Editor’s Verdict
Hankotrade is an unregulated broker operating from Comoros, with corporate ownership headquartered in the UAE. Traders get the ActTrader trading platform and competitive trading fees with ECN/NDD trade execution. Hankotrade only accepts cryptocurrencies for deposits and withdrawals, but the minimum deposit is only $10. In conducting this Hankotrade review, I found that while there are no regulatory protections, this broker has much to recommend, such as the low fees.
Most importantly, though, can you trust Hankotrade?
Read on to find out.
Overview
Hankotrade is an unregulated broker offering ultra-low trading fees.
Headquarters | United Arab Emirates, Comoros |
|---|---|
Regulators | Unregulated |
Tier 1 Regulator(s)? | |
Owned by Public Company? | |
Year Established | 2018 |
Execution Type(s) | ECN/STP, NDD |
Minimum Deposit | $10 |
Negative Balance Protection | |
Trading Platform(s) | Other |
Average Trading Cost EUR/USD | 0.01 pips ($1.00) |
Average Trading Cost GBP/USD | 0.01 pips ($1.00) |
Average Trading Cost WTI Crude Oil | $0.08 |
Average Trading Cost Gold | $0.10 |
Average Trading Cost Bitcoin | $72.00 |
Minimum Raw Spreads | 0.0 pips |
Minimum Standard Spreads | 0.7 pips |
Minimum Commission for Forex | $2.00 per round lot |
Funding Methods | 10 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
Hankotrade Five Core Takeaways
- Unregulated broker without security features
- Ultra-low trading fees
- Act Trader with MQL4 scripts converter
- MAM/PAMM accounts for traditional account management
- Only cryptocurrency deposits with a 100% deposit bonus
Hankotrade Regulation & Security
Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders check for regulation and verify it with the regulator by checking the provided license with their database. Hankotrade is an unregulated broker.
Name of the Regulator | Unregulated |
|---|---|
Regulatory License Number | Unregulated |
Regulatory Tier | Unregulated |
Is Hankotrade Legit and Safe?
While my Hankotrade found no verifiable misconduct or malpractice by this broker, I saw many red flags, fake positive reviews on sites like Trust Pilot, and a lack of transparency. Therefore, I cannot recommend Hankotrade, and I urge traders to proceed with caution if they decide to deposit with and trade at Hankotrade.
Hankotrade Regulation and Security Components
- Founded in 2018
- Negative balance protection
- Unregulated broker
- No third-party security measures.
- Lack of transparency
- Operates from Comoros (was in the Seychelles before its relocation).
- Corporate headquarters in Dubai, UAE.
- It still needs to update its terms and conditions, which show its old Seychelles address.
What Would I Like Hankotrade to Add?
Hankotrade should either become a Hong Kong-based Financial Commission member or move back to the Seychelles to become a regulated broker. A third-party insurance package would also enhance protection.
Fees
I rank trading costs among the most defining aspects when evaluating a broker, as they directly impact profitability. Hankotrade presents traders with ultra-low trading fees in its commission-based trading accounts.
Traders get raw spreads from 0.0 pips for a commission between $2.00 and $4.00 per 1.0 standard round lot, dependent on the account type, making Hankotrade ideal for scalpers, high-frequency traders, and other short-term strategies. Commission-based trading fees are competitive with 0.7 pips or $7.00 per lot.
Hankotrade reimburses traders for deposit fees and does not charge withdrawal fees. Expanding on its cost advantage, Hankotrade does not charge inactivity fees.
Average Trading Cost EUR/USD | 0.01 pips ($1.00) |
|---|---|
Average Trading Cost GBP/USD | 0.01 pips ($1.00) |
Average Trading Cost WTI Crude Oil | $0.08 |
Average Trading Cost Gold | $0.10 |
Average Trading Cost Bitcoin | $72.00 |
Minimum Raw Spreads | 0.0 pips |
Minimum Standard Spreads | 0.7 pips |
Minimum Commission for Forex | $2.00 per round lot |
Deposit Fee | |
Withdrawal Fee | |
Inactivity Fee | false |
Here is a snapshot of Hankotrade trading fees:
The minimum trading costs for the EUR/USD at Hankotrade are:
Minimum Spread | Commission per Round Lot | Cost per 1.0 Standard Lot |
|---|---|---|
0.7 pips (STP) | $0.00 | $7.00 |
0.0 pips (ECN) | $4.00 | $4.00 |
0.0 pips (ECN Plus) | $2.00 | $2.00 |
The most ignored trading costs are swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights in the commission-based ECN Plus Hankotrade account.
Taking a 1.0 standard lot buy/sell position in the EUR/USD, at the average spread and holding it for one night in the Hankotrade ECN Plus account will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs |
|---|---|---|---|---|
0.00005 pips | $2.00 | $10.50 | X | -$13.00 |
0.00005 pips | $2.00 | X | -$1.86 | -$0.64 |
Taking a 1.0 standard lot buy/sell position in the EUR/USD, at the average spread and holding it for seven nights in the Hankotrade ECN Plus account will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs |
|---|---|---|---|---|
0.00005 pips | $2.00 | $73.50 | X | -$74.00 |
0.00005 pips | $2.00 | X | $13.02 | $10.52 |
Noteworthy:
- As in the example above, Hankotrade offers positive swap rates on qualifying assets, allowing traders to earn money.
- The cost advantage fades with time, making Hankotrade best suited for short-term trading strategies.
Hankotrade Trading Hours
Asset Class | From | To |
|---|---|---|
Currency Pairs | Monday 00:00 | Friday 24:00 |
Cryptocurrencies | Monday 00:00 | Friday 24:00 |
Commodities | Monday 00:00 | Friday 24:00 |
Crude Oil | Monday 00:00 | Friday 24:00 |
Gold | Monday 00:00 | Friday 24:00 |
Metals | Monday 00:00 | Friday 24:00 |
Equity Indices | Monday 00:00 | Friday 24:00 |
Range of Assets
Hankotrade is primarily a Forex broker, offering an additional small selection of cryptos, commodities, and indices. The asset selection caters well to scalpers and high-frequency traders who require fewer but highly liquid trading instruments. Therefore, Hankotrade delivers to its core trader base but needs to be more suitable for other strategies.
Hankotrade offers the following assets:
- 70 currency pairs
- 3 cryptocurrency pairs
- 8 commodities
- 6 indices
Currency Pairs Cryptocurrencies Commodities Crude Oil Gold Metals Equity Indices Stocks (non-CFDs) Bonds ETFs Options Futures Synthetics
Hankotrade Leverage
Maximum Retail Leverage | 1:500 |
|---|---|
Maximum Pro Leverage | 1:500 |
What Should Traders Know About Hankotrade Leverage?
- Maximum retail Forex leverage is 1:500.
- Negative balance protection ensures traders cannot lose more than their deposit.
- Traders must always use appropriate risk management with leveraged trading to avoid magnified trading losses.
Account Types
Hankotrade offers one commission-free account type, STP, and two commission-based alternatives, ECN and ECN Plus. The minimum deposits are $10, $100, and $1,000, respectively. Trading conditions are identical, except for a notable decrease in trading fees. Since Hankotrade caters to scalpers and high-frequency traders who trade large volumes, I highly recommend the ECN Plus account, as the cost savings can amount to thousands monthly.
Traders will receive a margin call at 70%, followed by an automatic stop-out at 50%. A swap-free Islamic account exists, but I urge Islamic traders to carefully consider the administrative charges per asset, which Hankotrade levies to compensate for the loss of income from swap rates.
Hankotrade Demo Account
Demo trading does not grant exposure to trading psychology and can create unrealistic trading expectations. Therefore, I want to caution beginner traders when using demo trading as an educational tool, and they should consider the limitations.
What Stands Out About the Hankotrade Demo Account?
- Hankotrade allows traders to customize the demo account with leverage and a demo account balance.
- No expiry on demo accounts
- Only 6 currency pairs for demo traders
Trading Platforms
Hankotrade only offers ActTrader, a Finvasia-owned product, but it has an MQL4 script converted, allowing traders to run MT4 EAs. Traders can use ActTrader as a desktop client, a web-based alternative, and a mobile app. Similar to MT4, only the desktop client supports algorithmic trading. TradingView powers the trading charts, and ActTrader allows partial order closing.
ActTrader fully supports API and algorithmic trading and complements the low trading fees at Hankotrade. I wish Hankotrade would introduce ActTrader more effectively, as many retail traders are unfamiliar with the platform. It is a competent MT4 alternative used by 100+ institutional clients and hedge funds but suffers the same dated design as MT4.
Overview of Trading Platforms
MT4 | |
|---|---|
MT5 | |
MT4/MT5 Add-Ons | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Social/Copy Trading | |
DOM? | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
One-Click Trading | |
OCO Orders | |
Interest on Margin |
Unique Features
The ultra-low trading fees in the ECN Plus account with ActTrader combine for an excellent trading environment for scalpers and high-frequency traders. Based on that, Hankotrade would rank among the best strategy-specific brokers, but I must recognize the red flags around this broker.
Research & Education
Hankotrade does not cater to beginners and, therefore, has no research. The ActTrader trading platform has an integrated economic calendar and features a table with pivot points, support, and resistance levels per asset. Given the core client base at Hankotrade and the abundance of free and paid-for research, I do not consider its absence to impact the Hankotrade trading environment negatively.
What About Education at Hankotrade?
Hankotrade does not offer educational content, as its core market is advanced traders and professionals.
- I recommend beginners seek in-depth education from third parties, starting with trading psychology and the relationship between leverage and risk management.
Customer Support
Hankotrade offers 24/7 customer support via e-mail, phone, live chat, and Skype. I recommend traders read the FAQ section before contacting Hankotrade via live chat, where response times were fast.
Bonuses and Promotions
Hankotrade offers a 100% deposit bonus, up to a maximum of $25,000. The deposit bonus is available from a minimum deposit of $100. The Hankotrade bonus is withdrawable without a time limit, and the maximum leverage drops to 1:200. Other terms and conditions apply. The Hankotrade bonus follows the guidelines of bonus structures beneficial to traders.
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 |
Website Languages |  |
Opening an Account
The Hankotrade online account application only asks for a name, e-mail, desired password, country, and phone number. Clicking “Sign Up” completes the registration.
What should traders know about the Hankotrade account opening process?
- Hankotrade complies with global AML/KYC requirements.
- Account verification is mandatory.
- Most traders pass verification by uploading a copy of a government-issued ID and one proof of residency document.
- Hankotrade may ask for additional information on a case-by-case basis.
Minimum Deposit
The Hankotrade minimum deposit is $10.
Payment Methods
Hankotrade only accepts cryptocurrencies (Bitcoin, Litecoin, Dash, Ethereum, True USD, Gemini USD, USDC, EOS, Bitcoin Cash, and Z Cash).
Withdrawal options |  |
|---|---|
Deposit options | |
Accepted Countries
Hankotrade notes the USA, India, Israel, Iran, and North Korea as restricted countries. It also adds that it will deny services to “any country where such distribution or use would be contrary to local law or regulation.”
Deposits and Withdrawals
The secure Hankotrade back office handles financial transactions for verified clients.
What are the key takeaways from the deposit and withdrawal process at Hankotrade?
- Hankotrade does not accept bank wires, credit/debit cards, or e-wallets.
- Hankotrade does not levy internal deposit or withdrawal fees.
- Hankotrade reimburses traders for deposit fees.
- The minimum deposit is $10.
- Hankotrade does not list a minimum withdrawal amount.
- The Hankotrade withdrawal process takes one business day.
Is Hankotrade a good broker?
I like the trading environment at Hankotrade as it combines a cutting-edge trading platform, ultra-low trading fees, liquid assets, and competitive leverage, ideal for scalpers and high-frequency traders. Hankotrade offers one of the best strategy-specific trading environments, but unfortunately, I cannot recommend the broker. The unregulated trading environment lacks investor protection, and Hankotrade only accepts cryptocurrency deposits and withdrawals. It is a significant red flag that negates all the bright spots and makes it unsuitable for scalpers and high-frequency traders.
Another red flag my Hankotrade review discovered is fake positive reviews on Trust Pilot written by users who never left a review. I did not find any confirmed wrongdoing, but the abundance of warning signs dominated my Hankotrade review, and I urge traders to proceed cautiously or avoid Hankotrade altogether. The Hankotrade minimum deposit is $10. Hankotrade aims to complete withdrawals within one business day. Hankotrade is a broker and does not state that it uses another broker. Hankotrade is unregulated. Hankotrade is an unregulated broker, and traders must assess if that suffices to label it as an illegitimate broker.FAQs
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