggs to their basket soon. Thanks for the info
i do agree hugosway should be on babypips list
i just put some more eggs in there bakset, coinexx is leading the pack i will be doing s nice size withdrawal around the first week of december i keep you guys posted if any shady business
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