In online forex trading, Hankotrade has emerged as a notable player and offers competitive trading conditions (Spreads & commissions from 0).
As we explore this comprehensive Hankotrade review, we'll examine this broker's features, such as a minimum deposit for STP, ECN, and ECN Plus accounts, as well as its advantages and potential drawbacks.
Company Information & Regulation Status
Hankotrade has positioned itself as an innovative forex market and CFD broker, aiming to provide traders with cutting-edge technology and favorable trading conditions since 2018. However, it's crucial to note that no financial authority currently regulates Hankotrade. Keynotes:
- Absence of regulatory oversight may increase risks for traders
- No protection from compensation schemes typically offered by regulated brokers
- Potential for less transparency in operations and conflict resolution
Despite these regulatory concerns, the Forex broker has built a reputation among traders due to its competitive offerings and advanced trading platform.
Hankotrade Broker Summary of Specifics
To provide a quick overview of Hankotrade's key features, here's a summary table:
Broker | Hankotrade |
Account Types | ECN, ECN Plus, Islamic, Demo, STP |
Regulating Authorities | Not regulated |
Based Currencies | USD, EUR, CAD |
Minimum Deposit | $10 |
Deposit/Withdrawal Methods | Crypto |
Minimum Order | 0.01 |
Maximum Leverage | 1:500 |
Investment Options | Yes |
Trading Platforms & Apps | HankoX |
Markets | FX, commodities, CFD Indices, Crypto |
Spread | From 0.0 pips |
Commission | From $0 |
Orders Execution | STP & NDD |
Margin Call/Stop Out | 70%/50% |
Trading Features | VPS, E-Calendar, FX Calculator |
Affiliate Program | YES |
Bonus & Promotions | YES |
Islamic Account | YES |
PAMM Account | YES |
Customer Support Ways | Email, Live chat, Phone, Skype, Contact form |
Customer Support Hours | 24/7 |
This table highlights Hankotrade's focus on providing diverse account options and competitive trading conditions despite the lack of regulation.
Hankotrade’s Types of Accounts
Hanko Trade offers a range of account types to cater to different trading styles and preferences:
- STP Account: With a low entry barrier of just $10, this account offers commission-free trading and spreads starting from 0.7 pips. It supports hedging and scalping;
- ECN Account: Requires a minimum deposit of $100. It features raw spreads from 0.0 pips and a commission of $2 per side per $100,000 traded;
- ECN Plus Account: This account starts at $1,000, offering 0.0 pip spreads and just $1 commission per side. It also includes full support for scalping and hedging strategies;
- Islamic Account: Available for all account tiers, this swap-free option complies with Sharia law while retaining the same core features of the selected trading account.
Account Types Comparison:
Account | Min Deposit | Leverage Up to |
STP | $10 | 1:500 |
ECN | $100 | 1:500 |
ECN Plus | $1,000 | 1:500 |
Islamic | From $10 | 1:500 |
Demo | $0 | 1:500 |
Each account type is tailored to meet specific trading needs, allowing traders to choose the one that best aligns with their strategy and experience level.
Hankotrade’s Advantages and Disadvantages
To help you have a better perspective, let's examine the pros and cons of trading with Hankotrade:
Advantages | Disadvantages |
Tight spreads from 0 pips | Not regulated by any financial authority |
Advanced proprietary trading platform (HankoX) | Limited deposit and withdrawal options |
Multiple account types to choose from | - |
High leverage up to 1:500 | - |
Signing Up & Verification Process
Hanko Trade simplifies the registration process by offering a crypto-only onboarding model, eliminating the need for traditional KYC documentation.
#1 Access the Platform
Head to the official Hanko Trade website and find the “Register” option on the homepage.
#2 Provide Your Basic Information
Complete the form with the following details:
- First and last name
- Country of residence
- A valid phone number
#3 Agree and Secure Your Account
Review and accept the terms & conditions, set a secure password, and finalize by clicking “Sign Up”.
Trading Platforms for Hankotrade
Hankotrade's trading platform is HankoX, a proprietary solution designed to offer traders a seamless and feature-rich trading experience:
- User-friendly interface suitable for both new and professional traders
- Advanced charting tools with multiple timeframes and indicators
- Real-time market data and news feeds
- Mobile trading on the go
- Customizable workspace to suit individual preferences
While HankoX offers a robust trading environment, some traders might prefer more widespread platforms like MetaTrader 4 or MetaTrader 5.
Spreads and Commission Structure
Hanko Trade is known for its competitive pricing structure:
Account | Spread from (pips) | commission |
STP | 0.7 | $0 |
ECN | 0.0 | $2 per side |
ECN Plus | 0.0 | $1 per side |
Islamic | 0.0 | Admin Charge points form (-0.25) |
The tight spreads and low commissions make Hankotrade an attractive option for high-volume and scalping traders.
Beyond trading costs, Hankotrade stands out for having no deposit or withdrawal fees and no inactivity charges.
Deposit & Withdrawal Methods
Hankotrade exclusively uses cryptocurrencies for deposits and withdrawals, which offers both advantages and limitations:
Advantages | Limitations |
Fast transaction processing times | Limited to crypto users only |
Increased privacy and security | Potential volatility in crypto values |
No traditional banking fees | May be challenging for traders unfamiliar with cryptocurrencies |
Supported cryptocurrencies typically include Bitcoin, Ethereum, and other major altcoins, but checking the latest options on the Hanko Trade website is advisable.
Copy Trading & Investment Options on Hanko Trade
While Hankotrade doesn't offer a dedicated crypto copy trading software or a copy trading service for any other markets, it does provide PAMM (Percentage Allocation Management Module) accounts:
- PAMM allows investors to allocate funds to experienced money managers.
- Potential for passive income through expert trading strategies.
A copy trading feature might be necessary for some traders who prefer this type of social trading.
Tradable Markets & Symbols Overview
Hankotrade offers a diverse range of tradable instruments:
- Forex: From major tos exotic currency pairs;
- Commodities: WTI, UK Oil, Gold, Silver;
- CFD indices: Have access to global stock market indices;
- Cryptocurrencies: Bitcoin, Ethereum, and many others.
This wide selection allows traders to diversify their portfolios and exploit various market opportunities.
Bonus offerings and Promotions
Hanko Trade offers several attractive bonuses and promotional programs:
- 100% Deposit Bonus: Double your initial deposit to increase trading capital;
- Introducing Broker (IB) Program: Earn commissions by referring new clients;
- Loyalty rewards: Benefit from ongoing promotions for regular traders.
While these offers can be appealing, it's essential to carefully read and understand the terms and conditions associated with each program.
Hankotrade’s Support Team & Hours
Hanko Trade provides multiple channels for customer support:
- Email: support@hankotrade.com
- 24/7 Live chat
- Phone support
- Skype
- Contact form
The availability of diverse support options suggests a commitment to customer service, which is crucial given the broker's unregulated status. Based on what our team experienced with the live chat, it was so quick and informative enough.
List of Restricted Countries for Hankotrade
Hanko Trade imposes restrictions on traders from certain countries:
- United States
- United Kingdom
It's important to note that the list of restricted countries may change, and traders should always verify their eligibility before opening an account.
Hankotrade’s Trust Scores & Reviews on Trustpilot
The HankoTrade Trustpilot profile has a 4.6/5 rating, garnering positive feedback, particularly for its trading conditions and customer support. Although these scores are promising, traders should approach unregulated brokers with caution and perform comprehensive due diligence before engaging. Some areas of concern include:
- Lack of regulation
- Complaints about the Not Working CopyTrading system
- Some reports of the platform not working on MT4
Educational Content on Hankotrade
Unfortunately, Hankotrade's educational resources appear to be limited:
- Lack of comprehensive trading courses or webinars;
- Minimal trading guides or tutorials on the website;
- No mention of a dedicated education center.
This absence of educational materials could be a significant drawback for novice traders looking to improve their skills and knowledge.
Hankotrade vs Other Brokers
Here's a comparison between the reviewed broker and its peers:
Parameter | Hankotrade Broker | LiteForex Broker | HFM Broker | FXGlory Broker |
Regulation | None | CySEC | CySEC, DFSA, FCA, FSCA, FSA | No |
Minimum Spread | 0.0 Pips | 0.0 Pips | 0.0 Pips | 0.1 Pips |
Commission | From $0 | From $0.0 | From $0 | $0 |
Minimum Deposit | $10 | $50 | From $0 | $1 |
Maximum Leverage | 1:500 | 1:30 | 1:2000 | 1:3000 |
Trading Platforms | HankoX | MetaTrader 4, MetaTrader 5, Mobile Proprietary App | MT4, MT5, Mobile App | MetaTrader 4, MetaTrader 5 |
Account Types | ECN, ECN Plus, Islamic, Demo, STP | Classic, ECN, Demo | Cent, Zero, Pro, Premium | Standard, Premium, VIP, CIP |
Islamic Account | Yes | No | Yes | Yes |
Number of Tradable Assets | N/A | N/A | 1,000+ | 45 |
Trade Execution | STP & NDD | Market | Market, Buy Stop, Stop Loss, Limit, Take Profit | Market, Instant |
Conclusion and Final Words
Hankotrade offers an intriguing package with its advanced HankoX platform, competitive trading conditions (spreads from 0), and diverse account types (STP, ECN, ECN Plus, Islamic).
However, the lack of regulation remains a significant concern that cannot be overlooked.
While the broker has garnered positive reviews and offers attractive features, potential clients should consider the risks of trading through an unregulated entity.