Hankotrade Review

If you’re looking for a good broker or trading platform, you might have heard of Hankotrade. It’s a worldwide company that trades Forex and Cryptocurrency. The team at Hankotrade actively runs the company in the trading market. Hankotrade lets you trade 62 major currency pairs, 3 cryptocurrency pairs, 11 international stocks, precious metals, and 2 energy products. With many brokers out there, not all are right for everyone. So, you might be thinking if Hankotrade is right for you. In this detailed review, we’ll see if Hankotrade is a trustworthy broker or not.

What is Hankotrade?

Hankotrade is a website where you can trade online. You can trade Forex and CFDs on things like cryptocurrency, commodities, and indices. You can use it on the internet, your computer, or your phone. It lets you trade many different things and gives you a lot of borrowing power, up to 500 times. They have two types of accounts: free and premium. You can only put cryptocurrency in your account, and you need to put at least $10 to $1,000 in it, depending on what type of account you have. Although Hankotrade says it doesn’t work in some countries, anyone can sign up and use it.

Hankotrade Pros and Cons

Pros

●     Traders can use MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms on computers and mobiles. They can also use them on the internet.

●     There are bonuses you can get.

●     You can invest without much effort using PAMM and MAM accounts.

●     Demo accounts are given for testing trading plans.

●     Spreads are changeable depending on the thing you’re trading.

●     There’s quick help for clients.

●     You can make extra money through the IB (Introducing Broker) program.

Cons

●     The broker doesn’t have rules.

●     You have to confirm your identity.

●     Only a few ways are available to take out your money.

Fees

When we check brokers, one big thing we think about is how much it costs to trade. This affects how much money we make. At Hankotrade, if you trade using commissions, the fees are very low. Depending on your account, you can get really low fees, starting from $2.00 to $4.00 for every standard round lot you trade, and the spread starts from 0.0 pips.

This makes Hankotrade  Review great for people who do lots of quick trades. The fees for commission-based trading are competitive, at 0.7 pips or $7.00 per lot. Also, Hankotrade doesn’t charge you for putting money in, and there are no fees for taking your money out. Plus, if you don’t trade for a while, they won’t charge you for being inactive.

Hankotrade Regulation and Security

Before you begin using a brokerage website, make sure it’s safe. Check how they keep your money safe if something goes wrong. Also, see if they follow the rules set by the government to protect investors.

Is Hankotrade safe and Legit?

The SEC and CFTC, which watch over brokers in the U.S., haven’t given approval to Hankotrade. That means Hankotrade isn’t controlled in the U.S. We discovered lots of issues with it, such as fake positive reviews on TrustPilot and not being transparent. So, we don’t recommend using Hankotrade. If you still want to trade with them, be extremely cautious.

The CFTC has added Hankotrade to its RED List as an illegal broker. This is a serious warning for anyone considering trading with them.

What happens if you use Hankotrade in the U.S.?

If you use Hankotrade in the U.S., you’re doing something illegal. That means if Hankotrade scams you, you can’t make them responsible. But there’s more trouble: if you’re caught using Hankotrade, the government might punish you because it’s not allowed in the U.S.

Hankotrade lets you trade forex, commodities, and crypto, as well as CFDs worldwide. But in the U.S., trading CFDs is not allowed.

CFDs fall under the rules of the CFTC, which means brokers need CFTC permission to offer them. Right now, the CFTC doesn’t allow regulated brokers to offer CFDs. It also says foreign brokers can’t offer CFDs to U.S. residents.

If you use an unregulated foreign broker like Hankotrade to trade CFDs, you’re breaking CFTC rules. So, if you’re caught, you could face serious punishment.

For example, the CFTC could fine you up to $200,000 for trading CFDs with a foreign broker. Also, they could stop you from accessing U.S. financial markets, like regulated exchanges and clearinghouses.

Deposits and Withdrawals

Hankotrade only lets traders put money into their investment accounts or take it out using certain digital money methods, like Bitcoin, Ether, Litecoin, Ripple, and Bitcoin Cash. Here’s what you need to know about putting money in or taking it out at Hankotrade:

●     You can’t use bank wires, credit/debit cards, or e-wallets at Hankotrade.

●     You won’t have to pay extra fees for deposit or withdraw.

●     If you paid any fees to put money in, Hankotrade will give that money back.

●     You need at least $10 to deposit.

●     There’s no lowest amount for withdraw.

●     It takes one business day for Hankotrade to handle taking money out.

Account Types

Hankotrade has three different types of accounts: STP, ECN, and ECN Plus. STP is free, but ECN and ECN Plus charge you a commission. You need to deposit at least $10 for STP, $100 for ECN, and $1,000 for ECN Plus.

All accounts have similar trading rules, but ECN Plus has lower fees. If you’re someone who trades a lot and fast, Hankotrade is good for you. We recommend ECN Plus because it can save you lots of money each month.

If your account balance falls to 70%, you’ll get a margin call. If it drops to 50%, your trades will stop automatically. Hankotrade also offers an Islamic account without swaps, but be careful because there might be extra charges for each trade.

Hankotrade is a broker that offers both standard STP and ECN accounts. This lets you trade directly with banks and cryptocurrency exchanges worldwide, which means you get competitive trading spreads. You can trade currency pairs and CFDs on metals and indices. Experienced traders can also choose PAMM and MAM accounts and earn a fee for trades made by people they refer.

You can trade using MT4 and MT5. You can download the trading software to your phone, giving you access to Hankotrade’s resources globally. Hankotrade doesn’t stop you from using automated trading.

Trading Platforms

Hankotrade only offers ActTrader, which is a product owned by Finvasia. But they’ve made a special MQL4 script for it, so traders can use MT4 EAs. You can use ActTrader on your computer, on the internet, or on your phone. But only the computer version lets you do algorithmic trading, which is when the computer makes decisions for you. The trading charts are powered by TradingView, and ActTrader lets you close part of an order.

ActTrader fully supports API and algorithmic trading, which go well with the low trading fees at Hankotrade. We think Hankotrade should tell people more about ActTrader, because not many regular traders know about it. It’s a good alternative to MT4 and it’s used by over 100 big clients and hedge funds. But it looks old-fashioned, just like MT4.

Research & Education

Hankotrade doesn’t help beginners with learning and doesn’t do research. The ActTrader platform it uses has a calendar for the economy and shows pivot points, support, and resistance for each asset. Since Hankotrade mainly serves experienced traders and there’s lots of free and paid research available elsewhere, we don’t think not having research there makes trading there worse.

 

Hankotrade doesn’t give lessons because its main customers are advanced traders and pros. We suggest beginners get detailed lessons from other places, especially on trading psychology and how leverage affects managing risks.

Customer Service

Hankotrade’s support team is always ready to assist. They help both members and non-members with their issues, but you have to share your contact information to get in touch. Occasionally, there might be a short wait before you receive assistance.

Conclusion

In conclusion, it’s always best to use brokers that have strong regulations. Even though we appreciate Hankotrade’s trading features like its structured platform and cheap fees, it’s not safe. You shouldn’t rely on it with your money. We’ve seen lots of fake positive reviews on TrustPilot and Scam Advisor. Real brokers usually get regulated by important financial authorities to gain customers’ trust, but Hankotrade hasn’t done this. If you want a reliable broker with a safe platform, think about Interactive Brokers, eToro, or Webull.

FAQs

What is the minimum deposit for Hankotrade?

You can start with $10 at Hankotrade.

Can I use leverage at Hankotrade?

Yes, you can. Hankotrade allows leverage up to 1:500.

How much are the spreads at Hankotrade?

For ECN and ECN Plus accounts, spreads start from 0.0 pips. STP account spreads start at 0.7 pips and don’t have any commission.

How long does it take to get my money out of Hankotrade?

Hankotrade aims to finish withdrawals within one business day.

Does Hankotrade use another broker?

No, Hankotrade is its own broker and doesn’t use another one.

Is Hankotrade regulated?

No, Hankotrade is not regulated.