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 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, Hanko Trade 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:
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.
Signing Up & Verification Process
Opening an account with Hanko Trade is simple to follow:
- Visit the official website;
- Click on the "Register" button;
- Fill in the registration form with your details (First name, Last name, country, phone);
- Agree to the terms and conditions;
- Set a password and click on “Sign Up”, and that’s it!!
It is important to note that clients are not required to submit any documents for verification since all deposits and withdrawals are processed via cryptocurrencies.
Trading Platforms for Hankotrade
Hankotrade's flagship 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 need to be familiar with more widespread platforms like MetaTrader 4 or 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.
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 copy trading feature, 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.
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.
Hankotrade’s Trust Scores & Reviews on Trustpilot
HankoTrade broker has achieved a strong reputation on Trustpilot, earning a 4.6/5 rating and receiving 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 Not Working CopyTrading system;
- Some reports of the platform not working on MT4.
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.
