Hankotrade Forex Review
Read our full Hankotrade review to get exact details about their safety, accounts, spreads, platforms, assets, support, and many more. Our unbiased Hankotrade opinion allows our readers to decide whether Hankotrade is a reliable broker.
Hankotrade Forex Broker History
Hankotrade reviews are a handful online, many traders claim it to be a scam broker that does not treat clients fair and lacks honesty. We decided to check these claims.
Hankotrade is a Forex and CFDs broker without any regulations, meaning it lacks oversight and there is no authority to look over the fairness of the broker. The broker offers a variety of trading account types, starting from a 10 USD minimum deposit requirement. There are low trading commissions for low-spread accounts, and maximum leverage is capped at 1:500. The broker also offers support using the live chat and a handful of other options.
Hankotrade Broker Review of Accounts
Three trading account types provided by Hankotrade are STP, ECN, and ECN Plus. Each of the accounts offers slightly different specs and execution models.
STP account is for general traders as it offers average spreads and has no trading commissions charged for each lot traded. Minimum deposit requirements are as low as 10 USD, available account base currency includes USD, EUR, and CAD, and spreads are from 0.7 pips on major pairs. Spreads may increase during volatile market conditions and important macroeconomic news releases. The maximum leverage is up to 1:500, meaning traders can control trading positions 500 times their account balance. To prevent traders from going into minus balance in case they misuse high leverage, there is a negative balance protection policy in place. The minimum lot size allowed is 0.01 lots, and there is an option for swap-free or Islamic accounts.
ECN accounts have a minimum deposit requirement of 100 USD, account base currencies include USD, EUR, and CAD. Spreads start from 0 pips on major pairs, with trading commissions of 2 USD per side per lot (4 USD per 100k round turn). The lowest size allowed starts from 0.01 lots, maximum leverage is capped at 1:500, and there is an Islamic account option available.
The ECN Plus account has the highest minimum deposit requirement of 1000 USD, has account base currencies of USD, EUR, and CAD, and has a negative balance protection similar to the other two accounts. The catch here is that the commission for 0 pips spreads on major pairs is 1 USD per side per 100k traded (2 USD round turn per lot). Minimum lot size is also flexible for ECN Plus account holders from 0.01 lots and leverage is also set at 1:500 at maximum.
The spreads for major pairs on ECN accounts are:
- EURUSD — from 0 pips
- GBPUSD — from 0 pips
- USDJPY — from 0.4 pips
- XAUUSD (Gold) — from 1.18
- BTCUSD — from 386,54 (per 1 BTC traded)
Hankotrade Reviews of Trading Platforms
Hankotrade offers two advanced trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT5 comes with 21 different chart time frames, allowing traders far superior flexibility than MT4. Both MT4 and MT5 are super popular among traders as they allow both manual and fully automated trading capabilities. Hankotrade offers these platforms for all devices including mobile, desktop, and web traders. Mobile apps include both Android and iOS.
Hankotrade Forex Review of Extra Features
The broker offers a few extra features, including the 100% deposit bonus for MT5 trading platforms, economic calendar, VPS, and Forex calculators. There are no other tools offered for market research, such as market news and analysis.
Hankotrade Reviews of Customer Support
The support is provided via several channels, including live chat and email support. Hankotrade is not offering phone support, which is a red flag. A lack of phone support is never a good thing for a broker’s reliability. Both the support and website are only available in the English language, which is the downside of the broker.
Hankotrade Deposit and Withdrawal
Hankotrade fraud possibility is further solidified by the terms of withdrawals. The broker mentions that it can decline withdrawals if the wallet address is incorrect. However, the broker can not define if the wallet address is incorrect or for another person than the trader, and this line could potentially be used for declining any withdrawals the broker does not like.
Deposits are instant, there are no fees charged.
The minimum zero-fee withdrawal is 50 USD, and any amount below it will be charged with commissions. The processing time for withdrawals is 48 hours.
Hankotrade Review Conclusion
So, is Hankotrade legit? We heavily doubt. While the Hankotrade scam may not be a 100% possibility, there are still serious red flags including no regulatory oversight, no phone support, and obscure terms in withdrawals. Apart from these red flags, Hankotrade offers very competitive services on paper, with low spreads, low commissions, and MT4 and MT5 advanced platforms. The assets available include Forex, commodities, indices, and cryptos. Extra features include tools and a deposit bonus, and no educational resources are provided.