TradersHive Review: Avoid TradersHive.Net at Any Cost
TradersHive review is a guide for every Forex market participant that doesn’t want to be scammed by an offshore broker. This broker has an anonymous and very slow website, with a lot of contradictory statements. They called themselves an impeccable service provider that has traders that trust them from 134 countries.
However, looking through their website content and surfing the internet, we found out that they are yet another broker scam. Keep reading to learn all of their dirty tricks, and find out where to find trustworthy trading companies.
|Saint Vincent and Grenadines
Regulation and Fund Security of TradersHive
One of the first things you should check before investing your funds into some financial entity is to check what is the legal and regulatory status of the company that owns and operates it. They claim that the owner is TradersHive Ltd and that they are regulated by the Cyprus Securities and Exchange Commission (CySEC), a regulator that oversees the activities of a significant number of forex brokers operating in the European Union.
Of course, researching through the CySEC register, we found out that TradersHive is not one of the regulated companies. This is a good showcase of why it is always important to check whether your broker is licensed or only claims to be. Only fraudsters would lie about this kind of information.
Also, one of the problematic things we’ve come across in the Terms and Conditions sections, is that they reference the jurisdiction of St. Vincent and the Grenadines. Now, this is a dreamland for shady businesses, because Saint Vincent and Grenadine’s local financial authority does not supervise broker activities.
The only contact information they left on their website is the email address. There are no contact phone numbers available, and most importantly, no headquarters address. Also, their domain is six months old. There is something fishy with TradersHive, no doubt about that.
Your scam alerts should be ringing by now since this means that TradersHive can take your money and disappear. That would leave you with empty pockets, and without any possibility to take any legal action against them. Do not go with them.
Trading Platform Available
TradersHive provides a funny-looking trading platform that looks far from convincing. Allegedly, they offer trading in all asset classes including forex, stocks, commodities, and cryptocurrencies. However, this imitation of a functional platform can hardly provide all of the mentioned features.
Credible broker companies provide industry-standard platforms that are simple to use and navigate through. We are talking about MetaTrader 4 and MetaTrader 5, probably the best platforms in the market. Be careful because there are brokers that offer platforms where there is no real trading going on. First, they take your information and after that money.
Account Type Offered at TradersHive
TradersHive offers four types of accounts:
What they all have in common is a high minimum deposit amount, which we will get into later on. However, we can notice that they don’t offer demo accounts, which are great for beginners and learning, overall.
Deposit and Withdrawal Methods
When it comes to deposits, the only available option is via cryptocurrencies (Bitcoin, Ethereum, Dogecoin, Solana, etc). We can’t say that’s surprising with everything we’ve seen so far. Cryptocurrencies are always a preferred payment method for scam brokers because these transactions are irreversible.
Crypto is a regular payment method, but it’s problematic when they are the only method for depositing your money. You never know who you are paying. That’s why fraudsters love crypto assets. Credit and debit cards are much safer.
The minimum deposit at TradersHive is a shocking amount of 500 USD. Credible trading companies, like the ones we recommend, ask between 10-100 USD for a minimum deposit, which is far less. Depositing that kind of money to an anonymous broker would be very risky.
TradersHive also claims to offer a reference bonus. This is yet another piece of evidence that this could not be a licensed broker in the EU because regulated companies are prohibited from offering bonuses and promotions. Looks like everything we know about this firm is utterly wrong.
How Does The Con Work?
Scam brokers like TradersHive are all about fast profit. They are aware of the fact that it is only a matter of time before they get exposed, and they are going all in with online advertising. With that being said, innocent people come across them all the time, all leaving their data. After that, professional fraudsters will contact you and start persuading you into investing money in them.
After you make the first investment they will ask for more and more money, justifying it with more potential profit. When you hear it from them, you may think that you will become a millionaire. Instead, you will end up like a cyber victim.
TradersHive is an offshore fraud that’s deluding people. They aren’t regulated by the Cyprus Securities and Exchange Commission, as they claim. Instead, they are based in Saint Vincent and Grenadines, a notorious scammer country.
This country’s financial authority doesn’t supervise Forex brokers, and that’s why swindlers love this location. Their minimum deposit is set at a shocking 500$, which is not right. TradersHive doesn’t even have a functional trading platform. Everything they claim is a lie!
FAQs About TradersHive Broker
Is TradersHive Regulated?
Broker claim to be regulated by the Cyprus Securities and Exchange Commission, which is not true. They are unregulated.
Is TradersHive Legitimate?
They are not a legitimate broker. Everything we found out about them was opposite from what they are claiming to be true.
Is TradersHive a Market Maker?
We have strong reasons to believe that your money will never see the Forex market. Instead, it will go straight into the scammer’s pocket.