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TradersHive Review – The Scam Behind TradersHive Broker
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TradersHive presents itself as a brokerage that integrates transparency with the best value for money. Also, it claims it is licensed by CySEC (Cyprus Securities and Exchange Commission) with HQ in Saint Vincent and the Grenadines and provides over two hundred products, automated trading, and advantageous trading conditions.
All of this sounds perfect, but they have lost me at bitcoin mining. What on earth? Bitcoin mining is a horse of a different color and has nothing to do with forex trading. So, this tiny detail just doesn’t fit in, raising a red flag. It is merely to attract people’s attention since there is the hype surrounding cryptocurrencies.
Thus, TradersHive abuses any related term to draw your interest, regardless the phrase isn’t associated with online trading. Please continue reading our TradersHive broker review for more information.
|Minimum Deposit||500 USD|
How Are You Protected at TradersHive? Broker Regulation
Logically, the first step before starting trading is doing due diligence, viz, inspecting a broker. So, how to check the TradersHive broker? It should be registered, regulated, and licensed if it is a legit brokerage. But after examining its website tradershive.net, we couldn’t find any basic details about the company.
Although it claims it holds a CySEC license, is registered in SVG, and serves clients from over 130 countries worldwide, it fails to provide any proof about its jurisdiction, meaning it operates anonymously, unregulated, and unlicensed. In plain English, you are not protected at TradersHive since it is one of many scam brokers.
Typically, a legitimate broker holds one or more licenses that depend on the area of operations. For instance, the most common trading credentials are awarded by the British FCA, Cyprus CySEC, Swiss FINMA, and Australian ASEC, to name a few. These financial market regulators are considered high-ranked since it isn’t easy to be approved by any of them. It is simply because of their stringent licensing requirements. By way of illustration, to be certified by CySEC, the broker must have/maintain a minimum of 730,000 EUR of venture capital. That guarantees stability and sustainability of the broker and ensures it won’t go bankrupt quickly.
Next, financial authorities supervise brokers to make sure they adhere to a strict code of conduct and provide high service quality. Further, a licensed brokerage implements risk management tools to protect your investment, such as stop loss (you set the buy/sell price of a particular stock when it reaches a specific value), segregated accounts (your money is kept separate from a broker’s funds), and negative balance protection (you can’t lose more than initially invested).
On top of this, traders of regulated brokers are subject to indemnity. In particular, FCA compensate up to 85,000 GBP, CySEC covers max to 20,000 EUR, and ASEC indemnify up to 100,000 AUD. So, as you might expect, these benefits are not available with an illegal broker such as TradersHive.
Available Trading Software at TradersHive
Let’s talk about the TradersHive trading platform. The firm professes it offers over a thousand instruments across tradable assets like forex, futures, indices, metals, energies, and shares. However, it fails to provide a suitable trading program to support this claim. So, it isn’t very likely.
But this broker scam most likely provides an unfit and not functional trading program that can’t hold a candle to modern software like MetaTrader4 (MT4), MetaTrader5 (MT5), cTrader, and Sirix, to name a few. Not just that the TradersHive trading platform doesn’t have copy trading (as it claims), but it even lacks essential features. Thus, stick with proven FX providers that utilize advanced and reliable trading programs (like those mentioned earlier), and you will enjoy profitable and safe trading.
Account Types Offered by TradersHive
Concerning live trading accounts, TradersHive offers the following ones.
- Bronze: 500 USD is a minimum opening balance
- Silver: 20,000 USD is a minimum deposit
- Gold: 50,000 USD is the minimum required deposit
- Premium: 100,000 USD is a minimum deposit
In other words, you need to deposit 500 USD to start trading with TradersHive, which is expensive and doesn’t follow industry standards. As a case in point, reputable brokers offer real trading accounts for as low as 1 USD.
Not only that, every genuine brokerage provides a demo account, which isn’t available at TradersHive. You can’t practice for free and experience the TradersHive trading platform and conditions without risks. So, one more reason to avoid this investment scam.
What Market Instrument Can Be Traded at TradersHive?
According to TradersHive, you can trade with the following instruments:
- Currency pairs: EUR/USD, GBP/USD, AUD/USD, EUR/CHF, USD/JPY, etc.
- Cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin, Zcash, etc.
- Stocks: Netflix, Microsoft, Tesla, Apple, Amazon, etc.
- Indices: Nifty Bank, Vietnam Index, US Dollar Currency Index, RTS Index, TSEC Weighted Index, etc.
- Futures: Gold Futures, Crude Oil Futures, Natural Gas Futures, Silver Futures, Copper Futures, etc.
- Bonds: The United States 10-year Government Bonds Yield, The United Kingdom 10-year Government Bonds Yield, Germany 10-year Government Bonds Yield, Japan’s 10-year Government Bonds Yield, Italy 10-year Government Bonds Yield, etc.
- Economy: Effective Federal Funds Rate, United States Interest Rare, Unemployment Rate, 10-year Breakeven Inflation Rate, Dow Jones Industrial Average, etc.
TradersHive’s Deposit and Withdrawal Process
When it comes to funding methods, TradersHive supports only crypto valets both for depositing and withdrawals. That wouldn’t be strange if it were about a legitimate broker. Many trustworthy companies accept crypto payments along with bank wire transfers and credit/debit cards. But, TradersHive only offers a cryptocurrency payment option because it is challenging to trace and retrieve the money.
As for withdrawals, this fraudulent brokerage charges fee for payoffs, but it remains unknown how much they are. Anyhow, I doubt that making a withdrawal is even possible with TradersHive.
How Do I Get My Money Back If TradersHive Scams Me?
So, fraud can happen to anyone due to the rising number of financial swindlers. It is crucial to act fast if you get conned. Hence, if a TradersHive scam has cheated you, you should report it immediately to the relevant authorities. You can also seek advice from forex trading experts to help you with your claim and cashback.
Anyway, the best cure is prevention; thus, don’t trade with TradersHive and similar bogus brokers. Likewise, you can always consult specialists about what companies are trustworthy/untrustworthy.
To conclude our TradersHive review, this brokerage is an outright scam, and you should look the other way if approached by con artists behind this company. It should be noted in this connection that TradersHive reviews on the internet are disturbing; many people have been defrauded by this dishonest broker, proving our concerns and verdict.
Therefore, please think twice before investing your hard-earned money, and only invest when you are 100% sure it is a legit business.
FAQs About TradersHive Broker
Is My Money Safe with TradersHive?
Unfortunately, it isn’t; due to many warning signals, you shouldn’t trade with TradersHive since you will surely end up losing money.
How Long Does it Take to Withdraw From TradersHive?
TradersHive website reveals not much information about withdrawals. Since it is a blatant scam, the answer is never—you can’t make a withdrawal with this illicit broker.
What Are The Funding Methods For TradersHive?
Like all other scam artists, TradersHive only accepts crypto payments for deposits and withdrawals since they can’t be traced, and you can’t request a refund.