Hankotrade Broker Review
By David Thompson
Nov 09, 2023 09:58 PM EST
Nov 09, 2023 09:58 PM EST
Hankotrade(Hankotrade) (Credit: Getty Image)
Hankotrade Brokerage was established in 2018 by a group of seasoned investors and traders with a vision to provide a competitive trading environment to traders of all levels to maximize their trading potential.
Hankotrade is an NDD broker that offers a myriad of tradable instruments, including but not limited to Forex, CFDs, Indices, and cryptocurrency pairs. The broker has various trading accounts available for every type of trader—from beginners to pros. The minimum deposit requirement to open an account with Hankotrade is $10, which is easy on pockets.
The broker's physical office is located in Dubai, UAE, at Citadel Tower, Office Number 2802, Business Bay. The esteemed financial jurisdiction of the FSA of Seychelles regulates it. Hankotrade ensures that Hankotrade executes its financial activities lawfully and according to the standard norms of the trading market.
Minimum deposit requirement of $10
Limited educational material
Five different accounts to cater to traders' unique needs
Deposits and withdrawals via crypto-only
Easy to open an account
Wide range of trading instruments
Instant deposits and withdrawals
The first account available at Hankotrade is a demo account, which has identical trading conditions as a live account. This account is a great practice tool for new traders to test their strategies and their outcomes before staking their real capital on risk in the volatile trading market.
Seasoned market players can equally benefit from this demo account to backtest their strategy, evaluate its outcome, and tweak changes before landing in the hot waters of risky situations.
The second account type available at Hankotrade is:
STP is the micro trading live account, ideal for traders who are starting in the trading arena and don't want to burn a hole in their pocket. STP account requires a nominal deposit of $10.
The spreads on this trading account begin from 0.7 pips with commission charges of $0. Hankotrade provides a leverage of 1500 on this trading account to enable traders to maximize their trading funds.
Moving on to the second account type, which is:
ECN account is well suited for beginners to intermediate traders who have a basic understanding of the market dynamics and the know-how of different strategies. The deposit requirement to open the ECN account is $100.
ECN account is spread-free with commission charges of just $2 per side per 100K traded. Traders can also enjoy a leverage of 1500 on this trading account.
Up next, we have an advanced trading account:
The ECN Plus account is the upgraded version of the ECN account. This account is also spread-free, but the commission charges on this account are also lesser than the ECN one. Traders have to pay the commission fee of only a dollar when they trade 100K per side. The deposit requirement for this account is $1,000.
This account also has the option of availing of the leverage and is a perfect match for traders who love spread-free trading and enjoy keeping the major chunks of their profits with themselves.
Moving forward, the next account type is well-suited for Muslim traders.
Hankotrade caters to the special needs of Muslim traders by providing a swap-free Islamic account. Muslim traders can easily trade without compromising on their religious principles.
Hankotrade understands that online threats and attacks can compromise its clients' resources and information. For this purpose, the broker has equipped special features in each trading account to protect its customers from volatile market conditions and cyberattacks.
The detail of each feature is as follows:
Hankotrade prioritizes the safety of its traders with Negative Balance Protection. This feature guarantees that even in the most volatile market conditions, your account balance cannot plummet below zero. This proactive measure shields you from unexpected downturns, providing a secure trading environment.
Empowering traders with precision, Hankotrade incorporates advanced risk management through Stop Loss and Limit Orders. These features enable users to set predetermined thresholds for selling assets to minimize losses (Stop Loss) or automatically execute trades at favorable prices (Limit Orders). It's a strategic tool for effective and controlled trading.
Security is of supreme importance at Hankotrade, and the 2-Step Authentication Verification is a true testament to that commitment. After entering your password, this additional layer of security ensures that only authorized users gain access. By sending a unique code to your mobile device, Hankotrade adds an extra shield to protect your account from unauthorized access.
Hankotrade takes data security seriously, and SSL Encryption is the foundation of its commitment to user privacy. Every interaction on the platform, especially during financial transactions, is shielded by SSL Encryption. The encryption ensures that all communication remains confidential and integral, providing users with a trustworthy and secure trading environment.
From protecting against negative balances to ensuring encrypted communication, Hankotrade prioritizes the safety and confidence of its trading community.
Hankotrade endeavors to swiftly and securely process all the deposits and withdrawal transactions to allow its clients to trade comfortably without worrying about the hassles of payments and transfers.
Traders can fund their trading accounts through cryptocurrency. The broker offers multiple crypto pairs to make it easier for users to finance their charges. Some of the widely used crypto pairs by Hankotrade traders are Bitcoin, Gemini USD, Ethereum, and Litecoin.
Hankotrade is included in the clan of the top few brokers in the market that provide quick withdrawals. Hankotrade clients do not have to wait for an eternity to get their money back in their accounts.
The broker quickly processes the withdrawal requests and transfers clients' money from their trading accounts to their accounts in a jiffy. Plenty of traders have applauded Hankotrade's quick withdrawal on a myriad of review forums.
The following are the snapshots of the email withdrawal update emails shared by the legit clients of Hankotrade Broker. The broker is committed to sending money on the same day and in the span of a few hours after the trader has placed the withdrawal request.
Hankotrade follows a strict no-fee policy on processing deposits and withdrawals. Traders can withdraw their money without worrying about additional deductions or processing charges.
Hankotrade has won the trust and loyalty of numerous people in the trading community. Hankotrade clients have appreciated the broker's transparent fee charges, proactive customer service, seamless execution, and fast withdrawals on various platforms and forums.
The following are some of the top reviews of Hankotrade Broker on legit and well-reputed review posting websites.
Hankotrade operates 24 hours a day, five days a week. Trading is available at any time from Monday to Thursday and until 12 PM (GMT+2) on Fridays.
Yes, traders can manage both demo and live accounts concurrently on Hankotrade by installing separate MT4 platforms for each account.
Certainly, you can modify the balance of your demo account by reaching out to our Support Team via email or through live chat. Just provide your account number and the desired account balance.
Yes, Hankotrade maintains identical trading conditions for both demo and live accounts to ensure an accurate and beneficial learning experience.
No, Hankotrade does not facilitate broker-to-broker transfers. Clients can utilize standard payment methods provided by the platform.
No, Hankotrade does not impose any fees on deposits or withdrawals, adhering to a zero-fee policy for its clients.
Hankotrade processes all withdrawal requests within 5 to 6 hours on business days, ensuring a seamless and efficient forex trading experience for clients.
Yes, it is possible to withdraw funds with an open position, provided that your free margin exceeds the value specified in the withdrawal instruction. The withdrawal will be processed once you have sufficient trading margin, corrected withdrawal forms, or closed any open positions.
Hankotrade operates as an ECN Broker with a fully automated No Dealing Desk (NDD) execution model, ensuring liquidity from leading international banks and liquidity providers.
No, currently, Hankotrade does not provide tick data due to limitations in storing all ticks on the MT4 platform, which may render the information inaccurate and potentially slow down servers.
There are no restrictions on the Hankotrade platform.
Presently, Hankotrade offers MT4 Desktop, MT4 Web-trader, MT4 IOS, and Android platforms for trading.
Indeed, Hankotrade offers swap-free accounts designed to comply with Shariah law, catering to the needs of its Muslim clients. For further details about our Islamic accounts, please refer to Hankotrade's website.
Yes, both hedging and scalping are permitted with Hankotrade, as the platform imposes no restrictions or limits on clients' trading activities.
Hankotrade is a reliable and transparent forex broker, offering a user-friendly platform, competitive spreads, and diverse tradable instruments. With 24/5 customer support and a range of account types and instruments, Hankotrade provides a secure and accessible trading experience for both new and seasoned traders.
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