Hankotrade Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MetaTrader4
- MetaTrader5
- MT5 Desktop
- MT5 Webtrader
- MT5 Android
- MT5 IOS
- MT4 Web Trader
- MT4 Mobile app
- 2017
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MetaTrader4
- MetaTrader5
- MT5 Desktop
- MT5 Webtrader
- MT5 Android
- MT5 IOS
- MT4 Web Trader
- MT4 Mobile app
- 2017
Our Evaluation of Hankotrade
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Hankotrade is a high-risk broker with the TU Overall Score of 2.36 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Hankotrade clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. Hankotrade ranks 373 among 448 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
Hankotrade is suitable for both novice and professional traders. Novice traders can use demo accounts to try trading the instruments provided by the brokerage company.
Brief Look at Hankotrade
Hankotrade is an STP (straight-through processing) broker providing services to both retail and professional traders. The company offers trading contracts for differences (CFDs) on currencies, metals, and cryptocurrencies. The office of the brokerage company is located at Port Harcourt City, Rivers State, Nigeria. The company acts as an unregulated broker.
- Traders have access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, as well as to desktop and mobile trading. Clients can also use web versions of the platforms;
- Bonuses are available;
- Passive investment in PAMM and MAMaccounts;
- Demo accounts are available for testing trading strategies;
- Flexible spreads that depend on the asset;
- Prompt client support;
- The IB (Introducing Broker) program for extra income.
- The broker is not regulated;
- Mandatory verification;
- A limited number of withdrawal methods.
TU Expert Advice
Financial expert and analyst at Traders Union
The broker provides traders with the MT4 and MT5 trading platforms. If necessary, the broker’s client can trade through desktop, mobile, or web versions. According to the company, the broker's team has been working in the asset trading industry since the 1980s. The company's traders operate in global financial markets, including Asia and North America.
Hankotrade offers 3 account types, which are STP, ECN, and ECN Plus. Spreads on standard accounts start from 0.7 pips, but it is worth noting that the indicator can be even lower. Trading with zero spreads is possible on ECN accounts subject to favorable market conditions. Both professional and retail traders are provided with leverage of up to 1:500. The main account currencies are USD, EUR, and CAD.
The broker conducts transparent activities. Trading conditions, fees, and policies of the partnership are described in detail on the Hankotrade website. If you have any questions, you can write to technical support, which responds to client’s requests 24/7. Operators work quickly, provide comprehensive advice, and try to quickly resolve relevant issues.
Hankotrade Summary
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. Hankotrade Ltd and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | MetaTrader 4, MT4 Desktop, MT4 Phone, and MT4 Web; MetaTrader 5, МТ5 Desktop, MT5 Phone, and MT5 Web |
|---|---|
| 📊 Accounts: | Demo, STP, ECN, and ECN Plus |
| 💰 Account currency: | USD, EUR, and CAD |
| 💵 Replenishment / Withdrawal: | Cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, TrueUSD, USDC, DogeCoin, and Tether ERC20 |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 1.7 pips |
| 🔧 Instruments: | Currency pairs, CFDs on indices, commodities, cryptocurrencies, and metals |
| 💹 Margin Call / Stop Out: | 70%/50% |
| 🏛 Liquidity provider: | Banks and cryptocurrency stock exchanges |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | STP and No Dealing Desk (NDD) execution |
| ⭐ Trading features: | No |
| 🎁 Contests and bonuses: | Yes |
Hankotrade allows you to trade cryptocurrencies, currency pairs, indices, metals, and energies (silver, gold, and oil). The broker offers standard MT4 and MT5 platforms. Also there are STP, ECN, and ECN Plus accounts. Traders receive leverage from 1:10 to 1:500, which can be set in the user account. There are Islamic accounts without swaps.
Hankotrade Key Parameters Evaluation
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Trading Account Opening
Before you start trading, you must register a user account and create a trading account. Registration instructions are as follows:
On the Hankotrade website, click the “Register Live Account” button. Next, fill out the registration form. A confirmation code will be sent to the email address you provided during registration.
After confirming the account, the system will automatically open the user account. You need to create a live account in it. You can do this by clicking the “Add Live Account” button. Next, a menu with a list of available platforms and accounts will appear. Here select the required type of trading account and platform, and specify the desired leverage.
Functionality of the user account:
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Deposits and withdrawals of funds.
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Registration of PAMM and MAM accounts.
Functions of the user account:
Economic calendar;
Detailed report on a trading account;
Quick access to bonuses and referral system;
2FA (two-factor authentication) connection;
Communication with the Hankotrade technical support.
Regulation and safety
Hankotrade offers its services without the control of regulators.
Advantages
- Traders’ funds are kept separately from the broker’s equity
- Automated negative balance protection
- Compliance with the requirements of AML (Anti-Money Laundering) principles
Disadvantages
- To facilitate the withdrawals over $5,000, verification is required
- Deposits and withdrawals are possible in cryptocurrencies only
- The broker gathers personal information
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| STP | From $7 | No |
| ECN | From $0 | No |
| ECN Plus | From $0 | No |
Swap accounts and swap fees are in play here.
Traders Union specialists have compared average fees of Hankotrade, RoboForex, and PocketOption. The results are shown in the table below.
| Broker | Average commission | Level |
|---|---|---|
|
$2.3 | |
|
$1 | |
|
$8.5 |
Account types
Three accounts are available to Hankotrade traders, which can be created on any trading platform. The maximum leverage for both retail and professional clients is 1:500. The minimum deposit for standard and ECN and ECN Plus accounts is different.
Account types:
You can create a demo account in each version of the trading platform.
Hankotrade is a broker offering favorable trading conditions for novice traders and professionals.
Deposit and Withdrawal
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The minimum withdrawal amount is $50, and the brokerage company processes the withdrawal request within 24 hours;
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The withdrawal may be rejected if the application has not been confirmed within 48 hours. Also, the company may refuse to allow trader to withdraw funds if there is insufficient margin on the account or the wallet is incorrectly specified;
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To make a deposit, verification is not required. But if the withdrawal amount is $5,000 or more, the company has the right to request the proof of identity;
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Compensation of a transfer fee may be denied if there was no activity on the trading account;
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Withdrawal of funds is possible only in cryptocurrencies.
Investment Options
Hankotrade offers its services to both active traders and clients who want to invest and make a profit passively. The broker provides opportunities to work with the markets through trust management and investment in PAMM and MAM accounts. At the moment, access to social trading is not provided. To make a profit, you can register as an introducing broker under the IB program and receive additional profit from each transaction.
PAMM and MAM accounts present opportunities to increase income
The brokerage company provides MAM and PAMM accounts for trust management of funds. Accounts are available through MT4 and MT5. Clients who sign up as money managers get access to flexible spreads and better liquidity. Also, managers have the opportunity to work with investor accounts within the trading platform through a master account.
Features of PAMM and MAM accounts:
The minimum trade size is 0.01 lots;
The broker does not limit the number of user accounts that can be under the main manager account;
Wide range of assets;
Managers choose themselves what percentage of profit they can receive from clients. The percentage is agreed upon with the broker and payments are accrued by the end of the month.
To register as a manager, you need to have more than two sub-accounts. The total balance of the main account must exceed $10,000. Each account manager is provided with a personal link to register and manage sub-accounts.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership program from Hankotrade:
The company offers the possibility to work through IB. Introducing Broker program is a solution that allows you to get an additional discount on spreads. Clients who have registered using the IB link will be able to use Hankotrade's trading platforms. The broker's partners themselves set the margin on the spreads. Payments are made every 24 hours to the partner’s user account;
Referral system. Hankotrade pays 40% commission for every trade made by a client referred by a trader. To start earning under this system, you need to register a referral using a special link.
Customer support
The client support service operates 24/7.
Advantages
- Operators of the technical support help solving relevant problems
- Non-members can get assistance
Disadvantages
- To communicate with technical support, trader’s contact information is required
- Minimal delays are possible
Ways to contact the representatives of the brokerage company:
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via live chat on the website;
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by writing an email;
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through the Account Operation section in the user account;
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by creating a ticket in the user account.
You don't need to have an active account to receive a response to your question. Hankotrade technical support is available to traders who do not trade regularly.
Contacts
| Foundation date | 2017 |
|---|---|
| Registration address | Hankotrade LLC First floor, First St Vincent Bank Ltd Build, James Street, Kingstown, St Vincent and the Grenadine. |
| Official site | https://hankotrade.com/ |
| Contacts |
Education
The Hankotrade website does not have a separate section with educational materials. The only way to gain new knowledge is to study the FAQs section.
There are no cent accounts, and, therefore, trading strategies can only be tested on demo accounts.
Comparison of Hankotrade with other Brokers
| Hankotrade | RoboForex | Exness | TeleTrade | Pocket Option | Tickmill | |
| Trading platform |
MetaTrader5, MetaTrader4, MT4 Mobile app, MT5 IOS, MT5 Desktop, MT5 Webtrader, MT4 Web Trader, MT5 Android | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | Pocket Option, MT5, MT4 | MT4, MT5, Tickmill Mobile App |
| Min deposit | $10 | $10 | $10 | $10 | $5 | $100 |
| Leverage |
From 1:1 to 1:50 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | Yes |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 1.7 point | From 0 points | From 1 point | From 0.8 points | From 1.2 point | From 0 points |
| Level of margin call / stop out |
70% / 50% | 60% / 40% | No / 60% | 70% / 20% | 30% / 50% | 100% / 30% |
| Execution of orders | NDD, STP | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | $30 |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of Hankotrade
Hankotrade operates with a client-oriented approach, ensuring high speed of order execution and the highest quality of the trading process. The broker does not limit trading strategies. Traders have access to hedging and scalping. Order execution of STP and No Dealing Desk (NDD) types are offered. All clients have access to partnership programs and bonuses. The company provides three account types, namely STP, ECN, and ECN Plus.
Hankotrade by the numbers:
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The minimum spread for currency pairs are 0.7 pips;
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It hosts the two most popular trading platforms, which are MT4 and MT5;
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Withdrawals are made within 24 hours.
Hankotrade is a company with solutions for active trading and passive income
Hankotrade is a broker that offers both standard STP and ECN accounts, allowing you to trade directly with liquidity providers. They are international banks and cryptocurrency stock exchanges. Because of this, competitive trading spreads are available, and you can trade currency pairs and CFDs on metals and indices. Experienced traders can choose PAMM and MAM accounts and receive a fee for transactions that are made by their referrals.
Trading is carried out using MT4 and MT5. Trading software can be downloaded to your phone, providing you with access to the resources of the brokerage company globally. Hankotrade does not prohibit automated trading.
Useful services offered by Hankotrade:
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VPS (Virtual Private Server) that provides 24/7 operation of software for automated asset trading. Any trader can use this instrument, regardless of the account balance;
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E-calendar provides up-to-date market information in real-time. The data contains swaps, asset values, and spreads;
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Fx Calculators allow you to calculate profit, loss, and margin on trades.
Advantages:
Tight spreads from 0.7 pips on standard accounts;
Negative balance protection;
This broker keeps traders' funds in separate accounts, which provides additional asset security;
Deposits and withdrawals are free;
Fast operation of the trading platform;
Spreads change in real-time.
Demo accounts are available for all traders. Useful services can be used by clients with any balance.
User Satisfaction i