Hankotrade is a global forex and CFD broker allowing traders to access various financial markets. With tight spreads and Metatrader 4 support, Hankotrade aims to provide a robust trading experience. But how good is Hankotrade, and is it a recommended broker in 2023? In this review, we’ll take an in-depth look at the broker’s features, pros and cons.
Here are some key takeaways on the Hankotrade forex broker:
– Hankotrade is an offshore forex and CFD broker founded in 2020 and regulated in Saint Vincent.– They offer ECN, ECN Plus, and Standard STP account types with tight spreads starting from 0.1 pips.– Accounts can be opened with a relatively low $100 minimum deposit.– Trading platforms include MetaTrader 4, MetaTrader 5, and Hankotrade WebTrader.– A good range of tradable instruments are available including forex, indices, shares, commodities, and cryptocurrencies.– Leverage up to 1:500 is provided but risky for new traders.– Hankotrade allows deposits and withdrawals in Bitcoin which is a notable feature.– Negative balance protection is provided for peace of mind.– The broker offers helpful multilingual 24/5 customer support.– Lacks regulation in major jurisdictions which may deter conservative traders.– Withdrawal fees are on the high side.– Overall, Hankotrade provides easy market access at low costs but has some limitations typical of offshore brokers.
Overview of Hankotrade
Hankotrade LLC is a Saint Vincent and the Grenadines regulated forex broker founded in 2020. The broker services retail and institutional traders across commodities, stocks, indices, and 70+ currency pairs.Hankotrade offers the Metatrader 4 and 5 platforms along with a proprietary web trader. Accounts options include ECN, ECN Plus, and Standard STP types. The broker promises fast execution combined with competitive spreads and commissions.
Hankotrade Account Types
Hankotrade provides three main accounts:ECN– True ECN model with tight variable spreads from 0.1 pips and a $3.5 commission per lot. Minimum deposit is $100.ECN Plus– Similar ECN pricing but with a $25 commission per lot. $100 minimum deposit.Standard STP– Straight-through processing with fixed spreads from 0.7 pips. Minimum deposit is $200.The availability of true ECN accounts from a low minimum deposit is a notable feature. The Standard STP still provides reasonably competitive spreads.
Trading Conditions and Platforms
Key trading features at Hankotrade include:
- Spreadsfrom 0.1 pips on ECN accounts. Average is 0.4 pips.
- Leverageup to 1:500, varying by asset.
- Instrumentsinclude forex, indices, commodities, shares, and cryptocurrencies.
- Platforms– Metatrader 4 and 5 along with Hankotrade WebTrader.
- Deposits/Withdrawals– Bank wire, credit cards, Skrill, Neteller, BTC.
Overall, Hankotrade offers a well-rounded package for forex and CFDs trading including competitive spreads and a good platform selection.
Pros of Hankotrade
Some of the biggest advantages of trading with Hankotrade:
- True ECN execution available on lower account tiers
- Wide selection of trading instruments
- Accepts deposits and withdrawals in Bitcoin
- Negative balance protection provided
- Helpful 24/5 multilingual customer support
Hankotrade provides a lot of benefits even for clients with smaller accounts.
Cons of Hankotrade
Some downsides to consider are:
- High leverage risky for new traders
- Limited trading platforms
- Lacks offshore regulation
- High withdrawal fees
- Few branch locations
While reasonably reliable, Hankotrade does have some limitations to be aware of.
Q: What is Hankotrade?
A: Hankotrade is a forex broker that provides a platform for trading forex and other financial instruments.
Q: Is Hankotrade a regulated broker?
A: No, Hankotrade is an unregulated broker.
Q: What is the significance of being an unregulated broker?
A: As an unregulated broker, Hankotrade does not have to adhere to certain regulations and may have different policies compared to regulated brokers.
Q: Can I trade forex with Hankotrade?
A: Yes, you can trade forex with Hankotrade.
Q: What trading platforms does Hankotrade offer?
A: Hankotrade offers the popular MetaTrader 4 (MT4) platform.
Q: Can I open a trading account with Hankotrade?
A: Yes, you can open a trading account with Hankotrade.
Q: What are the different account types available at Hankotrade?
A: Hankotrade offers different account types, including the MT4 and MT5 accounts.
Q: What is the maximum leverage offered by Hankotrade?
A: The maximum leverage offered by Hankotrade varies depending on the account type and can be found on their website.
Q: What is the minimum spread at Hankotrade?
A: The minimum spread at Hankotrade varies depending on the account type and can be found on their website.
Can I Use Lux Algo with Hankotrade?
Yes, you can use Lux Algo with Hankotrade by adding lux algo to tradingview. This integration allows you to take advantage of Lux Algo’s advanced algorithms and indicators while trading on Hankotrade’s platform. By incorporating Lux Algo into your TradingView account, you can enhance your trading experience with powerful tools for analyzing the markets and making informed decisions.
Q: Does Hankotrade have a mobile app?
A: Yes, Hankotrade has a mobile app available for traders on the go.
Conclusion – Is Hankotrade Recommended?
Overall, Hankotrade presents an attractive offering as an overseas forex/CFD broker. For traders wanting MetaTrader access and ECN spreads from a low deposit, Hankotrade delivers.However, the lack of robust global regulation and limited account funding/withdrawal options may deter more conservative traders. Performing due diligence is advised. But for the right trader, Hankotrade provides a well-rounded accessible trading experience.
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