Hankotrade Review 2023: Pros and Cons of Trading with Hankotrade

Table of Contents

What is HankoTrade?

Hello there, fellow Forex traders! Let's chat about Hankotrade, shall we? While they may not be the most reliable broker out there, they're not the worst either. Overall, we'd rate them a 5 out of 10.

If you're considering giving them a try, here are the important deets: Hankotrade offers a maximum leverage ratio of 1:500 and a minimum deposit of just $10 (or R160), which is pretty accessible. They're also regulated by the FSA, providing a certain level of oversight for their activities.

What Are the Pros and Cons of Trading with Hankotrade?

Pros of Hankotrade

  • Cryptocurrency funding options
  • ECN/STP execution
  • Competitive tradable assets selection
  • Negative Balance Protection
  • Various account types
  • Commission-free trading accounts
  • MT4 platforms
  • Low fees and tight spreads

Cons of Hankotrade

  • Not properly regulated
  • Limited educational offering
  • Very little research content on the website

Hankotrade Reviews Account Opening

Can You Open an Account with Hankotrade?

Certainly, opening a free account with Hankotrade is a breeze. Think of a forex trading account with Hankotrade as a bank account, but instead of traditional banking services, it's used for trading currencies. Moreover, Hankotrade offers Islamic Forex accounts, also referred to as swap-free accounts, which are specifically designed for Muslims as they do not involve any interest or rollover charges on overnight positions.

If you have trouble creating an account on BingX. Don't worry, we will help you. Please follow the steps below in the correct order to ensure successful registration:

Step 1: Create an account, open Hankotrade official website www.hankotrade.com, and select Login/Register in the top right corner.

Step 2: Fill out your information completely on the form: your name, phone number, email address, and password.

Step 3: Enter Submit. An activation email will be sent from Hankotrade to your Gmail to confirm account registration.

Step 4: Enter referral code (……………)

Step 5: Once you've confirmed your email address, your Hankotrade account will be activated automatically. Enable Two-Factor Authentication: Download and install Authy or Google Authenticator for your phone or tablet.

How Many Account Types Does Hankotrade Offer?

Hankotrade offers forex accounts for trading currencies, which function similarly to bank accounts but with the primary goal of trading. Additionally, Hankotrade provides Forex Islamic accounts, also known as swap-free accounts, which do not involve swap or rollover interest on overnight positions, aligning with Islamic principles.

Hankotrade offers the following types of accounts:

STP Account

Hankotrade’s STP account is one of a kind. A commission-free trading experience awaits you.

To open this account type, a minimum deposit of $10 is needed, and traders can select USD, EUR, or CAD as their base currency. The spread begins from 0.7 pips, and the highest leverage is 1:500. Negative Balance Protection is included in the account, and the minimum lot size is 0.1 lots with no commissions.

ECN Account

This account type necessitates a deposit of at least $100, and traders can opt for USD, EUR, or CAD as their base currency. With a starting spread of 0.0 pips and a maximum leverage of 1:500, this account offers an excellent trading experience. Additionally, Negative Balance Protection and a minimum trade size of 0.01 lots are included, making it a great choice for traders of all experience levels. However, please note that there is a commission of $2 per side per 100K traded for each trade.

ECN Plus Account

The Hankotrade ECN Plus account remains a popular choice among clients, despite the relatively high minimum deposit of $1,000. The account can be set up with base currencies of USD, EUR, or CAD. Spreads for this account start from 0.0 pips, and the maximum leverage is also set at 1:500. The minimum lot size is 0.01, and the commission is charged at a low rate of only $1 per side for each $100k position size.

Islamic Account

Hankotrade provides Islamic accounts that enable Muslim traders to engage in forex trading while adhering to their beliefs without paying any rollover interest on overnight positions. The only exception is a minor admin charge that will be deducted from the trading account if a position is held for more than two days. Apart from that, the Islamic accounts have the same features as the other types of accounts provided by Hankotrade.

Hankotrade Bonus

Hankotrade provides a matching bonus option to help clients boost their account margin. This option can be availed with a minimum account deposit of $100, and the deposited amount will be matched and credited to the client's trading account by Hankotrade.

By taking advantage of this offer, clients can increase their trading funds and leverage their accounts, thereby enhancing their overall trading experience with Hankotrade. It's important to note that the matching bonus cannot be lost, but can only be used as an additional margin.

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What Is the Leverage Offered by Hankotrade?

Leverage is a tool that allows you to gain greater exposure to the market you are trading than the initial deposit you made. Trading products that offer leverage, such as forex, can amplify your potential gains, but it also increases your potential losses.

Margin refers to the collateral required to cover any potential credit risks during your trading activities. It is calculated as a percentage of the position size (e.g. 5% or 1%), and you need to have enough funds in your trading account to meet the margin requirements. Hankotrade provides a maximum leverage ratio of 1:500.

Hankotrade review Deposit and Withdrawal

When opening an account, you're usually required to make a minimum deposit using various payment methods. Withdrawals are typically processed using the same methods but may differ in some cases. At Hankotrade, there are specific minimum deposit requirements for each account type: a standard account can be opened with a minimum deposit of $10, while an ECN Account requires $100 and an ECN Plus Account requires $1,000.

Clients of Hankotrade can only deposit or withdraw using cryptocurrencies such as Bitcoin, Ethereum, and Ripple. They cannot use standard payment methods like Visa, MasterCard, or e-wallets. While Hankotrade does not charge deposit or withdrawal fees, clients may be subject to blockchain and currency conversion fees. The minimum withdrawal amount is $50, and withdrawal requests are processed within 24 hours.

Hankotrade Review Commissions & Fees

The cost of trading at Hankotrade is determined by several factors, such as margins and spreads, and may vary based on the client's location or country of residence.

Commission fees for trading accounts at Hankotrade vary depending on the account type selected. The standard account does not charge any commission fees. The ECN account charges a commission fee of $2 (per side per $100k position size), while the ECN Plus account charges a commission fee of $1 (per side per $100k position size).

Hankotrade offers competitive spreads, particularly on the ECN and ECN Plus accounts, starting from 0.0 pips. The STP account has a minimum spread of 0.7 pips, but no commission fees are charged as the brokers' fees are included in the marked-up spread. Furthermore, Hankotrade does not impose any inactivity fees on inactive accounts.

Hankotrade Market Instruments

Hankotrade presents a diverse array of trading instruments that encompass forex, commodities, CFDs, and cryptocurrencies. This variety allows traders to capitalize on various market situations and openings. One of the major benefits of Hankotrade is the incorporation of cryptocurrencies, which represent an asset class that may yield substantial growth. Nevertheless, it's essential to note that Hankotrade lacks regulation from any financial authority, potentially posing a drawback for traders seeking enhanced safety and security.

Hankotrade Trading Platforms

Hankotrade offers MetaTrader4 and MetaTrader5, two of the most prevalent trading platforms in the industry. MetaTrader4, recognized for its dependability and stability, is the more popular of the two choices. It has a considerable online community and offers a vast range of customized indicators and expert advisors to enhance trading strategies. Conversely, experienced traders favor MetaTrader5 due to its advanced features, including additional order types and more timeframes. Furthermore, MetaTrader5's broader support for trading instruments, such as stocks and futures, is a considerable advantage. Nevertheless, the more complex interface of MetaTrader5 might be daunting for beginners. Additionally, as MetaTrader5 is not yet as broadly adopted as MetaTrader4, some brokers may not offer it.

Hankotrade Safety and Security

To determine the safety of a broker such as Hankotrade, one of the most reliable indicators is to identify the regulatory bodies that oversee its operations.

Hankotrade is solely regulated by the Financial Services Authority of Seychelles (FSA), and it does not participate in any financial mechanism that could recover client losses in the event of bankruptcy or fraud. Additionally, there is no guarantee for the segregation of accounts.

Hankotrade Awards

Receiving awards can increase traders' confidence in a company. However, Hankotrade's website does not display any awards won, despite being highly praised by customers.

Hankotrade Review Research

To trade confidently, traders should conduct extensive research on speculative trading before starting and before every high-risk transaction to minimize unnecessary losses and increase profitability. However, with Hankotrade, traders only have access to a limited number of research tools available under the ‘Tools' section, such as the Commission Calculator, Margin Calculator, Pip Calculator, and Swap Calculator.

Hankotrade Customer support

Potential traders must ensure that their chosen broker offers sufficient support when needed. Hankotrade customers can contact the support team via LiveChat, email, or a contact form on the website. However, phone numbers are not available on the website.

Hankotrade Education

Prospective clients of Hankotrade should equip themselves with all the necessary information and trading skills required to succeed in forex and commodity trading before beginning to trade. While Hankotrade provides only a limited range of educational content, it does have a FAQ section that provides immediate and comprehensive answers to the most common questions.

Hankotrade review FAQ

Trading Environment

How Many Instruments Can I Trade With Hankotrade?

Hankotrade offers a diverse range of trading instruments such as more than 50 currency pairs, 9 crypto pairs, 4 index CFDs, 2 metal CFDs, and 2 energy CFDs.

Which Platforms Are Supported By Hankotrade?

The popular trading platforms offered by Hankotrade are MT4 and MT5.

Does Hankotrade Offer Leverage?

Certainly, Hankotrade provides a maximum leverage of up to 1:500.

What Spreads Can I Expect With Hankotrade?

With Hankotrade, you can open an ECN or ECN Plus account with spreads that commence at 0.0 pips. Alternatively, you can opt for the STP account, which has spreads beginning at 0.7 pips and does not levy any commission fees.

Does Hankotrade Charge Commission?

Depending on the type of account you choose at Hankotrade, the commission fee will differ. Standard accounts have no commission fee, whereas ECN accounts and ECN Plus accounts charge a commission fee of $2  and $1 (per side per $100k position size).

Are There Additional Charges On The Islamic Account?

Indeed, a client's trading account at Hankotrade will be debited with an admin charge if a trade is held for 2 days or more.

Is Hankotrade Regulated And By Whom?

Hankotrade is solely subject to the regulatory oversight and supervision of the Financial Services Authority of Seychelles (FSA).

Is Hankotrade A Recommended Forex Trading Broker For Experts And Beginners?

Most types of traders can expect to find a fair trading environment when trading with Hankotrade.

What Is The Overall Rating Out Of 10 For Hankotrade?

6/10

Hankotrade Accounts

What Is The Difference Between A Demo And Live Trading Account?

Broker companies such as Hankotrade typically provide prospective customers with a demo account that is funded with virtual money. This allows traders to experiment with the company's trading platforms and features before setting up a real account that requires the use of their own real money.

Does Hankotrade Offer A Demo Account?

Yes, for all types of accounts.

How Long Is The Demo Account Valid?

The demo account can be used simultaneously with live accounts.

Which Live Trading Accounts Does Hankotrade Offer?

  • STP Account
  • ECN Account
  • ECN Plus Account
  • Islamic Account

Does Hankotrade Offer An Islamic Account

Of course

What Are The Available Deposit Currencies For A Live Trading Account?

EUR, USD, and CAD

Deposits And Withdrawals

What Is The Minimum Deposit Required To Open An Account With Hankotrade?

The minimum deposit is 10$

How Do You Make A Deposit And Withdraw Money With Hankotrade?

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Does Hankotrade Charge Withdrawal Fees?

Hankotrade doesn't impose any withdrawal fees, but you might have to bear the blockchain and currency conversion charges.

How Long Does It Take To Make A Withdrawal?

Withdrawals are completed within 24 hours.

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