Hive Markets Review Update 2024 – New Location And Old Habits

In the past, Hive Markets company was operated by Hive Technologies LLC. This firm was founded in Saint Vincent and Grenadines and it was not promising at all. Now, for some reason, the company moved to another island. That’s the Marshall Islands and the official name is Hive Markets Ltd. 

Hive Markets Regulations and Security

In the past, Hive Markets company was operated by Hive Technologies LLC. This firm was founded in Saint Vincent and Grenadines and it was not promising at all. Now, for some reason, the company moved to another island. That’s the Marshall Islands and the official name is Hive Markets Ltd. Also, the company claims the main operation center is based in Cyprus.

Nevertheless, none of these entities is regulated by any trusted regulator. Starting with CySEC, FCA, BaFin, or ASIC. Without Hive Markets regulation, traders can forget about funds protection measures. Such as compensation schemes, negative balance protection, segregated bank accounts for deposits, etc. Even though the company claims to hold funds in tier-1 banks.

Hive Markets Trading Platform

When you are looking for a reliable broker, besides a license, you must find one offering trusted software. Such as cTrader, Meta Trader, or DAS Trader. Instead, the Hive Markets broker opted for the TradeLocker platform. Fairly, not so popular app among traders. Even the reviews of the platform show you the bitter truth. But also, reviews of Hive Markets scam broker are nothing better.

Anyway, TradeLocker software might appear legit at first glance. Possibly it is. However, such platforms are often used by scam brokers and that’s what destroys app credibility. Moreover, the mobile app on PlayStore was downloaded only a bit over 10.000 times. When you compare it with MT5 which has 10 million downloads, you realize the difference in reliability.

Trading Conditions – Leverage, Spread and More

Another huge disadvantage of this broker is its leverage of 1:500. All top-notch regulated firms can offer up to 1:30 maximum. Unless they are regulated in the US or Canada where 1:50 is allowed for retail traders. Such high leverage can easily wipe off your account balance. And in the blink of an eye, all of your life savings stays with swindlers. Don’t do that to yourself!

 Generally speaking, the company’s spreads from 0.8 pips might look attractive. However, spreads with unregulated brokers are rarely that low. If they are, they can be modified from the back end and you won’t even realize it. On top of that, the company charges a hefty commission of $7.5 per lot on most account types. Definitely not something that would help you stay profitable.

Fund Withdrawal Issues

As mentioned, the broker’s only available payment method is Bitcoin. Since it’s known these transactions are hard to follow, the broker is using this fact to scam clients. According to Hive Markets reviews, none of the clients that submitted withdrawal requests were approved.

Since we’re speaking about an illegal offshore broker that doesn’t belong under any regulatory jurisdiction, it’s no wonder investors are facing withdrawal issues.

If you find yourself in a position where you cannot withdraw your funds, let us know immediately.

Traders Opinion

First, traders are delighted with Hive Markets’ approach. However, it all changes once they want a payout. The broker offers an MT4 and has such a nice and convincing support team that traders believe they found the perfect place.

Troubles start once they want to get their funds back or refuse to invest more money after just a day or two.

How Does Online Trading Scam Work?

Every online scam starts with an advertisement. Of course, this advertisement is false and shows an impossible outcome – thousands of dollars with a minimum of $10. Once you submit your personal details, the broker’s employees are harassing you until you eventually accept to start an account. Thinking that $10 is something you can afford to lose, you’re going down this rabbit hole.

Everything goes downhill once you decline the “amazing trading opportunity” and do not invest further. Or even worse, you do invest further and want your money back.

Beware of Hive Markets scam and similar brokers such as Dominion Markets, Finmax, RaxTrade, and Limeberg!

Scammed by Hive Markets?

Since Bitcoin is the only available payment method, many victims of Hive Markets scams go desperate when they understand they’ve been scammed. Although, there is no reason for desperation. Our experts have helped many in such situations. Tracking transactions made via crypto is challenging but not impossible.

Contact us via online chat for further details. Let’s stop these scammers and get your money back!