Hummingbird Trading Review – 5 things you should know about tradehummingbird.com

Hummingbird Trading Review – 5 things you should know about tradehummingbird.com

Beware! This is an offshore broker! Your investment may be at risk.

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Hummingbird Trading is a forex and CFD broker, offering a selection of currency pairs and CFDs on stocks, indices, precious metals and commodities on the Hummingbird Trading Platform and a leverage of up to 1:500. The broker also offers some crypto CFDs .

The benchmark EURUSD spread, as tested on their platform, reached 2 pips, which is a bit higher than what traders usually expect with a standard account. The minimum deposit requirement is 25 USD.

Hummingbird Trading regulation & safety of funds

In its presentation Hummingbird Trading says to be based in London, New York and Berlin. However, it turned out, that Hummingbird Trading is owned and operated by Hummingbird, LTD, based and registered on St. Vincent and the Grenadines and not regulated any where – we have thoroughly checked the registers of the Financial Conduct Authority (FCA) in the UK, the National Futures Association (NFA) in the US and the Federal Financial Supervisory Authority (BaFin) in Germany and were not able to find the company name there.

As for St. Vincent and the Grenadines, the local Financial Services Authority (FSA) simply does not regulate forex and CFD brokers.

Have in mind that only properly licensed brokers can guarantee the safety of your investment. Reliable brokers are always regulated by a respected financial authority such as the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

All properly licensed brokers are obliged to follow strict fiscal and ethical rules, among which to maintain a certain capital adequacy ratio, to keep all clients money in a segregated, protected form creditors, trust account and in some jurisdictions even to insure traders capital.

Traders with FCA brokers, for example, are granted to receive back up to 50 000 GBP of their capital in the unlikely case their broker goes insolvent. With a similar compensation scheme all traders with CySEC borkers can receive back up to 20 000 EUR.

Hummingbird Trading deposit/withdrawal methods and fees

Hummingbird’s minimum deposit requirement is just 25 USD.

You can fund your account with Hummingbird Trading using major debit or credit cards like VISA and MasterCard, bank transfer or e-wallets, including Neteller and Skrill. In addition, you can also fund your account with Bitcoins.

How does the scam work?

Scammers have many ways to get to your money. Here is one of the popular scenarios:

You may happen to come across a robo- scam website like Bitcoin Revolution or Bitcoin Method, where you will watch a nicely cut video, aimed to convince you, you can make great profit by investing with an innovative trading app, platform or software. The only thing you have to do is fill a small registration form, leaving your e-mail and phone. And then you will be transferred to the website of an unregulated, offshore, broker, where you will be asked to invest 250 USD and start trading right away. (If you deposit those 250 USD, the people behind the robo- scam website will get a commission.)

Your first trades with your scam broker will go smoothly and soon the money in your account will double. Have in mind that this will happen simply because your account will be manipulated. This is also the time you will receive a phone call by a “senior account manager”, who will be very impressed by your performance, but who will insist that if you want to make some real money, you simply have to invest more – like 10 000 USD for a start.

Probably you will deposit those money as well. And in the beginning everything will look fine – the money in your account will continue to multiply and your “account manager” will try to convince you to deposit even more funds. All of that until you decide to withdraw a more significant amount of your funds.

It will turn out there is a withdraw condition, linked to some minimum trade volume requirement, maybe connected to the welcoming bonus, you have so gullibly accepted, when you registered the account. In any case you will not be able to withdraw anything.

Note that at some point the scammers will ask you to send them a copy of your ID and a proof of address (an electricity bill), citing the anti-money laundering legislation. However, the truth is, if you give them your personal details voluntarily, they will have a much stronger case, when you file for a charge back with your credit card provider.

Beware as well that some scammers may try to fool you to install Team Viewer, so that they can have full access to your PC. If you allow this, the bad guys will get to your credit card number and online banking password and will try to steal money form your bank account directly.

What to do if scammed?

Immediately file for a charge back with your credit card company and have in mind you will be able to do that within the first six months only.

If you have agreed to install TeamViewer or have given away your online banking password and credit card number. immediately cancel your credit card, delete Team Viewer and change the password for your online banking.

And finally, if you have lost money to scammers, do not waste your time with the so called “recovery agencies”. They will simply take your remaining cash and leave you even more miserable.

Rich Snippet Data
Review Date
Reviewed Broker
HummingbirdTrading
Broker Rating
11stargraygraygraygray

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2 Comments

  1. Susmita Pokhrel (Xuchhmu)

    They are lately turning scammers !
    After making profit they refused to pay me.
    I’m on second position on their leaderboard but they simply refused to pay me.
    Beware, your money is not safe with them!

  2. in hummingbird trading i make profit around 12000 usd.
    when i requested for withdraw they reply me that whole trade was cancelled by exchange.
    they took my all money.

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