Come on @smallpaul! You have been the torchbearer for letting us know what’s happening on other forums (esp FPA) about our brokers and this you didn’t tell us this. Let me do it for you …
So I visited FPA and the post there discusses the relation ( Link towards the end of the post). So a very new user there (like what we have been experiencing past one or two months) shared a picture and youtube link in an effort prove the relation between Hugosway (the one few people are suggesting we should add to the list ) and JAFX ( acronym for John Anthony Forex) . It seems FPA didn’t take it seriously, probably cos poundtrader aka smallpaul wasn’t convinced about the connection.
Breaking it down for you all here -
The JAFX Hugosway spreads are spot on same looking at the image in the post and the video also tries to prove the same. There is no denying though in it, the screenshot and video very successfully proves that the spreads are the same. And to some extent there is no harm for brokers to share the same broker services.
But another interesting thing is that the youtube channel that this FPA user is referring to also has other videos that show that from demo account number series, swap charges, spreads , instrument specification, market opening, market closing to platform freezes all happen at the same time with these brokers. So when the notorious JAFX platform freezes, so does hugos way… that’s BIG RED FLAG & I’m sure you will agree @smallpaul – link for those videos towards the end of the post.
Now we can argue that few brokers we have on the list have done this in the past & what’s the big deal? Well it definitely is a concern because digging deeper into what FPA has to say about JAFX I found few other eye opening links discussing how John Anthony Forex aka JAFX operated. In few words – he was or is some EA guy, now legend has it he has some etoro links as well. So they offered some MAM social trading arrangements to clients (including US) and clients never made money, there were lot of complaints of deposit denials, scams, clients losses etc forcing CFTC to penalize them down.
For marketing this guy used to offer affiliates/traders $20 per positive review or positive post about them on forums and thats how they garnered clients & positioned themselves as a good broker. Eventually when he was caught, he publicly apologised on FPA. Again, if any of you are interested in reading links below
Phew …. I’ll leave it here for all of you (sans the flock of new IDs) to read, understand and contemplate as to what we should derive from this excavation ; )