Beware! Flying Hummingbird is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Despite its pretty name, Flying Hummingbird is another offshore broker that is not worth your time or money. Before we step into reviewing it, check out its Copy trading feature:
Copy trading is controversial, because while it allows traders to track and imitate the best traders on the platforms in real time, brokers often manipulate their results to appear more profitable than they really are. This is the case with Flying Hummingbird as well – the broker claims its best trader has made returns of over 37% weekly, which is impossible.
We feel that this showcases Flying Hummingbirds’ intention towards its clients very well – so let’s take a closer look at the broker:
Flying Hummingbird regulation and safety of funds
Flying Hummingbird would have you believe it is regulated by the US governmental body, the NFA – but this is simply not the case. The broker does not hold a license with it, despite providing the following document on its website:
We checked with the database the NFA maintains and got the following result:
It seems that Flying Hummingbird is present there, but it is not regulated in any capacity. We often get brokers pretend they are under the oversight of the NFA – because the regulator is one of the strictest in the world, demanding brokers have over $20 million to their name before letting them acquire a license and that they report on a daily basis on open and closed trades once they have been licensed. This does provide an excellent level of protection from the whims of the market and scammers – which is why you should check out these brokers, actually licensed by the NFA.
Flying Hummingbird trading software
Flying Hummingbird provides access to Metatrader 5 – the preferred trading platform among traders and brokers alike. Here is what Flying Hummingbird’s distribution of it looks like:
Metatrader 5 has earned the top spot among trading software for its incredible ease of use, as well as its powerful automated trading features. However, this is an endorsement of the platform – you should still avoid Flying Hummingbird.
As for the broker’s trading conditions, the spreads available are rather high, moving well over the 2 pip mark for the EURUSD pair. Such a common pair should not have a spread over 1 pip. The leverage Flying Hummingbird provides is also obscene – 1:200. Most regulators agree that this is simply too much for retail traders to use, but offshore brokers and scammers advertise it – it is incredibly attractive to the unsavvy trader. So, if you see a leverage that seems too high, be careful – you might be dealing with an unlicensed broker, or worse.
Flying Hummingbird deposit and withdrawal methods and fees
Flying Hummingbird accepts deposits as low as $1, but it only does so via wire transfers – a mode of payment which cannot be refunded with a chargeback. The low deposit threshold is advantageous, but considering most legitimate brokers can open you an account for about $10 at most, it is not that big of a deal.
As for withdrawal fees, we cannot know what they are – Flying Hummingbird has concealed its Terms and Conditions from us, as brokers like it often do. We do not expect this to mean that there are no fees, however – Flying Hummingbird is likely going to tax you though the nose.
How does the scam work?
Unfortunately, it would seem that Flying Hummingbird is running a very common online scam – it starts when a future victim stumbles upon an ad that promises incredible profits, or a very lucrative investment opportunity. These ads lead to a website like Flying Hummingbird’s, where the visitors are prompted to give away a phone number, or other contact information. Once they do, the scammers reach out – constant calls, emails and so on, all demanding one thing – deposits.
Should you fall for it and deposit, the scammers will keep harassing you for more and more – until you either realize that you are being conned, or try and request a withdrawal. At that point the scammers will never contact you again and simply will disappear.
What to do when scammed?
If you are scammed, there are several steps to take to prevent further losses – first off, you need to restore your privacy by remembering which documents the scammers had access to – IDs, credit cards and so on, and immediately replacing them. Also, you need to uninstall any desktop-sharing software that the scammers had you install – things like TeamViewer need to go immediately.
The next step you should take is contacting your bank and explaining you were scammed – they can walk you through the available chargeback options. But do not trust “recovery agencies” – they are often another scam, and you can tell they are one if they contact you and demand upfront payment for their work!
Finally, know that being scammed is nothing to be ashamed about – the people who run these schemes are malicious, masterful manipulators – anyone can be a victim of a scam. The only way to combat this scam model is to bring awareness to it. This is why it is important to share your experience – do so in the comment section below.