Summary: The overall evaluation of Flying Hummingbird as a forex broker is largely negative, with multiple sources highlighting potential risks and a lack of regulatory oversight. Key findings indicate concerns regarding user complaints about withdrawal difficulties and allegations of scams, emphasizing the need for caution when considering this broker.
Note: It's important to recognize that different entities operating under the Flying Hummingbird name may exist across regions. The assessment provided here reflects a comprehensive analysis aimed at fairness and accuracy.
Ratings Overview
We evaluate brokers based on user feedback, expert opinions, and factual data gathered from multiple sources.
Broker Overview
Flying Hummingbird, established in 2020, is an online forex and CFD broker that claims to provide access to over 50 currency pairs and various other trading instruments. The broker operates using the MetaTrader 5 (MT5) trading platform, which is known for its advanced features and tools. However, it lacks proper regulation, with the National Futures Association (NFA) labeling it as unauthorized. This raises significant concerns regarding the safety and credibility of user funds.
Detailed Analysis
Regulatory Regions: Flying Hummingbird operates primarily as an offshore broker without any valid regulatory oversight. The absence of a regulatory framework means that traders may not receive the protection typically afforded by licensed brokers. Multiple sources, including WikiFX, confirm that Flying Hummingbird is flagged as a potential scam due to its unregulated status.
Deposit/Withdrawal Options: The broker accepts deposits exclusively via wire transfers, with a reported minimum deposit requirement as low as $1. However, this method lacks the consumer protection features of other payment methods, such as credit cards. Withdrawal procedures are notably problematic, with numerous complaints from users citing difficulties in accessing their funds. One user reported being unable to withdraw their money for over a month, only to be asked for a percentage of their account balance as a tax payment, raising red flags about the broker's practices.
Minimum Deposit and Promotions: The minimum deposit is attractively low, which may lure inexperienced traders. However, this can be a tactic used by unregulated brokers to attract clients. There are no clear promotional offers or bonuses available, which is common among reputable brokers aiming to provide transparency.
Asset Classes: Flying Hummingbird claims to offer access to a variety of asset classes, including forex currency pairs, indices, commodities, and gold. However, the lack of transparency regarding the specific trading conditions and costs associated with these assets is concerning. Reports indicate that the spreads can be high, which can significantly impact trading profitability.
Costs: The exact spreads and commissions are not clearly specified, leading to uncertainty for potential traders. High spreads can erode profits, especially for those employing high-frequency trading strategies. The absence of detailed cost information further diminishes trust in this broker.
Leverage: The broker offers leverage of up to 1:500, which is significantly higher than what most regulated brokers provide. While high leverage can amplify profits, it also increases the potential for substantial losses. New traders are often advised to exercise caution when utilizing high leverage, as it can lead to rapid account depletion.
Trading Platforms: Flying Hummingbird utilizes the MetaTrader 5 platform, which is widely regarded for its robust features and user-friendly interface. However, the platform's implementation by this broker has been criticized for lacking essential security features, such as two-step verification, which could leave traders vulnerable.
Restricted Regions: There is limited information regarding the specific regions where Flying Hummingbird is restricted. However, given its offshore status and unregulated nature, it is advisable for traders to ensure that they are compliant with local laws before engaging with this broker.
Available Customer Support Languages: Information regarding customer support is sparse, with no clear details on the languages available for assistance. The lack of accessible customer support channels is a significant drawback, as traders may find it challenging to resolve issues or seek assistance when needed.
Repeated Ratings Overview
Detailed Breakdown
- Account Conditions: The low score reflects the absence of regulatory oversight and the potential risks associated with trading under an unregulated broker.
- Tools and Resources: The MT5 platform is a positive aspect; however, the lack of additional educational resources or tools diminishes its value.
- Customer Service and Support: A score of 1 indicates significant issues with customer service, as users report difficulties in communication and support.
- Trading Setup (Experience): Despite the advanced features of the MT5 platform, user experiences are marred by withdrawal issues and a lack of transparency.
- Trustworthiness: The broker's unregulated status and numerous user complaints contribute to a low trust score.
- User Experience: Overall, user experiences have been negative, with many reporting scams and withdrawal difficulties.
In conclusion, the Flying Hummingbird review reveals a broker with significant drawbacks, primarily due to its unregulated status and a host of user complaints. Traders are strongly advised to approach this broker with caution and consider alternatives that provide regulatory oversight and better transparency.
