Review of Hankotrade: Regulatory Compliance, Trading Platforms, Pros and Cons

In the ever-evolving landscape of financial endeavors, Hankotrade emerges as a multifaceted broker, transcending the ordinary. Anchored in the realm of cryptocurrency, this innovative brokerage platform caters to the needs of day traders, offering a rich tapestry of investment opportunities spanning across 80+ instruments. To navigate this expansive financial terrain, Hankotrade employs the dynamic MT4 and MT5 platforms, ensuring a seamless and empowering trading experience.

Diving deeper into the multifaceted landscape of Hankotrade, our review endeavors to unearth the nuances of minimum deposits and withdrawals, diverse account types, intricate spreads, and the allure of leverage, all enhanced by the promise of bonuses. Our team of experts also undertakes the critical task of assessing Hankotrade's regulatory stance and its safety rating in the intricate world of financial trading.

Key Takeaways - Unveiling the Financial Palette

1. Leverage Beyond Limits: With a striking leverage of 1:500, Hankotrade beckons the daring and the dynamic.
2. ECN/STP at its Core: Hankotrade stands as a paragon of the ECN/STP model, fostering transparency and trust in trading.
3. Welcome to Prosperity: A generous 100% welcome deposit bonus extends an enticing invitation to the realm of Hankotrade.
4. Narrowing the Spreads: Unveiling spreads as narrow as 0.0 pips, complemented by a modest $2 commission per $100k, the platform breathes life into the trading arena.
5. Safety in Question: The unregulated status sparks concerns regarding the platform's safety and reliability.
6. Learning Limitations: Educational resources are, regrettably, limited, leaving room for improvement.
7. Crypto Realm: It's important to note that Hankotrade exclusively caters to cryptocurrency deposits.

Overview of the Company

Intriguingly, Hankotrade emerges as a digital entity, birthed in the year 2019. Its roots find purchase in the serene Saint Vincent and the Grenadines, with a secondary presence gracing the vibrant cityscape of Dubai.

Unveiling its commitment to a no-dealing desk (NDD) model, Hankotrade prides itself on directing all orders directly to liquidity providers. The platform embraces trading strategies with open arms, including arbitrage, scalping, and the utilization of EAs. However, a shadow of concern looms due to Hankotrade's unregulated standing, accompanied by a dearth of transparency regarding its management and organizational background, setting it apart from its contemporaries.

Trading Platforms

Hankotrade enters the arena of trading platforms with a resounding presence. The industry stalwarts, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), grace the platform with their versatile features. These software solutions stand as the pillars of trading, accessible through a myriad of devices. Desktops, web browsers, and even Apple and Android (APK) devices offer gateways to the world of Hankotrade.

Beyond the surface, these leading platforms unveil a treasure trove of analysis tools, an intuitive user interface, and a thriving global trading community. The ability to execute instant and pending orders, bolstered by automated trading bots equipped with backtesting capabilities, breathes life into the trading experience. The MetaTrader marketplace serves as a treasure chest for thousands of downloadable indicators, signals, and supplementary trading tools.

MetaTrader 4 (MT4):

• Diverse Timeframes: With nine distinct timeframes, it offers a canvas for traders to craft their strategies.
• Charting Diversity: Supporting three chart types, it caters to various trading preferences.
• One-Click Magic: Simplifying trading with one-click execution.
• Analytical Arsenal: Bestowed with 24 analytical objects for comprehensive analysis.
• Orders Unlimited: Embracing market, stop, and limit orders, offering boundless possibilities.
• Indicators Galore: A rich array of 30+ pre-downloaded indicators to guide trading decisions.

MetaTrader 5 (MT5):

• Timeframes Unleashed: With 21 different timeframes, it empowers traders with profound insights.
• Charting Mastery: Hosting three chart types, it caters to diverse analytical needs.
• Analytical Prowess: Boasting a formidable arsenal of 44 analytical objects, enabling in-depth analysis.
• Strategy Testing: Equipped with strategy backtesting for meticulous evaluation.
• Order Abundance: Providing a choice of six pending order types, offering flexibility in execution.
• Market Depth Insights: Unveiling Level 2 market depth data, a treasure for those seeking depth.
• Coding Capabilities: Proficient in MQL5 programming language for advanced customization.
• Technical Wonders: Offering an impressive selection of 38+ in-built technical indicators for discerning traders.

Trading Instruments

Hankotrade unfurls a canvas of diverse assets, spanning fiat and digital currencies, precious metals, energy resources, and a selection of indices. This grand symphony of instruments includes:

• Indices: The likes of FTSE100, US30, and NAS100 beckon, offering opportunities for investment.
• Cryptocurrencies: Delve into the realm of cryptocurrencies with LTC/USD, BTC/USD, and ETH/USD.
• Forex Prowess: Speculate on the price movements of 62 major, minor, and exotic currency pairs, including the likes of EUR/USD, GBP/JPY, and USD/CAD.
• Commodities Showcase: Embark on a journey through precious metals and energy resources, including XAG/USD, XAU/EUR, and USO/USD.

Yet, it's important to note that stocks find no place in this financial panorama. Furthermore, the array of global instruments is relatively limited when compared to industry leaders that offer an expansive selection.

Hankotrade Fees Structure

Hankotrade presents a spectrum of fees that vary based on the type of account chosen. The landscape is as follows:

• STP Profile: The sole commission-free account boasts minimal spreads starting from 0.7 pips.
• Hankotrade ECN Account: A $4 per round lot turn commission accompanies raw spreads starting from 0 pips, offering a more exclusive trading experience.
• ECN Plus Account: With a commission of $2 per round lot turn, this account unleashes raw spreads from 0 pips, adding depth to the trading journey.

During our exploration of Hankotrade, we encountered spreads of 0.7 pips for GBP/USD and 0.8 pips for USD/EUR. Additionally, there are swap fees for positions held overnight, although these are waived for those opting for the Islamic account.

One striking aspect is the absence of charges for deposits or withdrawals, offering a financial breath of fresh air.

Leverage

Hankotrade extends a tantalizing leverage of up to 1:500. However, the thrill of high leverage comes hand in hand with a margin call of 70% and a stop-out level of 50%. The allure of amplified profits is undeniable, yet it carries the shadow of significantly heightened losses.

The broker's capacity to offer such enticing leverage is closely linked to its unregulated status. However, this very status raises concerns regarding the protective measures in place for retail traders.

Mobile App

Hankotrade doesn't hold traders back, offering them the flexibility to trade on the go. The MetaTrader 4 (MT4) and MetaTrader 5 (MT5) mobile apps provide the perfect companions for traders. These applications are available for free download on iOS and Android devices.

In our experience with Hankotrade, we found the mobile apps to be user-friendly, equipped with push alerts and notifications. Trading directly from charts is a breeze, and the signals and graphs are optimized for both tablets and mobile devices. These mobile companions are poised to cater to the diverse needs of active traders.

Payment Methods

Hankotrade sets a unique course by exclusively accepting cryptocurrency deposits and withdrawals. The array of accepted digital currencies includes Bitcoin, Litecoin, Ethereum, and Dogecoin. This approach, while innovative, might seem restrictive compared to major brokers like Exness, IC Markets, and Oanda, which offer a broader spectrum of options, including bank wire transfers and credit/debit cards.

The minimum deposit requirement varies based on the type of account, with the STP account having the lowest threshold at $10. The processing time for deposits is dependent on the blockchain.

It's important to note that any payment requests exceeding $100,000 will necessitate KYC verification.

How to Initiate a Deposit on Hankotrade - The Steps Unveiled

The process to deposit funds into your Hankotrade account unfolds as follows:

1. Accessing the Client Portal: Begin by signing in to the client portal, setting the stage for your financial journey.
2. Selecting 'Deposit': Once inside, the side menu beckons with the option to click 'Deposit,' steering you in the right direction.
3. Crypto Currency Unveiled: A dropdown menu reveals a selection of deposit methods. Opt for 'Cryptocurrency' to proceed.
4. Details Unveiled: Complete the payment request by providing your trading account ID and the cryptocurrency of choice for your deposit.
5. The Final Act: Seal the deal by clicking 'Proceed,' ushering in the final steps of the transaction.
6. Guiding Light: The ensuing screen showcases your crypto wallet details, offering guidance on the next steps.
7. A Complete Overview: The 'Deposit' screen within the client dashboard lets you view your deposit history and transaction status, ensuring transparency in your financial journey.

Withdrawals

For withdrawals, you can follow the same process, this time selecting the 'Withdrawal' icon in the side menu of the client portal. Withdrawals are aimed at the original payment method, and Hankotrade aims to process these requests within a single working day. The time taken for funds to clear, however, remains dependent on the blockchain.

Demo Account

Hankotrade extends an invitation to its traders in the form of a free demo account. Within this digital playground, traders gain access to real-time market conditions, flexible leverage of up to 1:500, and the luxury of unlimited virtual funds. Furthermore, Hankotrade opens the door to the possibility of holding both a demo profile and a live account concurrently, allowing for a seamless transition between the realms of practice and reality.

Our team of experts strongly recommends the use of a demo account, serving as an ideal launching pad for mastering the intricacies of the MT4 and MT5 platforms. It's a prudent starting point, especially considering the unregulated nature of the firm.

Regulation & License

Hankotrade's official address finds its roots in Saint Vincent and the Grenadines. However, the cloud of uncertainty hovers due to the absence of regulatory credentials. This presents a significant drawback when compared to top-rated brokers, which proudly display licenses issued by trusted financial agencies such as the CySEC, SEC, FCA, or ASIC. The lack of such credentials may leave traders without access to compensation schemes in the event of misconduct, thus exposing their funds to potential risks.

Bonuses & Promotions

Hankotrade embraces the concept of a 100% deposit bonus. This financial enticement extends to users who deposit a minimum of $100 into their live trading account. The platform sweetens the deal by matching and crediting the funds to the trader's account.

However, it's imperative to note that withdrawals are only permitted once a minimum trade volume has been achieved, following the formula: bonus value divided by 2 equals the number of lots to trade.

Additional Features

Hankotrade's landscape unfolds to reveal an array of additional features. While educational materials may be somewhat limited, the platform compensates with a set of handy tools, including a:

• FX Calculator: Empowering traders to determine commissions with precision.
• Pip Calculator: Offering a simple and effective means of calculating pip values.
• Margin Calculator: Facilitating margin calculations for strategic positioning.
• Swap Fee Calculator: Essential for those with positions held overnight.

Moreover, an economic calendar graces the broker's website, offering valuable insights into market events and trends.

Hankotrade caters to tech-savvy traders with the option of a Virtual Private Server (VPS) for ultra-low latency trading. However, the platform remains less transparent about usage fees and minimum trading conditions.

Lastly, Hankotrade introduces the concept of PAMM/MAM-funded accounts. Retail traders have the opportunity to deposit funds into managed profiles, embracing a hands-off investing experience that aligns with their preferences.

Account Types

Hankotrade unfurls an array of live trading accounts, each tailored to meet diverse needs. The offerings encompass:

1. STP Account: A realm where EAs are welcome, commission-free trading reigns, and floating spreads start from 0.7 pips. Hedging and scalping are permitted, and a modest $10 minimum deposit is required.
2. ECN Account: Carving a path for EAs, this account embodies NDD market execution. Floating spreads commence from 0.0 pips, with the flexibility to embrace hedging and scalping. The minimum deposit stands at $100, accompanied by a $4 commission fee per round lot turn.
3. ECN Plus Account: Offering a warm embrace to EAs, this account operates with NDD market execution. Floating spreads, like its ECN sibling, initiate from 0.0 pips. Hedging and scalping are welcome. The minimum deposit requirement elevates to $1000, complemented by a $2 commission fee per round lot turn.
4. Islamic Account: Designed to cater to day traders adhering to Sharia law, this swap-free account relinquishes overnight rollover charges. However, administrative costs come into play when a position extends beyond two days. For example, cryptocurrency positions may incur a 0.25-point admin charge, while indices will be subject to a 2-point fee. Traders seeking this unique profile must reach out to the broker's customer service team to initiate the process or make a transition from an existing account.

Trading Hours

Hankotrade opens its doors to traders 24 hours a day from Monday to Thursday, extending its availability until noon on Fridays. However, a noteworthy limitation is the absence of weekend trading. It's important to note that the server time zone follows GMT +2 during the winter months and GMT +3 during the summer months.

Customer Support

Hankotrade ensures that day traders have access to a robust customer support system, available 24/5. Communication channels include email, live chat, phone, and an online inquiry form. During our interactions with Hankotrade, we received prompt responses on live chat within a matter of minutes.

Contact Details:

• Telephone Number: +97143325768
• Live Chat: Accessible at the bottom right of all webpages
• Email Address: contactus@hankotrade.com
• Online Enquiry Form: Available via the 'contact us' webpage
• Postal Address: Hankotrade LLC, First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines

The website also provides a list of FAQs, addressing common queries such as how to withdraw money from and fund a Hankotrade account, and guidance on deleting an account or changing leverage.

Security & Safety

While Hankotrade doesn't unveil extensive details regarding its security measures, it does offer traders the option to enable or disable two-factor authentication (2FA) when signing into the client portal. Additionally, new customers are required to furnish information about their previous trading experience and their knowledge of the forex market.

The esteemed MetaTrader brand, underpinning Hankotrade's platform, is renowned for its commitment to secure trading. It operates with robust data encryption, concealed IP addresses, and RSA digital signatures, bolstering the security of transactions and data.

Pros and Cons - A Tale of Balance

Pros:

• Demo Account: Providing a valuable sandbox for honing trading skills.
• MT4 Integration: Seamlessly integrating the MetaTrader 4 platform for a familiar trading experience.
• Low Minimum Deposit: Facilitating entry into the world of trading with a modest minimum deposit.

Cons:

• No Regulatory Oversight: The absence of regulatory supervision poses a notable risk.
• Few Payment Methods: Exclusively accepting cryptocurrency may limit accessibility.
• No Copy Trading: The absence of copy trading features may disappoint traders seeking social trading opportunities.

Hankotrade emerges as a broker that doesn't subscribe to superfluous frills, instead focusing on providing access to over 80 assets through the MT4 and MT5 platforms. Despite the presence of ECN and STP accounts, a generous welcome bonus, and a promise of high leverage, the absence of strong regulatory credentials and the limited public information regarding the company's background raise valid concerns. Furthermore, Hankotrade exclusively accepts cryptocurrency deposits, which may not align with the preferences of all traders.

Hankotrade Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.