The Forex market is expanding exponentially with each passing day. Many fervent individuals are excited to make a sustainable career by trading currencies. They are ardent, eager to learn and practice, and stay consistent.
However, one of the most common problems these novice traders face is unawareness of which broker to trust. There are several options to choose from, but, unfortunately, some brokers are sheer scams and don’t have the traders’ best interest.
Thus, it is important to have a thorough research about the brokers before investing.
Today, we’ll be reviewing HankoTrade Brokers.
What is HankoTrade?
HankoTrade is a trading platform in 2018 and registered in Seychelles. The broker is regulated by the Financial Services Authority of Seychelles (FSA). It is, however, not regulated by any government authority, making it less secure than its counterparts.
HankoTrade accepts clients from all over the world, except, The UK, and some other countries where restrictions apply.
Hankotrade provides the MetaTrader 4 (MT4), MetaTrader 5 (MTA5) and Mobile trading platform to traders and the minimum deposit required to open a standard account is only $10. It offers four types of account to trade with, every account with its own benefits. Hankotrade claims to offer outstanding trading environments and among the lowest commissions in the forex broker industry.
Hankotrade ensures quick execution of trades for its clients by passing their orders directly to liquidity providers, thereby avoiding any conflict of interest. Additionally, the broker offers online trading of various financial instruments from different asset classes, such as forex, indices, commodities, and cryptocurrencies, through a range of trading account options.
Is HankoTrade a scam?
HankoTrade has been a broker for 6 years and has been working efficiently in its domain. It is not regulated by any official government authority but only by the Financial Service authority of Seychelles.
HankoTrade is distinctive in its reliance solely on cryptocurrencies for funding trading accounts, without accepting any other funding methods. Additionally, it offers a broad range of forex pairs for trading, along with high trading leverage.
Hankotrade cautions prospective clients that Forex and CFDs trading is a high-risk activity that may not be appropriate for all investors. It is recommended that individuals contemplating trading with Hankotrade should thoroughly evaluate their investment objectives, financial circumstances, needs, and level of experience before investing any funds that they cannot afford to lose.
It is important to note that margin trading carries both potential profit and loss, and the price movements of foreign exchange and commodities are highly unpredictable.
Thus, HankoTrade can be trusted while trading is concerned, as it has all the attractions and charisma to lure it’s trader, be it less spread or high leverage.
Hanko review: Pros and Cons?
|Competitive tradable assets selection||Not properly regulated|
|Negative Balance Protection||Very little research content on the website|
|Commission free trading accounts||Limited educational offering|
|MT4, MT5 trading platforms|
|Low fees and tight spreads|
|Great customer service|
|Bonus offering up to $25k|
HankoTrade offers a competitive selection of tradable assets. However, it is important to note that it is not properly regulated. Negative balance protection is not mentioned. It does offer various account types and supports the use of cryptocurrency for funding accounts. ECN/STP execution is available and commission-free trading accounts are offered. MT4 platforms are supported, and low fees and tight spreads are also available.
Find Best Alternate Broker- TradeEU
How much does it cost to trade on HankoTrade?
The cost of trading with Hankotrade can vary depending on several factors, such as the spread and margin, and clients may experience different fee structures depending on their country or place of residence.
Commission fees are charged on specific trading accounts, such as the ECN account which has a $2 commission fee, and the ECN Plus account which has a $1 commission fee. The standard account does not have a commission fee.
Spreads on the ECN and ECN Plus account start from 0.0 pips, whereas the STP account starts from 0.7 pips. The STP account does not charge any commission. Additionally, Hankotrade does not charge any inactivity fees on accounts that are not operated and is idle for a long time.
HankoTrade also provides a Matching Deposit bonus as their promotional offer. Hankotrade provides a matching bonus option to its clients that allows them to boost their account margin. This bonus can be obtained with a minimum account deposit of $100. Hankotrade will match the deposited amount and credit it to the client’s trading account.
The matching bonus is a valuable offer that can enhance trading funds and leverage the account, leading to a better trading experience with Hankotrade. It’s essential to note that the matching bonus cannot be lost and can only be utilised as additional margin.
Deposit methods and requirements?
To open an account with Hankotrade, a minimum initial deposit is required, and this can be paid in various ways. Withdrawals can also be made using the same payment methods, although there may be some differences.
For a standard account, the minimum initial deposit required is $10, while for an ECN Account, the minimum is $100, and for the ECN Plus Account, it is $1,000.
It is important to note that Hankotrade only accepts deposits and withdrawals in the form of cryptocurrencies such as Bitcoin, Ethereum, and Ripple. Deposits and withdrawals using standard Visa, MasterCard, or e-wallets are not accepted.
Hankotrade does not charge any fees for deposits. However, there may be additional fees related to blockchain and currency conversion, which may be applicable depending on the chosen payment method and the prevailing market conditions.
How can you withdraw funds?
Just like depositing, withdrawing can be done only via cryptocurrencies, such as bitcoin, ethereum and ripple and not by Visa, Mastercard or e-wallets.
The minimum withdrawal amount for Hankotrade is $50, and the withdrawal requests are usually processed within 24 hours. It is important to note that the time taken to process withdrawals may vary depending on several factors such as the chosen payment method, banking procedures, and other relevant considerations.
What can be traded on HankoTrade?
Hankotrade’s FX products are one of the most prominent trading instruments offered on the platform. The broker provides access to a wide range of major and minor currency pairs, as well as exotic currency pairs. Clients can trade currency pairs with low spreads and high leverage, making it a popular choice for traders interested in forex trading. Additionally, Hankotrade offers advanced trading tools and features such as the MetaTrader 4 platform, which further enhances the trading experience for forex traders.
Hankotrade offers highly competitive spreads in the commodities market, particularly for precious metals and oil. Clients can enjoy spreads starting from as low as 0.7 pips on these instruments. This allows traders to benefit from lower transaction costs and potentially increase their profits. With access to a wide range of commodities and highly competitive pricing, Hankotrade provides its clients with the tools they need to succeed in the commodities market.
Hanko Trade offers a wide range of CFD (Contract for Difference) indices, allowing clients to easily and conveniently trade on these instruments. With CFDs, traders can speculate on the price movements of various indices without actually owning the underlying assets. This can be an efficient and cost-effective way to access the indices markets, as it eliminates the need to purchase and physically hold the assets. Additionally, Hankotrade offers competitive pricing and advanced trading tools to help clients make informed decisions and maximize their trading potential.
As cryptocurrencies have become increasingly popular in the financial world, Hankotrade has kept up with these developments by introducing trading on cryptocurrencies. Clients can trade on a range of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, using advanced trading tools and competitive pricing. Hankotrade understands the importance of staying ahead of the curve in the ever-evolving world of finance, and is committed to providing its clients with access to the latest trading opportunities.
Bitcoin (BTC) has the largest market capitalization among all digital currencies.
Litecoin (LTC) is similar to Bitcoin in many ways, but it aims to solve the scalability issue that Bitcoin faces.
Ripple (XRP) is a digital currency that is popular among large financial institutions and banks. The Ripple network offers a next-generation real-time gross settlement system.
Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and is a decentralized platform that enables developers to build and run smart contracts and decentralized applications (DApps).
Bitcoin Cash (BCH) was created in 2017 as a result of a hard fork from Bitcoin’s blockchain with the intention of increasing the block size limit.
Hanko Trade offers trading on over 50 currency pairs, including major and minor world currencies.
Hanko Trade Account types?
Opening an STP account with Hankotrade allows traders to access global markets and trade a variety of financial instruments, including currency pairs and stock indices, with fast execution speeds and low spreads. This type of account operates on the Straight Through Processing model, which means that trades are processed directly through liquidity providers without any intervention from a dealing desk. This allows for faster execution times and potentially lower trading costs.
Hankotrade’s ECN account provides clients with low spreads, starting from 0.0 pips, and the ability to use a maximum account leverage of 500x. Additionally, clients can place stop and limit orders in close proximity to market orders, further enhancing their trading experience.
Hankotrade’s ECN Plus account offers the ultimate trading experience, boasting lightning-fast execution speeds, ultra-low commissions, no desk dealing (NDD), and incredibly low spreads starting from 0.0 pips. This account is an excellent choice for all clients, and even Muslim traders can opt for a swap-free Islamic account.
Hanko Trade offers a swap-free Islamic account option for Muslim clients who seek to trade in compliance with Sharia law. Islamic accounts do not charge rollover interest on overnight positions, allowing Muslim traders to participate in forex trading without concern.
The Islamic account features are similar to other accounts, except for swap commissions.
|ACCOUNT TYPES||STANDARD||ECN||ECN PLUS|
|Available Base Currency||USD, EUR, CAD||USD, EUR, CAD||USD, EUR, CAD|
|Spreads From||0.7 Pips||0.0 Pips||0.0 pips|
|Commission||Zero||$2 per side per $100k traded||$1 per side per $100k traded|
Account opening process of Hanko Trade
When you are ready to open a forex trading account with Hankotrade, you will need to go through a simple “know your customer” process, which is similar to what a bank requires. This process is in place to ensure the safety of your funds and account details. The account opening process with Hankotrade is quick and easy.
STEP 1: Register an Account
Click on the ‘Register‘ button.
STEP 2: Fill out the form
You will need to provide personal information such as your name, address, and contact details, as well as financial information and your level of trade knowledge and experience. This information is necessary to ensure the safety of your funds and account details, as well as to tailor our services to your needs and trading goals.
These two simple steps are needed to open your account with HankoTrade.
Available trading platform
Hankotrade’s trading platform is web-based, providing easy access to the market for traders of all levels of experience. It is available 24/7, from anywhere in the world, allowing traders to make informed and timely trades.
MT4 is a highly trusted and effective trading platform widely used in the industry, ideal for Forex trading with its various execution modes, market and pending orders. With the widest selection of trading applications in the world, MT4 is perfect for traders of all experience levels. Begin your forex trading journey with Hankotrade and the reliable and efficient MT4 trading platform.
Experience fast trading execution with no re-quotes or partial fills. Access the platform anytime, anywhere, through the convenience of the web, Windows, and mobile applications for Android and IOS. Take advantage of the platform’s benefits such as hedging positions and effortlessly running various EA’s and indicators 24/5.
Trading with MetaTrader 4 is swift and easy, ensuring fast execution with no partial fills or re-quotes.
AROUND THE CLOCK ACCESS:
With MetaTrader 4, you can have access to the platform anytime, anywhere.Traders have the convenience of using MT4 on various devices such as Windows, as a web-based terminal, and on mobile devices through our Android and IOS apps. This way, you can keep an eye on your trades and manage your account even while on the go.
TRADE WITH BENEFITS:
Experience the benefits of trading with Hankotrade’s MT4 platform, which allows you to easily hedge your positions and run multiple automated trading strategies, or expert advisors (EA’s), along with a variety of indicators. With access to the platform 24/5 on multiple devices, including Windows, web-based, and mobile (Android and iOS), you can trade with ease and efficiency.
With its exceptional, innovative, and user-friendly features, Meta Trader 5 is a versatile trading software that guarantees an improved trading performance for all traders.
21 different chart time frames
Meta Trader 5 offers traders access to 21 different chart time frames, including 11 types of minute charts, 7 types of hourly time frames, as well as daily, weekly, and monthly time frames, providing enhanced market analysis and trading opportunities.
Additional Pending Orders
With the Meta Trader 5, you have access to a variety of order types, including Buy Stop/limit, Sell Stop/limit, and additional orders like Buy Stop-Limit and Sell Stop-Limit. This allows for more flexibility in executing trades according to your trading strategy.
Enhances Technical Analysis
With Meta Trader 5, you can enhance your technical analysis and increase your chances of winning a trade. The platform offers a variety of tools, including 38 different technical indicators, 44 analytical objects, and depth of market, all of which can be utilised to analyse market trends and make informed trading decisions.
With MT5, you have the option to trade on Bitcoin denominated accounts in addition to the conventional USD, EUR, and CAD accounts. This feature gives you greater flexibility in your trading activities and allows you to take advantage of the opportunities presented by the cryptocurrency market.
Educational and Research resources
HankoTrade does not offer enough Educational and research resources on its website for the traders to learn about day-to-day.
Hankotrade offers its clients a limited set of research tools, which are located in the ‘Tools’ section. These include a Commission Calculator, Margin Calculator, Pip Calculator and Swap Calculator.
Hanko Trade provides traders with excellent customer support and timely replies for the same.
-Live Chat- Option available for website
-Email services- [email protected]
-Phonecall- Phone: +971 565872509
HankoTrade-Reviews and Ratings
Selecting the right Forex broker is crucial as it can impact your financial stability significantly. Thus, it is imperative to conduct thorough research on brokers that provide account opening with low minimum deposits, low spreads, and no concealed fees or charges. Making the right choice can protect your hard-earned capital and ensure your success in the Forex market.
Hanko trade has its share of both negative and positive feedback.Some are calling it a scammer and others have their trusted partners since the beginning.
HankoTrade v/s Kot4x v/s Hugosway
|REGULATION||Lacks regulation||Lack regulation||Lacks regulation|
|DEPOSIT AND WITHDRAWAL||Easy process to deposit and withdraw in the account with no fees||Unclear methods for withdrawing and depositing funds into an account using Bitcoin.||Fast deposit and withdrawal process|
|CUSTOMER SUPPORT||Great customer support, with variety of options to reach to the broker||Poor quality customer support||Reliable customer support 24*7 through live chat or mail.|
Final opinion on HankoTrade Review
Hankotrade appears to be a suitable option for those who are new to Forex trading or have intermediate-level experience. The broker offers a quick and easy account opening process with a minimum deposit of only $10. Additionally, Hankotrade provides competitive features such as low spreads, no hidden fees or charges, and various account types.
One of the unique offerings of Hankotrade is its 100% bonus promotion, which can provide traders with more margin and leverage. Moreover, the broker has received positive reviews from experienced Forex players on credible review-sharing platforms.
It is crucial to research and compare different brokers based on their features, account types, fees, and spreads to make an informed decision and avoid any potential loss of capital.
It is not regulated by any government authority, which makes it less trustworthy in the world of forex. Thus, lowering its ranks in the forex market.
What is the maximum leverage provided by HankoTrade?
The maximum leverage provided by HankoTrade is 1:500.
How long does it take for the withdrawal process in HankoTrade?
The withdrawal process in HankoTrade takes around 24 hours.
Are there different Spread Pips for different accounts?
Yes, there are different spread pips for different accounts
-ECN and ECN PLUS- 0.0
Can you delete your HankoTrade if you’re no longer interested?
Yes, you can delete your HankoTrade account, but your information will be deleted after 7 days of your request.
Are there any charges for withdrawal and deposit in HankoTrade?
No, the withdrawal and deposit charges are free in HankoTrade.
Are there any restrictions while trading with HankoTrade?
No, there are no restrictions in HankoTrade. You can freely trade here.
Is HankoTrade regulated by some regulating authority?
HankoTrade is not regulated by any government authority, just by the Financial Security Authority of Seychelles.
How many platforms are available for trading in HankoTrade?
There are two types of platforms available for trading in HankoTrade, MetaTrade4 and MetaTrade5.
What is arbitrage in trading?
Buying a security at one market and at the same time selling it at a higher price at another market is called arbitrage in trading.
What is the minimum investment in HankoTrade?
Minimum investment in HankoTrade is $10. Minimum deposits vary with the selection of accounts.
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