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Scam Alter: Hugosway

Discussion in 'Scam Alerts' started by Trademonster, Nov 30, 2018.

  1. Trademonster

    Trademonster Recruit

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    I think its worth mentioning here stay wary of hugosway. they seemed to have garnered a couple of positive reviews here but I suspect their authenticity. If you read the reviews, there a guy that mentions that another broker JAFX is a copycat of hugosway. Its actually is the other way around, hugosway is the new avatar for JAFX. Since they got pinned by CFTC, they started this new brokerage to solicit US, EU and Canadians clients and to circumvent the regulations. Set up an account with both of them and you will understand.

    there's a video on youtube that has captured both the platforms -



    And it looks like the good review they've garnered so far are how they did it with JAFX https://www.forexpeacearmy.com/community/threads/jafx-com.48652/page-2#post-294021
    Beware of these scamsters. There is a good reason why CFTC took JAFX down, now are again trying to fool trader by relaunching themselves as hugosway

    feed.
     

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  2. Poundtrader

    Poundtrader Corporal

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    does that makes them a scam
     
    Boss21 likes this.
  3. Trademonster

    Trademonster Recruit

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    Yes it certainly does! I would be double scared if a thug broker of the past relaunches itself portraying a clean image. I would certainly question why did they need to do that - probably because they could not clean up the mess of the past wrong doing and scamming clients and got hit by the mother of all regulators. As the could not undo or cover up what's been done, they decided to changed jurisdiction, their name and skin of their brokerage and came back!

    there is a very good reason why there are so many scam alters for JAFX on FPA and disclaimers by the FPA admins on their review page

    https://www.forexpeacearmy.com/forex-reviews/13417/jafx-forex-brokers
    https://www.forexpeacearmy.com/community/threads/jafx-com.48652/

    IMHO Hugosway will be out in 2 years from now after ripping clients mostly from US/Canada (cos they are the most vulnerable) like JAFX did. JAFX started in mid 2016 and by beginning 2018 they are done - denied withdrawals, wiped out client accounts & got penalised. And in a matter of few months, hugosway was born. I'm sure hugosway clients will meet the same fate.

    I'll request the FPA mods to add a note to hugosway listing as well that they are related to JAFX so that whosoever signs up with them understands their risks

    And CFTC should also be notified of this as well
     
  4. crypto_guy99

    crypto_guy99 Recruit

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    I've traded with both JAFX and hugosway for a number of months now and although i think they share the same Liquidity provider or server setup they are very very different company's from what i can see. I'm still waiting 89 days for my withdraw from JAFX i keep getting the run around from support waiting on their card system and cant release funds yet etc. Total BS IMO

    Hugo on the other hand i have withdrawn many times and its never been more than 2-3 days for money to hit my bank account.

    I've seen the same price freezing on both MT4's i had an issue with a trade on hugos and the refunded me because of a crypto outage on bitfinex, so do they have the same server probably, are they the same company i really dont think they are. I've not had a single complete complaint on hugosway.

    I will keep my eyes open but my experience on hugo has been flawless
     
  5. Trademonster

    Trademonster Recruit

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    Well good for you if its working fine, i'll interested to know if it stays the same.

    There's more about them thrown around online from which it is evident that they are the same. Their server location & ping speed all is same. That can't be a mere guess. Both Hugosway and JAFX servers are located on Geddes Avenue, in Ann Harbour Michigan, USA.

    Server location of JAFX as per MQL5 website, the server is called JAFX-Real3

    Jafx Server .

    Server location of Hugosway as per MQL5 website, the server is called HugosWayReal3

    Hugosway Server .

    Do we need more proof?

    And both the broker domains are hosted at by domainsbyproxy (https://www.domainsbyproxy.com/) that lets people create domains without giving out any information about themselves.

    Hugosway https://www.whois.com/whois/hugosway.com - registered feb 2018
    JAFX https://www.whois.com/whois/jafx.com - registered june 2007

    whats more interested is

    A broker registered in 2007 at a hosting company has all the technology, hosting and backend exactly the same as another broker opened in Mid 2018. Now this is not Forex bridge or LP connectivities that there are only a small number of providers to it. This is basic “Website” hosting provider for which we have hundred’s of providers and they still (after 10 years) choose to use the same hosting provider. That cannot be just a co-incidence
     
  6. FmrBrokerExecutive

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    Why would you want to even consider trading with a non regulated broker illegally accepting USA clients?

    There are hundreds of regulated brokers in the UK and a few in the US.

    If you risk trading with a broker in Seychelles for the big BONUS, LEVERAGE, etc -- you have to accept they aren't going to give you the same things a regulated broker is... Common sense.
     
  7. crypto_guy99

    crypto_guy99 Recruit

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    I checked LMFX, Tradersway, LQDFX, JAFX, hugosway, THETRADERSDOMAIN.COM and all of them have private whois info seems to be standard practice for the offshore brokers or should we say they are all JAFX rebrands also?

    Yes it seems jafx and hugo have the same server but most brokers have shared servers or white-lables just because they share a server or an LP doesn't mean they are the same company.

    I've never had an issue on hugosway to date. customer service, deposit, withdraw and trading has been flawless.

    Sharing a server doesn't make them the same company and i have see no reason to say otherwise.

    I will keep using hugosway i love the leverage and i'm very happy with the service i get from them.
     
  8. holycow

    holycow Master Sergeant

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    Brokers accepting any clients illegally is a red flag and if its a non regulated then i guess going to that specific broker is like catching the falling knives so stay away from all these.
     
  9. crypto_guy99

    crypto_guy99 Recruit

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    i want high leverage to trade with i have to use an offshore broker, i'm fully aware of the risks associated with it but if i want Crypto, high Leverage and to be able to hedge i need to go offshore. that's my choice. i dont think they offer any bonus but they have 1:500 and Cryptos so im happy trading there. I've never had a delay in any withdraws and they hit either my bitcoin or bank same / next day max. which beats the socks off those bas**ards at jafx.
     
  10. HollyHopScotch

    HollyHopScotch Recruit

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    I have to agree at least in part with this. You cannot get high crypto leverage with a broker that is not off shore.
     

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