Hankotrade is a broker with above-average risk. Traders Union expert Anton Kharitonov, after reviewing the trading opportunities offered by the company and the reviews of Hankotrade customers posted on the website, recommends that users consider more reliable brokers with better conditions, as many of them are dissatisfied with the work of this broker.
Hankotrade is suitable for both beginners and professional traders. Beginners can use the demo account to trade the products offered by the brokerage company.
Hankotrade Review
Hankotrade is an STP (straight-through transaction) broker that serves both retail and professional traders. The company offers contracts for difference (CFDs) for currencies, metals, and cryptocurrencies.
The brokerage company’s office is located in Port Harcourt, Rivers State, Nigeria. The company operates as an unregulated broker.
What type of broker is Hankotrade?
Hankotrade offers tight spreads and fast execution due to its market-making model.
As a counterparty to client trades, Hankotrade has a potential conflict of interest, which may lead to decisions that are not in the best interest of the client.
Hankotrade is an online forex and CFD broker that operates as a market maker, meaning it acts as a counterparty to client trades.
As a market maker, it can offer fixed spreads to clients, which can be beneficial for traders who prefer predictable trading costs.
However, some traders may prefer an ECN broker that offers access to more transparent and variable spreads.
Although Hankotrade operates as a market maker, it also offers negative balance protection to clients, protecting them from excessive losses that exceed their account balance.
Hankotrade also offers a variety of account types, educational resources, and customer support options to help traders of all skill levels make informed trading decisions.
Hankotrade Safety and Security
At Hankotrade, the security and safety of all clients’ funds and information is of the utmost importance.
The platform has implemented robust measures, including the use of encryption technology and firewalls, to eliminate the possibility of breaches.
Additionally, client deposits are kept separate from the company’s operating funds to ensure the safety of funds.
Hankotrade also adheres to high regulatory standards and utilizes regular security audits to ensure compliance at all times.
With a focus on security, Hankotrade is able to create a peaceful and safe atmosphere for traders.
Regulations of Hankotrade
Hankotrade is an online CFD broker that sends customer orders directly to liquidity providers, allowing fast execution of trades. Hankotrade is an unregulated broker so far.
In the following article, we will analyze the characteristics of all aspects of this broker to provide easy and systematic information.
Market Products
In terms of trading products, Hankotrade offers a wide range of options including Forex, Commodities, Cryptocurrencies and CFDs.
This allows traders to potentially profit from a variety of market conditions and take advantage of a variety of trading opportunities.
The inclusion of cryptocurrencies is particularly advantageous as it provides access to a potentially high-growth asset class.
However, it is important to note that Hankotrade is not regulated by any financial authority, which may be a disadvantage for some traders who prioritize safety and security.
It is also worth noting that information on the trading conditions of certain products is limited, making it difficult for traders to make informed decisions.
It is also worth noting that Hankotrade does not offer the popular trading platform MetaTrader 4 and there are limited educational resources available for traders who want to learn more about trading these products.Spreads, Commissions, and Other Fees
In terms of spreads, commissions, and other fees, Hankotrade offers competitive pricing to traders.
STP accounts have low spreads starting at 0.7 pips and do not charge commissions. On the other hand, the ECN account has tighter spreads at 0.0 pips but charges $2 per $100k traded.
The ECN Plus account offers a very low commission of $2 per $100k traded, making it an attractive option for high-volume traders.
However, it does require a minimum deposit of $1000, which may not be feasible for all traders.
It is also worth noting that Hankotrade offers traders negative balance protection, ensuring that they will never lose more than their account balance.
Unfortunately, the broker is not very transparent about its fee structure, with no information on other potential fees such as withdrawal fees or inactivity fees.
Overall, Hankotrade offers competitive pricing for traders, but it would be nice to see more transparency on fees.
Hankotrade Account Types
A Hankotrade forex account is a trading account that you will have, which works similarly to your bank account, except that it is primarily issued for the purpose of currency trading.
Forex Islamic Accounts are also known as Swap Free Accounts, meaning that there are no swaps or rollover interest on intraday positions, which is against the Islamic faith.
STP Accounts
The minimum deposit required to open this type of account is $10, and traders can choose between USD, EUR, and CAD as their base currency. Spreads start at 0.7 pips and the maximum leverage is 1:500.
The account has negative balance protection, a minimum lot of 0.1 lot, and no commissions.
ECN Accounts
The minimum deposit required to open this account is $100, and traders can choose between USD, EUR, and CAD as their base currency. Spreads start at 0.0 pips and the maximum leverage available is 1:500.
This account offers negative balance protection and a minimum lot of 0.01 lot, providing a great trading experience. The commission is $2 per side for every 100,000 traded.
ECN Plus Account
The Hankotrade ECN Plus account is the most popular choice for clients, despite the minimum deposit being $1,000. The base currency for the account is USD, EUR, and CAD.
The spreads for this account type start at 0.0 pips and the maximum leverage is 1:500. The minimum lot size is 0.01, but the commissions are very low at $1 per side per $100,000 position size.
Islamic Account
The Hankotrade Islamic Account does not charge rollover interest on daily positions, allowing Muslim traders to engage in forex trading while adhering to their beliefs.
An administrative fee is deducted from the client’s trading account if the trade is held for 2 days, but all other features of the Islamic account are similar to other accounts.
Trading Platforms Provided by Hankotrade
When it comes to trading platforms, Hankotrade offers two of them: MetaTrader4 and MetaTrader5. MetaTrader4 is the more widely used of the two and is known for its stability and reliability.
MetaTrader4 has a large online community and an extensive library of custom indicators and expert advisors that traders can use to enhance their trading strategies.
MetaTrader5, on the other hand, offers more advanced features such as more timeframes and additional order types, making it a popular choice for more experienced traders.
It also supports more trading instruments than MetaTrader4, including stocks and futures, which is a significant advantage.
However, MetaTrader5’s more complex interface can be overwhelming for beginners, and it is not yet as widely supported as MetaTrader4, so it may not be available to all brokers.
Hankotrade’s Maximum Leverage
Hankotrade offers maximum leverage of up to 1:500, which can provide traders with greater trading opportunities and potentially higher profits.
The higher the leverage, the more control a trader has with a smaller investment. However, it is important to note that high leverage can amplify both profits and losses and increase the risk of margin calls and stop-outs.
Therefore, traders should understand risk management and be careful when using high leverage.
It is also important to check the regulations of the jurisdiction where the broker is registered, as some regulators may impose limits on the maximum leverage offered by a broker.
Deposits and Withdrawals: Methods and Fees
Hankotrade offers a convenient and hassle-free experience when it comes to deposits and withdrawals. The absence of fees for these transactions adds to the appeal of this forex broker.
Hankotrade also ensures fast processing times for withdrawals, so clients can access their funds quickly without unnecessary delays.
However, it is important to note that Hankotrade’s payment options are limited to cryptocurrencies, which may be unfamiliar to some users.
It also does not support traditional payment methods such as credit/debit cards, which may be a disadvantage for those who prefer them.
However, using cryptocurrencies adds an extra layer of security and privacy, which is beneficial for traders who value anonymity and financial privacy.
Hankotrade’s Educational Resources
Hankotrade offers a variety of educational resources to help traders stay informed and make better decisions. These resources include an economic calendar, forex calculator, and VPS hosting for automated trading strategies.
The economic calendar provides real-time updates on important market events, including economic data releases, central bank announcements, and other geopolitical events.
The Forex calculator helps traders calculate the risks and potential profits for each trade. VPS hosting provides a stable and secure connection for automated trading strategies.
While these resources can be helpful, Hankotrade does not offer extensive educational content beyond the economic calendar, forex calculator, and VPS hosting.
There is also no educational content tailored to specific skill levels or learning styles.
The lack of interactive or personalized educational resources can be a disadvantage for traders looking to improve their skills and knowledge.
Hankotrade’s Customer Service
Hankotrade offers multiple channels for customer support, including live chat, phone, Skype, and email. The company has physical addresses in both St. Vincent and Dubai.
Response times are generally quick, and the customer support team can assist customers in multiple languages.
The company also does not have a dedicated mobile app for customer support, and does not offer customer support via social media.
Overall, Hankotrade’s customer support options are decent, but there is room for improvement in terms of 24/7 support and more extensive self-help resources.
Hankotrade Customer Reviews
Smooth Trading Experience: I have been trading with Hankotrade for over a year now and I couldn’t be happier! The MetaTrader platform is user-friendly and I love the flexibility of trading on mobile.
The customer support team is always on hand and very helpful whenever I have a question. Highly recommended!
Decent Trading Platform: Hankotrade offers a good trading platform similar to MetaTrader 4 and 5.
The features are solid, but I did notice some issues with execution speed during high volatility. Overall a decent choice but there is room for improvement.
Reliable Broker: As someone who values transparency, I appreciate how open Hankotrade is about its fees and trading conditions.
It gives me peace of mind knowing that my funds are kept in segregated accounts. The team’s extensive market experience shines through and gives me confidence in my trading decisions.
Hankotrade Trustpilot
Hankotrade has a 4.7 rating on Trustpilot and the reviewer said:
Edwin Fernandez said: Sammie from Hankotrade is one of the best people out there!!! Handled my issue quickly and efficiently.
Couldn’t be happier and more impressed with the way he took care of me and handled the situation. Thanks again to Sammie and the Hankotrade family.
Conclusion
Hankotrade is a comprehensive remote trading system suitable for traders of all levels.
The simple interface, sophisticated trading features, and rich educational materials allow everyone to manage their finances independently.
The security of the platform and the wide range of investment options provided by professional support make it the perfect choice for anyone looking to operate in the investment field.
Whether someone has been deeply invested in different investment opportunities for years or has let their trading instincts run wild for a few days, each will find the features and know-how they need in Hankotrade to help them achieve their financial goals.
FAQs
What is Hankotrade?
Hankotrade is an offshore service provider that facilitates online trading on a variety of asset classes.
When was Hankotrade founded?
Hankotrade was founded in 2010.
How many active traders are there at Hankotrade?
There are around 50,000 active traders on this platform.
What type of trader is Hankotrade aimed at?
It is suitable for professionals, active traders, and beginners.
What are the most notable advantages of Hankotrade?
The platform offers competitive spreads and low commissions.
Is HankoX available on mobile devices?
Yes, HankoX is accessible from any web browser, so it can be used on both desktop and mobile devices.
What features does HankoX offer?
The platform includes basic charting tools, multiple order types, and a variety of technical indicators.
Can I customize the trading interface on HankoX?
Yes, traders can customize the interface to their preferences, providing a more personalized trading experience.
What types of markets can I trade on Hankotrade?
You can trade Forex pairs, CFD stock indices, commodities, and stocks.
What are the benefits of trading multiple instruments?
Diversifying your portfolio can help you manage risk and take advantage of different market opportunities.
Can I access all markets on the HankoX platform?
Yes, you can access all available markets through the HankoX trading platform.
Does Hankotrade offer leverage?
Yes, Hankotrade offers leverage of up to 1:500.
What spreads can I expect at Hankotrade?
Spreads on ECN and ECN Plus accounts start at 0.0 pips, while spreads on STP accounts start at 0.7 pips, but no commission is charged.
Does Hankotrade charge commission?
Yes, it depends on the account type. Standard accounts are commission-free, ECN accounts are charged a commission of $2 per $100k position size, and ECN Plus accounts are charged a commission of $1 per $100k position size.
Are there additional fees for Islamic accounts?
Yes, if a trade is held for 2 days, an administrative fee will be deducted from the client’s trading account.
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