As an ECN (Electronic Communication Network) broker, Hankotrade sets itself apart by highlighting its dedication to offering great trading conditions (narrow spreads, no commission, etc.) together with some of the best commissions in the business. Hankotrade quickly sends client orders straight to liquidity providers because it is an ECN broker.
On the other hand, we were able to uncover information about the broker by conducting in-depth research on it, which will give traders greater knowledge about the broker before signing with it.
Hankotrade Ranking Overall
Drawing from our extensive decade-long experience in Forex trading, our research has revealed concerns regarding Hankotrade’s reliability and regulatory compliance. Consequently, we cannot provide a positive ranking for HankoTrade.
Based on our research and comparison with 500 other brokers, HankoTrade’s overall ranking comes in at 3 out of 10. You may see our ranking in relation to other well-known and top brokers in the market below.
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Global top-tier financial regulators
| Name of Regulator | Country of operation |
| FCA (Financial Conduct Authority) | United Kingdom |
| SEC (Securities and Exchange Commission) | USA |
| ASIC (Australian Securities and Investments Commission) | Australia |
| BaFin (Federal Financial Supervisory Authority) | Germany |
| FINMA (Swiss Financial Market Supervisory Authority) | Switzerland |
In contrast, mid-tier regulators operate within less sophisticated legal and regulatory frameworks and provide less stringent oversight compared to top-tier regulators. Consequently, investors may receive less comprehensive protection.The financial and operational standards for brokers governed by mid-tier regulators are often less strict. This may lead to less scrupulous operations or increase the risk of fraudulent practices.
Low-tier regulators generally offer the least complete oversight of brokerage firms. Brokers regulated by low-tier authorities typically encounter fewer requirements and less strict enforcement of compliance. Generally, these regulators provide minimal or no mechanisms for investor protection & compensation funds, leaving clients with limited safeguards.
Brokers regulated by low-tier authorities might be prone to employing unfair pricing practices, opaque trade execution methods, and schemes that could potentially lead to conflicts of interest with their clients. Dealing with brokers regulated by low-tier authorities heightens the risk of encountering unscrupulous brokers, along with potential scams or fraud.
Demo Account of Hankotrade
Demo trading fails to provide exposure to trading psychology and may foster unrealistic trading expectations. Hence, I wish to caution beginner traders against relying solely on demo trading as an educational tool, emphasizing its limitations.
What distinguishes the HankoTrade demo account?
HankoTrade offers traders the ability to customize their demo accounts with leverage options and a flexible demo account balance. Additionally, demo accounts at HankoTrade have no expiration date. However, demo traders are limited to trading with only six currency pairs.
Account types
HankoTrade exclusively offers ActTrader, a product owned by Finvasia, but it has been enhanced with an MQL4 script conversion, enabling traders to execute MT4 Expert Advisors (EAs). Traders have the flexibility to access ActTrader through various platforms, including a desktop client, a web-based interface, and a mobile app. However, similar to MT4, only the desktop client supports algorithmic trading. Trading charts are powered by TradingView, and ActTrader allows for partial order closing.
ActTrader fully supports API and algorithmic trading, complementing HankoTrade’s competitively low trading fees. However, there is a need for HankoTrade to better promote ActTrader, as many retail traders may be unfamiliar with the platform. Despite being utilized by over 100 institutional clients and hedge funds, ActTrader suffers from a dated design similar to MT4.
How does HankoTrade address educational needs?
HankoTrade does not provide educational content, as its primary focus is on advanced traders and professionals. For beginners, I suggest seeking complete education from third-party sources, beginning with topics such as trading psychology and understanding the correlation between leverage and risk management.
Promotions and bonuses
HankoTrade provides a 100% deposit bonus, capped at a maximum of $25,000. This bonus is accessible with a minimum deposit of $100. It can be withdrawn without any time constraints, although the maximum leverage is reduced to 1:200. Please note that additional terms and conditions apply to the HankoTrade bonus, ensuring it adheres to trader-friendly bonus structures.
Payment methods
Hankotrade exclusively accepts cryptocurrencies, including Bitcoin, Litecoin, Dash, Ethereum, True USD, Gemini USD, USDC, EOS, Bitcoin Cash, and Z Cash.
What are the accepted countries?
HankoTrade identifies the USA, India, Israel, Iran, and North Korea as countries with restricted access. Furthermore, it specifies its intention to refuse services to any nation where the distribution or use of its services would conflict with local laws or regulations.
Withdrawals and deposits
The secure back office of HankoTrade manages financial transactions for verified clients.
Here are the main points to remember about the deposit and withdrawal process at HankoTrade:
- HankoTrade does not facilitate bank wires, credit/debit cards, or e-wallet transactions.
- There are no internal deposit or withdrawal fees charged by HankoTrade.
- HankoTrade reimburses traders for any deposit fees incurred.
- The minimum deposit required is $10.
- HankoTrade does not specify a minimum withdrawal amount.
- Withdrawals through HankoTrade typically take one business day to process.
Hankotrade’s customer support service
HankoTrade provides round-the-clock customer support through email, phone, live chat, and Skype. I advise traders to consult the FAQ section before reaching out to HankoTrade via live chat, as response times were notably fast.
Assessing HankoTrade as a Broker: An Evaluation
While I appreciate the trading features offered by Hankotrade, including its cutting-edge platform, low trading fees, liquid assets, and competitive leverage, I cannot in good conscience recommend this broker. The lack of regulation in the trading environment poses a significant risk to investor protection. Additionally, Hankotrade’s exclusive acceptance of cryptocurrency deposits and withdrawals is a notable drawback, particularly for scalpers and high-frequency traders.
Further raising concerns is the discovery of fake positive reviews on Trustpilot, allegedly written by those who never actually left feedback. While no confirmed wrongdoing was found, the abundance of warning signs uncovered during my review of Hankotrade prompts caution. I strongly advise traders to proceed with care or consider alternative brokerage options.
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