Hankotrade Broker Review

By David Thompson

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

Regulated broker

Wide range of trading instruments

Instant deposits and withdrawals

Hankotrade Account Details

1. Demo Account

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:

2. STP Account

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:

3. ECN Account

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:

4. ECN Plus 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.

5. Islamic Swap Free Account

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.

Safety Features of Hankotrade's Trading Accounts

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:

1. Negative Balance Protection

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.

2. Stop Loss and Limit Orders

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.

3. 2-Step Authentication Verification

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.

4. SSL Encryption

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's Deposits and Withdrawal Details

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.

Mode of Payment

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 Withdrawal Time

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.

Proof of Hankotrade Withdrawal

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. 

Withdrawal Fees

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.

Traders' Confidence in Hankotrade

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 Reviews on FX-List

Hankotrade Reviews on SiteJabber

Hankotrade Reviews on Slashdot

Hankotrade Reviews on BrokersView

Hankotrade Reviews on BrokerXplorer

Frequently Asked Questions About Hankotrade

1. What Are the Trading Hours of Hankotrade?

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.

2. Can Traders Use Both Demo and Live Accounts Simultaneously With Hankotrade?

Yes, traders can manage both demo and live accounts concurrently on Hankotrade by installing separate MT4 platforms for each account.

3. Is It Possible to Adjust the Balance of My Demo Account on Hankotrade?

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.

4. Are the Trading Conditions the Same for Both Demo and Live Accounts on Hankotrade?

Yes, Hankotrade maintains identical trading conditions for both demo and live accounts to ensure an accurate and beneficial learning experience.

5. Does Hankotrade Allow Broker-To-Broker Transfers?

No, Hankotrade does not facilitate broker-to-broker transfers. Clients can utilize standard payment methods provided by the platform.

6. Are There Any Charges for Deposits and Withdrawals With Hankotrade?

No, Hankotrade does not impose any fees on deposits or withdrawals, adhering to a zero-fee policy for its clients.

7. How Long Does It Take for Hankotrade to Process Withdrawal Requests?

Hankotrade processes all withdrawal requests within 5 to 6 hours on business days, ensuring a seamless and efficient forex trading experience for clients.

8. Can I Request a Withdrawal From Hankotrade With an Open Position?

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.

9. What Is Hankotrade's Trade Execution Model?

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.

10. Does Hankotrade Offer Tick Data?

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.

11. Are There Any Trading Restrictions With Hankotrade?

There are no restrictions on the Hankotrade platform.

12. How Many Trading Platforms Does Hankotrade Provide?

Presently, Hankotrade offers MT4 Desktop, MT4 Web-trader, MT4 IOS, and Android platforms for trading.

13. Does Hankotrade Provide Swap-Free Accounts for Muslim Clients?

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.

14. Are Hedging and Scalping Allowed With Hankotrade?

Yes, both hedging and scalping are permitted with Hankotrade, as the platform imposes no restrictions or limits on clients' trading activities.

Hankotrade Broker Review: In Summary

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.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics