Hankotrade Review

If you’ve been searching for the best broker or trading platform, you might have heard of Hankotrade. Hankotrade is a global company that deals with forex and cryptocurrency trading. Its team actively manages the organization in the trading market. Hankotrade offers 62 major currency pairs, 3 cryptocurrency pairs, 11 international stocks, precious metals, and 2 energy products for trading. With many brokers available, not all suit everyone. Hence, you might wonder if Hankotrade fits your needs.

🏢 Headquarters	Saint Vincent and the Grenadines
🗺️ Company Name	Hankotrade
🗺️ Foundation Year	2018
🗺️ Company Address	First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines
🗺️ Website	https://hankotrade.com/
🗺️ Contact	contactus@hankotrade.com
💻 Regulatory Status:	No Regulation
🗺️ Type of License	No license
💰 Should I trade with it	No (We don’t recommend)
⭐ Scope of Business	Suspicious

What is Hankotrade?

Hankotrade is an online broker. It lets you trade Forex and CFDs on cryptocurrency, commodities, and indices. You can use it on the web, your computer, or your phone. It lets you trade many different things and gives you a lot of borrowing power, up to 500 times. They have two types of accounts: free and premium. You can only put cryptocurrency in your account, and you need to put at least $10 to $1,000 in it, depending on what kind of account you have. Even though Hankotrade says it doesn’t work in some countries, anybody can sign up and use it.

Fees

When we look at brokers, one of the most important things we consider is how much it costs to trade. This directly affects how much money we make. At Hankotrade, if you trade based on commissions, you’ll find the fees are very low. Depending on your account type, you can get really low fees, starting from $2.00 to $4.00 for every standard round lot you trade, and the spread starts from 0.0 pips.

This makes Hankotrade great for people who make lots of quick trades. The fees for commission-based trading are competitive, at 0.7 pips or $7.00 per lot. Also, Hankotrade doesn’t charge you for depositing money, and there are no fees for taking out your money. Plus, if you don’t trade for a while, they won’t charge you anything for being inactive.

Pros and Cons

Pros	Cons
Traders can use the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms on computers and mobile devices. They can also access the platforms through the internet browser.	The broker isn’t regulated.
There are bonuses available.	Verification is mandatory.
You can invest passively using PAMM and MAM accounts.	There are only a few withdrawal methods available.
Demo accounts are provided for testing trading strategies.	Lack of serious regulation.
Spreads are flexible and depend on the asset.
Quick client support is available.
You can earn extra income through the IB (Introducing Broker) program.

Hankotrade Regulation and Security

Before you start using any brokerage website:

1. Make sure it’s safe.
2. Check how they protect your money if something bad happens.
3. See if they follow the regulations set by the government to protect investors.

Is Hankotrade safe or a Scam Broker?

Hankotrade isn’t approved by the SEC or the CFTC, which oversees brokers in the U.S. This means Hankotrade isn’t regulated in the U.S. We found many problems with it, like fake good reviews on TrustPilot and not being clear about things. So, we can’t suggest using Hankotrade. If you still want to trade with them, be very careful. The CFTC has even put Hankotrade on its RED List as an illegal broker. This is a big warning for anyone thinking about trading with them.

Steer clear of Hankotrade due to its lack of regulation by a top-tier authority

Avoiding brokers lacking any regulation is advisable. However, it’s essential to recognize that mere regulation doesn’t assure the safety of your funds. The regulating entity plays a pivotal role in this aspect. Our experts categorize regulators into three distinct categories.

• Top-tier
• Mid-tier
• Low-tier

Top-tier regulators are responsible for applying, overseeing, and enforcing the strictest requirements and standards to prevent brokers under their supervision from engaging in fraudulent activities. Being overseen by a top-tier regulator indicates that the broker follows the highest regulatory standards, which include fair pricing, transparent trade execution, and a regulated trading environment.

Deposits and Withdrawals

Here’s what you need to know about deposits and withdrawals at Hankotrade:

1. Hankotrade doesn’t take bank wires, credit/debit cards, or e-wallets.
2. There are no extra fees for depositing or withdrawing money at Hankotrade.
3. Hankotrade will give back any fees you paid to deposit money.
4. The minimum deposit would be $10.
5. There’s no set minimum for withdrawing money.
6. Hankotrade takes one business day to process withdrawals.

Account Types

Hankotrade has three types of accounts: STP, ECN, and ECN Plus. STP is free, while ECN and ECN Plus charge commissions. The minimum deposits for these accounts are $10, $100, and $1,000, respectively. All accounts have similar trading conditions, but ECN Plus has lower trading fees.

Hankotrade is good for traders who do a lot of quick trading. We suggest ECN Plus because it can save them thousands of dollars each month. If your account balance drops to 70%, you’ll get a margin call, and if it drops to 50%, your trades will stop automatically. Hankotrade offers an Islamic account without swaps, but watch out for extra charges on each trade.

How to open an account

The HankoTrade online account application requires only basic information, including name, email, preferred password, country, and phone number. The registration process is finalized upon clicking “Sign Up.”

What key details should traders be aware of regarding the HankoTrade account opening procedure?

• HankoTrade adheres to global Anti-Money Laundering/Know Your Customer (AML/KYC) regulations.
• Account verification is obligatory for all users.
• The majority of traders successfully complete verification by submitting a government-issued ID copy and one proof of residency document.
• HankoTrade reserves the right to request additional information on a case-by-case basis.

Trading Platforms

Hankotrade uses ActTrader, which Finvasia owns. You can use ActTrader on your computer, the internet, or your phone. It’s like MT4, but only the computer version supports automatic trading. TradingView powers the charts on ActTrader, and you can close parts of your orders. ActTrader works well with API, automatic trading, and Hankotrade’s low fees. We think Hankotrade should promote ActTrader more because not many traders know about it, even though big investors and hedge funds use it. But ActTrader looks old-fashioned, just like MT4.

Customer Service

Hankotrade’s customer service is available 24/7. They help solve problems for members and non-members, but you need to give your contact details to talk to them. Sometimes, there might be a small delay in getting help.

The key facts to think about are as follows:

1. Absence of severe regulation

When trading forex, safety is the most crucial factor to take into account. The strict regulations of the selected broker should be the first consideration for traders. Only premium licenses provide the requisite level of security and nearly completely block financial frauds and hazardous transactions. Elite regulatory bodies like the FCA, ASIC, or CySEC offer guaranteed stop loss, compensation plans, and other benefits. Conversely, offshore brokers like HankoTrade are unreliable and unstable, and they frequently engage in financial fraud.

2. Reviews from actual traders

It is a good idea to check for reviews from actual traders and learn about their experience to avoid being duped by the alluring offers and services that brokers provide to their consumers. This is what we originally did, and the HankoTrade evaluations we read did not bode well at all. Most of the time, customers report that the broker made all kinds of promises that later proved to be fantastical.

3. Problems with the withdrawal procedure

Another aspect to carefully consider is the safety of funds. HankoTrade’s track record regarding withdrawals is not particularly reassuring. Like many offshore brokers, there is uncertainty regarding whether clients will be able to retrieve their invested funds and profits. It’s a common tactic among scam brokers to demand additional investments to enable withdrawals, putting psychological pressure on clients to risk even more funds.

Research and education

HankoTrade does not target beginner traders and, as a result, does not offer research tools. On the other hand, the ActTrader trading platform offers a table showing the pivot points, support, and resistance levels for every asset in addition to an integrated economic calendar. 

Considering the core client base at HankoTrade and the availability of numerous free and paid-for research resources, the absence of research tools is not perceived to have a negative impact on the HankoTrade trading environment.

Conclusion

At Topforex, we always advise using brokers that are highly regulated. Although we like the trading features at Hankotrade, such as its advanced platform and low fees, it’s not a safe option. It would help if you never trusted it with your money. We’ve also found many fake positive reviews on TrustPilot and Scam Advisor. Legitimate brokers usually seek regulation from top financial authorities to build customer trust, but Hankotrade hasn’t done this. If you want a trustworthy broker with a secure platform, consider Interactive Brokers, eToro, or Webull.

FAQs

Do trader reviews impact the rating of Hankotrade?

Any review has the potential to either elevate or diminish the rating of any broker listed in the general directory. To access reviews specific to Hankotrade, you may visit the broker’s profile.

What’s the minimum deposit for Hankotrade?

The minimum deposit for Hankotrade is $10.

How long does it take to withdraw money from Hankotrade?

Withdrawals from Hankotrade usually take one business day.

What does an STP account entail in HankoTrade?

Experience the unique STP account offered by HankoTrade. Enjoy commission-free trading and gain unlimited access to global markets. With an STP account, you can trade a diverse range of currency pairs, stock indices, and more, benefiting from fast execution speeds and low spreads.

Which broker does Hankotrade use?

Hankotrade is a broker itself and doesn’t use another broker.

Is Hankotrade regulated or unregulated?

Hankotrade is unregulated.

Is Hankotrade a legitimate broker?

No, Hankotrade is an unregulated broker.

Which countries face restrictions from HankoTrade?

According to its publicly available terms of use, HankoTrade extends its services to clients from all countries except the UK and select highly sanctioned countries and regions.