Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Hankotrade Pros & Cons
- 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.
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.
TU Expert Verdict
Hankotrade carries a higher degree of risk. My review and user feedback point to noticeable performance issues and limitations. It may be appropriate only for experienced traders who fully understand the risks and are prepared for potential instability.
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Hankotrade User Reviews
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5-star
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3-star
38%
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1-star
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria9 /10The trading and non-trading commissions of Hankotrade have been analyzed and rated as having Low fees, with a fees score of 9/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and IG Markets, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Complex fee structure
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of Hankotrade with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, Hankotrade’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
Hankotrade Standard spreads Hankotrade OANDA IG Markets EUR/USD min, pips 0.9 0.1 0.6 EUR/USD max, pips 1.5 0.5 1.2 GPB/USD min, pips 1.1 0.1 0.6 GPB/USD max, pips 1.7 0.5 1.5 RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
Hankotrade RAW/ECN spreads Hankotrade OANDA IG Markets Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 2 3.5 2.3 EUR/USD avg spread 0.1 0.15 0.8 GBP/USD avg spread 0.1 0.2 1 Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with Hankotrade. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
Hankotrade Non-Trading Fees Hankotrade OANDA IG Markets Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 0 0 0 -
Is Hankotrade Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria2 /10Hankotrade has a safety score of 2/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Negative balance protection
- Track record over 9 years
- Not tier-1 regulated
- Not regulated
Hankotrade Security Factors Foundation date 2017 Negative balance protection YesVerification (KYC) YesHankotrade is Not a Regulated Broker
Attention! It's your choice to work with regulated or unregulated brokers, but please consider the risks carefully. Unregulated brokers might offer lower fees and flexible trading options, but they lack investor protection, have a higher fraud risk, and no guarantee of withdrawals. Thoroughly research before deciding.
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Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.4.3 /10Hankotrade offers the following account options: Demo, Standard, ECN/Raw spread, Swap Free, Managed.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Swap Free (Islamic) account
- Tight spread ECN account
- Low minimum deposit
- No VIP account option
- No Cent account
Hankotrade account types vs top competitors Hankotrade Plus500 OANDA Standard YesYesYesECN/Raw spread YesNoYesDemo YesYesYesCent NoNoNoMicro NoNoYesSwap Free YesNoYesVIP NoNoNoManaged YesNoNoHankotrade accounts trading conditions
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:
Account Type Description STP The minimum deposit is $10. The main account currencies are USD, EUR, and CAD. The minimum spread is 0.7 pips. The maximum leverage is 1:500. Negative balance protection is available. The minimum order is 0.01 lots. Additional trading fees are not charged; ECN The minimum deposit is $100. Basic currencies are USD, EUR, and CAD. Spread is from 0 pips. The maximum leverage is 1:500. There is negative balance protection and a fee of $2 in each direction for the turnover of $100,000; ECN Plus The minimum deposit is $1,000. The main account currencies are USD, EUR, and CAD. The spread is from 0 points. The maximum leverage is 1:500. There is negative balance protection. A fee of $1 in each direction is charged for the turnover of $100,000. 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.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology3 /10Hankotrade received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
Hankotrade offers limited payment options and accessibility, which may impact its competitiveness.
- Minimum deposit below industry average
- No withdrawal fee
- No deposit fee
- USDT (Tether) supported
- No bank wire option
- PayPal not supported
- Only major base currencies available
What are Hankotrade deposit and withdrawal options?
Hankotrade offers a limited selection of deposit and withdrawal methods, including BTC, USDT, Ethereum. This limitation may restrict flexibility for users, making Hankotrade less competitive for those seeking diverse payment options.
Hankotrade Deposit and Withdrawal Methods vs Competitors Hankotrade Plus500 OANDA Bank Wire NoYesYesBank card NoYesYesPayPal NoYesYesWise NoNoNoBTC YesNoYesWhat are Hankotrade base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. Hankotrade supports the following base account currencies: Bitcoin.
What are Hankotrade's minimum deposit and withdrawal amounts?
The minimum deposit on Hankotrade is $10, while the minimum withdrawal amount is $50. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Hankotrade’s support team.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria5.3 /10Hankotrade offers a limited selection of trading assets compared to the market average. The platform supports 0 assets in total, including 62 Forex pairs.
- 62 supported currency pairs
- Indices trading
- Crypto trading
- Futures not available
- Bonds not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by Hankotrade with its competitors, making it easier for you to find the perfect fit.
Hankotrade Plus500 OANDA Currency pairs 62 60 68 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 2800 129 Stocks NoYesYesCommodity futures YesYesYesCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. YesYesYesStock indices YesYesYesOptions NoYesNoInvestment options
We also explored the trading assets and products Hankotrade offers for beginner traders and investors who prefer not to engage in active trading.
Hankotrade Plus500 OANDA Bonds NoNoYesETFs NoYesNoCopy trading YesNoYesPAMM investing YesNoNoManaged accounts YesNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at Hankotrade by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.10 /10We successfully registered an account with Hankotrade in 8 minutes. The KYC verification was completed within 1 business day. The minimum deposit amount at Hankotrade is $10. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Fully online account opening process
- Low minimum deposit requirement
- Quick KYC verification (1 business day or less)
- Account setup process may feel less convenient for beginners
Hankotrade account opening Hankotrade Plus500 OANDA Online Registration YesYesYesMinimum deposit $10 $100 $0 Mandatory KYC YesYesYesRegistration time (min) 8 10 KYC time (days) 1 3 3 Is Hankotrade available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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.
- Deposits and withdrawals of funds.
- 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.
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Customer Support
Score:We evaluated Customer Support at Hankotrade by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria4.2 /10The broker’s customer support shows noticeable weaknesses in responsiveness or communication quality. Delays in replies are common, and resolution may require repeated contact.
In TU testing, response speed was below expectations, and assistance was limited in depth. Traders who rely heavily on support may experience inconvenience.
InformationThe client support service operates 24/7.
- Operators of the technical support help solving relevant problems
- Non-members can get assistance
- To communicate with technical support, trader’s contact information is required
- Minimal delays are possible
Ways to contact the representatives of the brokerage company:
- via live chat on the website;
- by writing an email;
- through the Account Operation section in the user account;
- 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 contactus@hankotrade.com
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FAQs
Is Hankotrade a regulated forex broker and how safe is it for traders?
Hankotrade is an unregulated forex broker with a safety score of 2/10, which corresponds to a low security level in the Traders Union methodology (https://tradersunion.com/methodology-for-evaluation-of-brokers/). It offers negative balance protection and requires KYC verification, but the absence of regulation and investor compensation schemes means traders face higher regulatory and fraud risks and no guaranteed withdrawals.
What trading and non-trading fees does Hankotrade charge?
Hankotrade has low overall fees, with a commissions score of 9/10, tight EUR/USD spreads on Standard accounts (typically 0.9–1.5 pips), and ECN/RAW accounts that charge a $2 commission per lot with average EUR/USD and GBP/USD spreads of 0.1 pips. Non-trading fees are also low, as there are no deposit fees, withdrawal fees, or inactivity fees.
Which account types and key trading conditions are available with Hankotrade?
Hankotrade offers Demo, Standard (STP), ECN, ECN Plus, Swap Free, and Managed accounts, but does not provide Cent, Micro, or VIP accounts. Minimum deposits range from $10 for STP to $100 for ECN and $1,000 for ECN Plus, with maximum leverage of 1:500, negative balance protection on all main accounts, and spreads starting from 0.7 pips on STP and from 0 pips on ECN and ECN Plus.
What are the deposit and withdrawal conditions at Hankotrade?
Hankotrade supports a limited range of funding methods, primarily cryptocurrencies such as Bitcoin (BTC), USDT (Tether), and Ethereum, and uses Bitcoin as a base account currency. The minimum deposit is $10, the minimum withdrawal is $50, and there are no withdrawal fees, although the restricted payment options and major base currencies may reduce flexibility for some traders.
What markets and investment products can be traded with Hankotrade?
Hankotrade provides access to 62 currency pairs, as well as trading in crypto, commodity futures, and stock indices, but does not offer stocks, options, bonds, or ETFs. For more passive approaches, the broker supports copy trading, PAMM investing, and managed accounts, which can be used instead of or alongside active trading.
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