Hankotrade

Basic Information

• Registered Region
  

  Belize
• Operation Status
  Abnormal
• Operating Period
  2019
• Deposit Methods
  Bitcoin, Ethereum, Litecoin, and other cryptocurrencies
• Website
  https://hankotrade.com
• Market Type
  Foreign exchange
• Support Languges
  

  English
• Main Business
  Forex, commodities, indices, cryptocurrencies, CFDs
• Business Type
  FX broker
• Social Media
• Contact Details
  support@hankotrade.com
• Type of Accounts
  STP, ECN, ECN Plus, Demo
• Trading Platforms
  HankoX
• Withdraw Methods
  Local bank transfer, Skrill, Neteller, AstroPay, Visa, MasterCard
• Auto Trading
  Not disclosed

Pros and Cons

Pros: 1) Low minimum deposit requirement of $10; 2) Tight spreads starting from 0.0 pips for ECN accounts; 3) Access to a demo account for practice. Cons: 1) No valid regulatory status raises concerns regarding safety; 2) Limited communication channels for customer support; 3) The absence of established trading platforms like MT4 or MT5 can be a drawback for seasoned traders.

Company Background

Hankotrade is operated by Hankotrade Global Markets Limited and was established in 2019 in Belize. The broker targets primarily retail traders, providing access to a range of financial instruments, including forex, commodities, indices, and cryptocurrencies via its proprietary platform, HankoX. Despite the broad array of offerings, Hankotrade has been flagged as unregulated, presenting potential risks for its users.

Fund Security

Hankotrade does not maintain regulatory oversight, which raises concerns about the security of client funds. Although it offers negative balance protection, the overall security of funds is weakened due to the lack of regulation. Traders are advised to exercise caution and consider the risks before investing.

Account Opening

Hankotrade offers three live account types: STP with a minimum deposit of $10, ECN with a minimum deposit of $100, and ECN Plus with a minimum deposit of $1,000. A demo account is also available for traders wishing to practice without risk. The onboarding process is straightforward, catering to both beginner and experienced traders.

Trading Fees

The broker employs varying spreads and commission structures across account types. The STP account features spreads starting at 0.7 pips without commission, while the ECN accounts offer spreads from 0.0 pips, charging a commission of $2 per $100,000 traded in the ECN account and $1 in the ECN Plus account.

Trading Instruments

Hankotrade provides a variety of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies. This selection allows for diversified trading strategies, although it does not support stocks or ETFs.

Trading Technology

Trading is facilitated through the HankoX platform, which is designed for web usage. However, the absence of more familiar platforms like MT4 or MT5 might not meet the preferences of traders accustomed to those interfaces.

Research and Education

Information regarding research and educational resources is not prominently available on Hankotrade's website, which may limit new traders' ability to access helpful trading insights and educational content.

Customer Support

Customer support is accessible via email at support@hankotrade.com, but the lack of live chat or phone support can hinder quick resolutions to urgent inquiries. User experiences reported both positive and negative aspects regarding the responsiveness of support.