Hankotrade Review 2024: Unveiling the Pros and Cons

Hankotrade is an offshore forex and CFD broker established in 2018, headquartered in Seychelles. The broker offers a range of trading instruments, including forex pairs, cryptocurrencies, commodities, and indices. With competitive trading conditions, Hankotrade caters to both novice and experienced traders.

Account Types

Hankotrade provides four main account types to accommodate different trader profiles:

• STP Account: Designed for beginners, offering commission-free trading with spreads starting from 0.7 pips.
• ECN Account: Suitable for more experienced traders, featuring tighter spreads from 0.0 pips and a commission of $2 per lot per side.
• ECN Plus Account: Tailored for high-volume traders, offering ultra-low commissions of $1 per lot per side and lightning-fast execution speeds.
• Islamic Account: Available across all account types, providing swap-free trading in compliance with Sharia law.

Trading Platforms

Hankotrade utilizes its proprietary platform, HankoX, known for its advanced features, user-friendly interface, and robust functionality. While HankoX offers essential trading tools, it lacks the advanced capabilities of more popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Trading Instruments

The broker offers a diverse range of trading instruments, including:

• Forex: Over 50 currency pairs.
• Cryptocurrencies: Multiple digital assets.
• Commodities: Including gold and oil.
• Indices: Popular global indices.

While the selection is adequate for many traders, those seeking a broader range of instruments might find it somewhat limited compared to larger brokers.

Regulation and Security

Hankotrade operates without regulation from any recognized financial authority. This lack of oversight means traders have no legal recourse in the event of disputes or financial losses caused by broker misconduct. Additionally, the U.S. Commodity Futures Trading Commission (CFTC) has included Hankotrade on its RED List, indicating that the broker is soliciting U.S. customers without proper registration.

Customer Support

Hankotrade offers 24/7 customer support through multiple channels:

• Email: support@hankotrade.com
• Live Chat: Available on their website.
• Phone Support: Direct assistance for urgent inquiries.
• Skype: For convenient communication.

The availability of diverse support options suggests a commitment to customer service.

User Feedback

User reviews of Hankotrade are mixed:

• Positive Feedback: Some traders appreciate the low spreads, high leverage, and user-friendly platform.
• Negative Feedback: Others have reported issues with the platform’s functionality, withdrawal delays, and lack of regulatory oversight.

Pros and Cons

Pros:

• Competitive trading conditions with low spreads and high leverage.
• Multiple account types catering to different trading needs
• User-friendly proprietary platform, HankoX.
• 24/7 customer support through various channels.

Cons:

• Lack of regulation from recognized financial authorities.
• Limited range of trading instruments compared to larger brokers.
• Absence of popular trading platforms like MT4 and MT5.
• Reports of withdrawal delays and platform issues.

Conclusion

Hankotrade offers attractive trading conditions, including low spreads, high leverage, and a user-friendly platform. However, the lack of regulatory oversight and reports of operational issues raise significant concerns. Traders should exercise caution and conduct thorough research before engaging with this broker.