Hankotrade Broker Review: Benefits, Risks, and All You Need to Know

Hankotrade: A Promising Yet Unregulated Trading Platform

Hankotrade, established in 2019, is a relatively new entrant to the online brokerage world, offering forex, CFDs, cryptocurrencies, indices, and commodities. With high leverage, tight spreads, and cryptocurrency funding options, the platform has positioned itself as an attractive option for traders seeking flexibility and cost-effective trading. However, the lack of regulation by any recognised financial authority introduces significant risks, raising concerns for traders who prioritise fund security and transparency.

As an unregulated broker, Hankotrade operates without oversight from agencies like the FCA or ASIC, which means there are no guarantees for the safety of client funds or dispute resolution processes. Despite this, the broker has gained traction in the trading community, particularly among experienced and high-risk traders who are drawn to its enticing features. Let’s take a closer look at Hankotrade’s key offerings and whether it’s a suitable choice for your trading needs.

Key Features of Hankotrade

One of Hankotrade’s standout features is its high leverage, offering traders up to 1:500. Such leverage allows users to control large positions with a relatively small initial deposit, making it highly appealing to those looking to maximise returns. However, this also magnifies losses, making it more suitable for seasoned traders who understand the risks associated with leveraged trading. Beginners should approach such leverage cautiously, as it can quickly deplete their capital.

Another key feature is Hankotrade’s competitive trading costs. The broker advertises tight spreads starting from 0.0 pips on its Raw ECN account, combined with low commission fees. For example, the Raw ECN account charges a commission of $2 per lot per side, while the premium ECN Plus account reduces this to just $1 per lot per side, making it ideal for high-volume traders. For newcomers, the STP account offers a commission-free structure, though the spreads start from 0.7 pips, which can result in higher costs over time. This flexibility ensures that Hankotrade caters to traders across various experience levels.

Hankotrade also appeals to modern traders by accepting cryptocurrency deposits and withdrawals. Bitcoin, Ethereum, and other major cryptocurrencies are accepted, allowing fast and secure transactions without reliance on traditional banking systems. However, the broker’s exclusive reliance on cryptocurrency for funding may deter those unfamiliar with digital assets or who prefer traditional funding methods. Additionally, some traders have reported delays in withdrawals, which could be a concern when relying on crypto-based funding.

The Trading Experience at Hankotrade

Hankotrade’s proprietary trading platform, HankoX, is a browser-based system that offers a straightforward trading experience. While it provides essential features like basic charting tools, technical indicators, and order types, it lacks the advanced functionality and customisation options found in industry-standard platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5). This limitation may frustrate experienced traders who rely on more sophisticated tools for strategy development and market analysis. That said, the platform’s simplicity could appeal to beginners looking for a user-friendly interface.

The range of tradable assets on Hankotrade includes over 50 forex pairs, multiple cryptocurrencies, popular indices, and commodities like gold and oil. This variety allows traders to diversify their portfolios and capitalise on different market opportunities. However, compared to larger brokers that offer hundreds of instruments, Hankotrade’s selection may feel somewhat limited, particularly for those who trade niche markets or exotic pairs.

Account Types and Accessibility

Hankotrade offers four main account types to accommodate different trader profiles. The STP account is designed for beginners, with no commissions and spreads starting from 0.7 pips. While it offers a straightforward fee structure, the wider spreads can increase trading costs over time. More experienced traders may prefer the Raw ECN account, which provides tighter spreads from 0.0 pips at a competitive commission rate of $2 per lot per side. For high-volume or professional traders, the ECN Plus account reduces commissions to $1 per lot per side, combining low costs with exceptional trading conditions.

Additionally, Hankotrade caters to Muslim traders with its Islamic account option, which is available across all account types. These swap-free accounts comply with Sharia law, eliminating overnight interest charges while maintaining the same trading conditions as standard accounts. This feature makes Hankotrade a suitable choice for traders who require an interest-free environment.

Concerns and Risks

While Hankotrade’s features are appealing, the broker’s lack of regulation is a significant drawback. Operating without oversight from recognised financial authorities means traders have no legal recourse in the event of disputes or financial losses caused by broker misconduct. This absence of regulatory protection is a key reason why some traders hesitate to trust Hankotrade, especially given the reports of withdrawal delays circulating in online forums.

Another concern is the broker’s limited educational resources. Hankotrade provides only basic tutorials and trading guides, which are insufficient for beginners looking to develop a strong foundation in trading. Experienced traders, on the other hand, may find this less of an issue but might still miss the detailed market insights and analytics often offered by larger brokers.

Customer support at Hankotrade operates 24/5 via live chat, email, and phone. While some users have reported satisfactory experiences, others have highlighted inconsistent response times and vague answers, which can be frustrating when dealing with technical or account-related issues.

Pros and Cons of Trading with Hankotrade

Pros

• High Leverage: Hankotrade offers leverage of up to 1:500, which is one of the highest available in the trading industry. This allows traders to take larger positions with a relatively small initial investment, potentially amplifying profits. High leverage is particularly attractive for experienced traders who have strategies to manage risk effectively. However, while the leverage is a significant draw, it’s important to note that it can also increase losses. This feature is best utilised by those who have a deep understanding of risk management and the volatility of financial markets.
• Low Trading Costs: One of Hankotrade’s most appealing aspects is its competitive pricing. The broker advertises spreads starting from 0.0 pips on its Raw ECN and ECN Plus accounts, coupled with low commission fees. For instance, the Raw ECN account charges $2 per lot per side, while the ECN Plus account reduces this to $1 per lot per side, making it an affordable option for high-volume traders. The STP account, aimed at beginners, offers a commission-free structure with spreads starting from 0.7 pips, providing a simple and transparent pricing model for less experienced traders. This flexibility ensures that Hankotrade can accommodate a wide range of trading styles and budgets.
• Cryptocurrency Deposits: Hankotrade stands out by allowing traders to fund their accounts using cryptocurrencies such as Bitcoin, Ethereum, and other major digital currencies. This is a significant advantage in a world where crypto transactions are becoming increasingly common. Cryptocurrency funding ensures faster transaction times, lower fees, and greater privacy compared to traditional banking methods. For traders who already operate in the crypto space, this feature is both convenient and practical. However, traders should ensure they are comfortable with crypto volatility, especially when using it to fund trading accounts.
• Flexible Account Options: Hankotrade provides a variety of account types designed to suit different levels of trading experience and preferences. The STP account is ideal for beginners, offering commission-free trading and straightforward fee structures. The Raw ECN and ECN Plus accounts cater to more advanced traders, offering tighter spreads and lower commissions, making them suitable for those who require competitive trading conditions. The availability of Islamic accounts is another noteworthy feature, as it allows Muslim traders to participate in the markets without violating Sharia principles. This inclusivity ensures that Hankotrade appeals to a diverse audience.
• User-Friendly Platform: The proprietary HankoX trading platform offers a simple, browser-based solution for traders. While it lacks some of the advanced features of industry-standard platforms like MT4 or MT5, its intuitive design and straightforward interface make it accessible for beginners. Basic charting tools, technical indicators, and order types are included, allowing for essential trading functionality. This simplicity can be a significant advantage for traders who prefer not to deal with the steep learning curves of more complex platforms.

Cons

• Unregulated Broker: Perhaps the most significant downside of trading with Hankotrade is its lack of regulation. Operating without oversight from recognised financial authorities like the FCA, ASIC, or CySEC means that traders’ funds are not protected in case of disputes or financial misconduct. Regulatory oversight provides traders with a layer of security and recourse, which is absent with Hankotrade. This unregulated status introduces considerable risk, particularly for those prioritising transparency and fund safety in their trading journey.
• Withdrawal Issues: Another frequently cited concern is the broker’s withdrawal process. While Hankotrade’s reliance on cryptocurrency for deposits and withdrawals offers certain benefits, such as speed and decentralisation, some users have reported delays in receiving their funds. Withdrawal issues can be a red flag for traders, especially when combined with the broker’s unregulated status. Ensuring that funds are readily accessible is a basic expectation for most traders, and any failure to meet this standard can significantly impact trust.
• Limited Platform Features: While the HankoX platform is user-friendly, it falls short in terms of advanced features that seasoned traders might expect. For example, it lacks the customisation options, algorithmic trading capabilities, and extensive technical analysis tools found on platforms like MT4 and MT5. Experienced traders who rely on these advanced functionalities may find the platform restrictive. This limitation makes Hankotrade more appealing to beginners but less competitive for those who require sophisticated tools for strategy development.
• Smaller Range of Instruments: Although Hankotrade offers a decent variety of tradable assets, including forex, cryptocurrencies, indices, and commodities, its overall selection is limited compared to larger brokers. For example, some brokers provide access to hundreds or even thousands of instruments, including exotic forex pairs, stocks, and niche commodities. Traders seeking a broader portfolio might find Hankotrade restrictive, particularly if they are looking to diversify their investments across less common asset classes.
• Weak Educational Resources: Education is a crucial element for beginner traders, and this is an area where Hankotrade falls short. The broker provides only basic tutorials and guides, which are insufficient for building a strong foundation in trading. Comprehensive educational resources, such as webinars, advanced strategy guides, and market analysis tools, are missing. Beginners who rely heavily on a broker’s educational content to improve their skills may find Hankotrade’s offering inadequate, making it a less appealing option for those new to trading.
• Inconsistent Customer Support: Customer service is an essential aspect of any brokerage, and Hankotrade’s support has received mixed reviews. While the broker offers 24/5 support through live chat, email, and phone, the quality of responses varies. Some traders report positive experiences, highlighting helpful and prompt assistance, while others complain of vague or unhelpful responses. Inconsistencies in customer support can be particularly frustrating when resolving time-sensitive issues, such as platform errors or account discrepancies.

User Feedback

Hankotrade has received mixed reviews on forums like TrustPilot and Forex Peace Army. Positive feedback often highlights its low spreads, high leverage, and crypto funding options. Conversely, negative reviews focus on withdrawal issues, lack of regulation, and the absence of advanced trading tools. Traders are advised to carefully consider this feedback when evaluating the broker.

Final Verdict

Hankotrade offers a compelling mix of high leverage, competitive costs, and cryptocurrency funding options, making it an attractive choice for experienced traders comfortable with risk. The broker’s multiple account types, including swap-free Islamic accounts, ensure accessibility for a diverse range of users.

However, the lack of regulation, reports of withdrawal delays, and limitations in platform functionality and resources make Hankotrade a less appealing option for those prioritising security and comprehensive support. For traders willing to accept the risks associated with an unregulated broker, Hankotrade can be a viable option. Nonetheless, traders seeking a more secure and reliable experience may want to explore regulated brokers with a proven track record of transparency and stability.