It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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Pros and cons of Hankotrade
Pros:
Competitive spreads and commissions on various account types.
Wide range of trading instruments, including forex, commodities, cryptocurrencies, and CFDs.
High leverage of up to 1:500 offered to traders.
No deposit or withdrawal fees charged by the company.
Efficient customer service through various channels, including live chat, phone, Skype, and email.
Educational resources available to traders, such as the economic calendar, forex calculator, and VPS service.
Easy and secure payment options available, including cryptocurrencies.
Cons:
Limited information available on the company's regulation and licensing.
Limited range of trading platforms, with only MetaTrader4 and MetaTrader5 available.
No bonus or promotional offers available for traders.
No information available on the company's trading history or performance.
Limited options for Islamic accounts.
No information available on the company's ownership and management.
Limited range of educational resources compared to other forex brokers.
What type of broker is Hankotrade？
Hankotrade is an online forex and CFD broker that operates as a market maker, meaning they act as the counterparty to their clients' trades. As a market maker, they are able to provide their clients with fixed spreads, which can be advantageous for traders who prefer more predictable trading costs. However, some traders may prefer an ECN broker, which provides access to more transparent and variable spreads. While Hankotrade operates as a market maker, they also offer Negative Balance Protection to their clients, which helps protect them from excessive losses beyond their account balance. Additionally, Hankotrade offers a range of account types, educational resources, and customer support options to help traders of all levels make informed trading decisions.
General information and regulation of Hankotrade
Hankotrade is an online CFD broker that allows for fast execution of trades by sending client orders directly to liquidity providers. Hankotrade is an unregulated broker so far.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Market instruments
In terms of the trading instruments available, Hankotrade offers a diverse range of options, including forex, commodities, cryptocurrencies, and CFDs. This allows traders to potentially profit from different market conditions and take advantage of various trading opportunities. The inclusion of cryptocurrencies is a particular advantage as it offers traders access to a potentially high-growth asset class. However, it's important to note that Hankotrade is not regulated by any financial authority, which could be a disadvantage for some traders who prioritize safety and security. Additionally, there is limited information available about the trading conditions for certain instruments, which could make it difficult for traders to make informed decisions. It's also worth noting that Hankotrade does not offer the popular trading platform MetaTrader 4 and has limited educational resources available for traders looking to learn more about trading these instruments.
Spreads, commissions and other costs
When it comes to spreads, commissions, and other costs, Hankotrade offers competitive pricing for traders. The STP account has low spreads from 0.7 pips, and it does not charge any commissions. On the other hand, the ECN account has tighter spreads from 0.0 pips but charges $2 per side per $100k traded. The ECN Plus account offers ultra-low commissions of $2 per side per $100k traded, making it an attractive option for high-volume traders. However, it requires a minimum deposit of $1000, which may not be feasible for all traders. It is also worth noting that Hankotrade provides negative balance protection to traders, ensuring that they do not lose more than their account balance. Unfortunately, the broker lacks transparency regarding its cost structure, and there is no information on other potential fees such as withdrawal or inactivity fees. Overall, Hankotrade offers competitive pricing for traders, but more transparency regarding its costs would be appreciated.
Trading accounts available in Hankotrade
Hankotrade offers its clients a range of account types to suit different trading needs. The STP account is a commission-free option with a minimum deposit requirement of just $10. This account type provides access to global markets with spreads starting from 0.7 pips. The ECN account offers tight spreads and competitive commissions, with a minimum deposit requirement of $100. Commission of $2 per side per $100k traded is charged on this account type. The ECN Plus account is designed for traders looking for ultra-low commissions, with commission charged at just $2 per side per $100k traded. The minimum deposit requirement for this account type is $1000. All account types provide negative balance protection, and a swap-free Islamic account option is available. The company also offers a demo account for clients to practice trading strategies without risking real funds. It is important to note, however, that Hankotrade is not regulated by any financial authority, and there is limited information available on the company's trading conditions and fees.
Trading platform(s) that Hankotrade offers
When it comes to trading platforms, Hankotrade offers two of the most popular options in the industry: MetaTrader4 and MetaTrader5. MetaTrader4 is the more widely used of the two and is known for its stability and reliability. It has a large online community and extensive library of custom indicators and expert advisors that traders can use to enhance their trading strategies. On the other hand, MetaTrader5 offers more advanced features, such as more timeframes and additional order types, making it a popular choice among 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 may be overwhelming for beginners, and it is not yet as widely supported as MetaTrader4, meaning that it may not be available with all brokers.
Maximum leverage of Hankotrade
Hankotrade offers a maximum leverage of up to 1:500, which can provide traders with greater trading opportunities and potentially higher returns. With higher leverage, traders can control larger positions with smaller investments. However, it's important to note that high leverage also amplifies both profits and losses, and can increase the risk of margin calls and stop-outs. Therefore, traders need to have a good understanding of risk management and be cautious when using high leverage. It's also worth mentioning that some regulators may impose restrictions on the maximum leverage offered by brokers, so it's important to check the regulations in the jurisdiction where the broker is registered.
Deposit and Withdrawal: methods and fees
Hankotrade offers a convenient and hassle-free experience when it comes to deposits and withdrawals. The absence of any charges on these transactions adds to the appeal of the forex broker. Moreover, Hankotrade ensures fast processing times for withdrawals, which means that clients can access their funds quickly without any unnecessary delays. However, it is worth noting that Hankotrade's payment options are limited to cryptocurrencies, which might be unfamiliar to some users. Additionally, traditional payment methods such as credit/debit cards are not supported, which could be a disadvantage for those who prefer using them. Nonetheless, the use of cryptocurrencies adds an extra layer of security and privacy, which is a plus for traders who value anonymity and protection of their financial information.
Educational resources in Hankotrade
Hankotrade offers a range of educational resources to help traders stay informed and make better decisions. These resources include an economic calendar, a forex calculator, and VPS hosting for automated trading strategies. The economic calendar provides real-time updates on important market-moving events, including economic data releases, central bank announcements, and other geopolitical events. The forex calculator helps traders calculate their risk and potential profits for each trade. VPS hosting provides a reliable and secure connection for automated trading strategies.
While these resources can be helpful, Hankotrade does not offer a wide variety of educational content beyond the economic calendar, forex calculator, and VPS hosting. Additionally, there is no educational content tailored to specific skill levels or learning styles. The lack of interactive or personalized educational resources can also be a disadvantage for traders looking to improve their skills and knowledge.
Customer service of Hankotrade
Hankotrade provides multiple channels for customer care, including live chat, phone, Skype, and email. The company provides physical addresses for both its St. Vincent and Dubai locations. Response times are generally quick, and the customer support team can assist clients in multiple languages. However, Hankotrade does not offer 24/7 customer support, and there is no FAQ section on its website. The company also does not have a dedicated mobile app for customer support, and it does not provide customer support through social media. Overall, while Hankotrade's customer care options are decent, there is room for improvement in terms of round-the-clock support and more extensive self-help resources.
Conclusion
Overall, Hankotrade is a forex and CFD broker that offers its clients a wide range of financial instruments to trade on, including forex, commodities, cryptocurrencies, and CFDs. The company offers different account types, including STP, ECN, and ECN Plus accounts, which have different deposit requirements, commissions, and spreads. Hankotrade also offers its clients a choice between two trading platforms, MetaTrader4 and MetaTrader5, and a maximum leverage of 1:500. The company has a transparent and straightforward deposit and withdrawal policy, with no charges on deposits and withdrawals, and withdrawals are processed within one working day. In terms of educational resources, Hankotrade offers its clients an economic calendar, forex calculator, and VPS. The customer care team is available 24/5 and can be reached through phone, email, live chat, or Skype. However, the company is not regulated by any financial authority, and its registered office is in St. Vincent and the Grenadines, which may pose some risks for potential clients.
Frequently asked questions about Hankotrade
Q. Is Hankotrade a regulated company？
A. No, Hankotrade is not regulated by any financial authority.
Q. What is the minimum deposit required to open an account with Hankotrade？
A. The minimum deposit required to open an account with Hankotrade is $10 for the STP account, $100 for the ECN account, and $1000 for the ECN Plus account.
Q. What are the trading platforms offered by Hankotrade？
A. Hankotrade offers its clients the popular MetaTrader 4 (MetaTrader4) and MetaTrader 5 (MetaTrader5) platforms for trading.
Q. Does Hankotrade charge any fees on deposits or withdrawals？
A. No, Hankotrade does not charge any fees on deposits or withdrawals for its clients.
Q. What is the maximum leverage offered by Hankotrade？
A. Hankotrade offers a maximum leverage of up to 1:500.
Q. Does Hankotrade offer negative balance protection？
A. Yes, Hankotrade offers negative balance protection to its clients to protect them from potential losses exceeding their account balance.
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