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The WikiFX Score of this broker is reduced because of too many complaints!

Flying Hummingbird

China|2-5 years|
Suspicious Regulatory License|White label MT5|Chinese market only|Suspicious Overrun|High potential risk|

https://www.flyingpro.online/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
FlyingHummingbird-Demo MT5
Server Location Hong Kong

Contact

https://www.flyingpro.online/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Flying Hummingbird

Company Abbreviation

Flying Hummingbird

Platform registered country and region

China

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 3
Previous Detection : 2024-04-20
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 9 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Expose

    Flying Hummingbird · Company Summary

    Note: Since Flying Hummingbirds official site (https://www.flyingpro.online/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.

    Aspect Information
    Registered Country/Area China
    Founded Year 2-5 years
    Company Name Flying Hummingbird
    Regulation Not regulated, flagged as a potential scam
    Minimum Deposit As low as $1
    Maximum Leverage Up to 1:200
    Spreads Not specified, but reported to be high
    Trading Platforms MetaTrader 5 (MT5)
    Tradable Assets Over 50 forex currency pairs, indices, commodities, gold
    Account Types Not specified
    Customer Support Limited information available
    Payment Methods Accepts wire transfers

    General Information

    Flying Hummingbird, a trading name of Flying Hummingbird Co. Limited, is allegedly an unregulated and blacklisted online forex and CFD broker registered in China that claims to provide its clients with various tradable assets with leverage up to 1:200 on the worlds most trusted and popular MetaTrader5 trading platform.

    Flying Hummingbird offers access to a range of market instruments, including forex currency pairs, indices, commodities, and gold. Deposits are accepted only through wire transfers, with a minimum initial deposit requirement as low as $1. However, transparency regarding withdrawal fees and methods is limited, raising concerns about potential hidden costs. The broker utilizes the widely recognized MetaTrader 5 trading platform, which offers advanced features and tools for traders. However, customer support information is not readily available, and there are negative reviews highlighting issues such as pyramid scheme complaints, withdrawal difficulties, and platform closures. Overall, due to its suspicious nature and negative feedback, it is advisable to approach Flying Hummingbird with caution and consider regulated brokers with better transparency and track records.

    Pros and Cons

    Flying Hummingbird is a broker that offers access to various market instruments and operates on the MetaTrader 5 platform. While it may have certain advantages, it is important to consider the potential drawbacks associated with this broker. In this brief introduction, we will explore the pros and cons of Flying Hummingbird.

    Pros Cons
    Access to various market instruments Lack of valid regulation
    Utilization of MetaTrader 5 platform Negative reviews and exposure
    Low minimum initial deposit requirement Limited transparency regarding fees and conditions

    Is Flying Hummingbird Legit?

    Based on the information provided, Flying Hummingbird is described as a suspicious clone and has been flagged as a potential scam by WikiFX. The broker is not listed as having a valid regulation, and there are warnings to stay away due to the associated risks. Additionally, there have been multiple complaints filed against this broker in the past three months.

    Given these indicators, it is highly recommended to avoid dealing with unregulated and suspicious brokers. Trading with unregulated brokers can expose investors to various risks, including the potential for fraud, lack of investor protection, and difficulties in resolving disputes.

    To ensure the safety of your funds and trading activities, it is advisable to choose reputable brokers that are regulated by recognized financial authorities. These regulators impose strict guidelines and oversight, which helps protect traders' interests and ensures fair trading practices. Conducting thorough research and due diligence is crucial before engaging with any broker or trading platform.

    regulation

    Market Instruments

    1. Forex Currency Pairs: Flying Hummingbird offers over 50 forex currency pairs. These pairs represent the exchange rates between two different currencies and are commonly traded in the foreign exchange market.

    2. Indices: Flying Hummingbird provides access to derivatives on indices. Indices are financial benchmarks that track the performance of a specific group of stocks or assets, representing the overall performance of a particular market or sector.

    3. Commodities: Flying Hummingbird allows trading in derivatives on various commodities. Commodities include physical goods such as agricultural products (e.g., wheat, corn), energy resources (e.g., crude oil, natural gas), and precious metals (e.g., gold, silver).

    4. Gold: Flying Hummingbird specifically mentions gold as a tradable instrument. Gold is a popular commodity and is often traded as a safe haven asset or for speculative purposes.

    These instruments offer traders opportunities to speculate on price movements and potentially profit from various market conditions. However, it is important to consider the risks associated with trading these instruments and to conduct thorough research before engaging in any trading activities.

    Pros Cons
    Access to a wide range of forex currency pairs Potential risk associated with unregulated trading
    Availability of derivatives on indices, commodities, and gold Lack of transparency regarding fees and conditions
    Potential limitations on trading tools and features

    Leverage

    Flying Hummingbird offers a leverage ratio of up to 1:200, which is significantly higher than what most brokers provide. Leverage allows traders to control larger positions with a smaller amount of capital. However, it's important to note that while leverage can amplify potential gains, it also magnifies losses. Inexperienced traders are advised to use caution when utilizing high leverage, as it can increase the risk associated with trading.

    Trading Platform Available

    The platform available for trading at Flying Hummingbird is the industry-standard MetaTrader5 trading platform. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

    Trading
    Pros Cons
    Utilizes industry-standard MetaTrader 5 Lack of transparency and customer support
    Offers powerful automated trading features Limited information about platform stability
    Access to a wide range of trading tools Potential issues with order execution

    Deposit & Withdrawal

    Flying Hummingbird accepts deposits exclusively through wire transfers, and the minimum initial deposit requirement is stated to be as low as $1. However, it's important to note that wire transfers do not offer the same level of protection as other payment methods, such as credit cards or online payment systems, as they cannot be refunded through chargebacks.

    Regarding withdrawal fees, the information provided does not specify the fees associated with withdrawals from Flying Hummingbird. The lack of transparency in terms of fees and conditions is a concerning sign, and it's not uncommon for unregulated or suspicious brokers to impose high withdrawal fees. It is advisable to exercise caution and thoroughly research a broker's terms and conditions before engaging in any financial transactions.

    Customer Support

    Based on the information provided, there seems to be a lack of accessible information about Flying Hummingbird's customer support. The absence of telephone numbers, email addresses, or company address for clients to contact the broker raises concerns about the transparency and availability of customer support.

    Negative Reviews

    Flying Hummingbird has received negative reviews and exposure, indicating potential issues and concerns. Some of the complaints mentioned include:

    1. Pyramid scheme complaint: The broker was accused of operating as a pyramid scheme, which typically involves recruiting new participants and relying on their investments to pay earlier participants.

    2. Unable to withdraw: Traders reported difficulties or inability to withdraw their funds from Flying Hummingbird, suggesting potential withdrawal issues or delays.

    3. Scam broker: Multiple reviews labeled Flying Hummingbird as a scam broker, indicating fraudulent practices or deceptive behavior.

    4. Closure of the platform: There are reports of the Flying Hummingbird platform being closed, making it impossible for traders to contact anyone associated with the broker.

    5. Misleading tax request: One complaint mentioned that the broker requested a 20% income tax payment after the deposit, which raised suspicion and questions about the legitimacy of the broker's practices.

    These negative reviews and exposure raise significant concerns about the legitimacy, transparency, and trustworthiness of Flying Hummingbird as a broker. It is crucial to take these complaints into account and exercise caution when dealing with such brokers to protect your investments and avoid potential scams or fraudulent activities.

    user-exposure

    Conclusion

    In conclusion, Flying Hummingbird presents itself as a broker with a suspicious reputation and lacking valid regulation. While it offers access to a variety of market instruments and a high leverage ratio, its unregulated status and limited transparency raise significant concerns. Disadvantages include the potential for scams, withdrawal difficulties, and undisclosed fees. On the other hand, advantages are few, with a low minimum deposit requirement and the utilization of the popular MetaTrader 5 trading platform. However, considering the associated risks and negative reviews, it is strongly advised to exercise caution and opt for regulated brokers that prioritize transparency, investor protection, and reliable customer support.

    FAQs

    Q: Is Flying Hummingbird a legitimate broker?

    A: Based on the information available, Flying Hummingbird is described as a suspicious clone and has been flagged as a potential scam by WikiFX. It is not listed as having valid regulation, and there are multiple complaints against the broker. It is advisable to avoid dealing with unregulated and suspicious brokers.

    Q: What market instruments are available at Flying Hummingbird?

    A: Flying Hummingbird claims to provide access to over 50 forex currency pairs, derivatives on indices, commodities, and gold. However, considering the broker's suspicious nature, it is essential to exercise caution and conduct thorough research before engaging in trading activities.

    Q: What leverage does Flying Hummingbird offer?

    A: Flying Hummingbird offers a leverage ratio of up to 1:200, which is significantly higher than what most brokers provide. It is important to note that high leverage magnifies both gains and losses, and inexperienced traders are advised to use caution when utilizing such high leverage.

    Q: What are the deposit and withdrawal methods at Flying Hummingbird?

    A: Flying Hummingbird accepts deposits via wire transfers only, with a minimum initial deposit requirement stated to be as low as $1. It is important to note that wire transfers do not offer the same level of protection as other payment methods. Withdrawal fees and specific withdrawal methods are not disclosed, raising concerns about transparency and potential high fees.

    Q: What trading platform does Flying Hummingbird offer?

    A: Flying Hummingbird offers the MetaTrader 5 (MT5) trading platform, which is a popular and reliable platform in the trading industry. MT5 provides various features and tools, including expert advisors, algo trading capabilities, complex indicators, and strategy testers. However, it is advised to avoid Flying Hummingbird due to its suspicious nature.

    Q: What are some of the negative reviews about Flying Hummingbird?

    A: Negative reviews about Flying Hummingbird include complaints about pyramid scheme practices, difficulties with withdrawals, labeling the broker as a scam, platform closures, and misleading tax requests. These reviews raise significant concerns about the legitimacy and trustworthiness of Flying Hummingbird as a broker.

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