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Hankotrade review and ratings

Established 2018
Location Seychelles
Regulation None
Offices Mahe
Broker type STP | ECN
Leverage up to 1:500
Deposit from 10 USD
Spreads low  low
Platforms Web MetaTrader 4
Instruments Currencies Crypto Indices Metals Energies
Funding methods Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple
Best MT4 Test

Equity Growth: 116%

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Company information

Hankotrade is a legally registered forex broker located in the Seychelles, but not regulated by any government agency.

Availability

Hankotrade accepts clients from all over the world, excluding UK and some countries where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

50+ Currency Pairs Based on major and minor world currencies.
9 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin, Ripple, EOS.
4 Indice CFDs Based on baskets of different blue-chip stocks.
2 Metal CFDs Based on Gold and Silver.
2 Energy CFDs Based on Crude Oil (WTI, Brent).

Comprehensive review

Established in 2018, Hankotrade is an offshore forex & CFD broker registered in the Seychelles that offers a wide selection of forex pairs for trading, as well as high trading leverage. Also special about this broker is that it relies exclusively on cryptocurrencies for funding trading accounts, with no other funding methods accepted.

Although Hankotrade is based entirely on crypto deposits and withdrawals, trading accounts are not denominated in crypto, but instead in either USD, EUR, or CAD. This means that there will always be a conversion between the crypto a user chooses to fund his account with, and the fiat currency the account is denominated in, whenever inbound transfers are received.

Unfortunately, however, detailed information about the exchange rates used for these necessary conversions are missing from the broker’s website.

At the time of this writing, the cryptocurrencies that are accepted by Hankotrade as funding methods are Bitcoin, Ethereum, Litecoin, Ripple (XRP), and Bitcoin Cash.

In terms of instruments available for trading, we already mentioned that Hankotrade has a fairly good selection of forex pairs that traders can choose from. When it comes to other assets, however, the selection is much more limited, with only a handful of commodities, a few cryptocurrencies, and four stock indices to trade in. This stands in contrast to many other offshore brokers, who often offer everything from single stocks to interest rates, bonds, and a wide range of commodities to their users.

Out of the four stock indices offered by Hankotrade, three are popular American equity indices, while the fourth is the German DAX index.

As many brokers do, Hankotrade has chosen to rely exclusively on the MetaTrader 4 (MT4) as its trading platform. This is a trading platform that is already very well-known in the forex trading community. Despite its old age (MT4 was first released in 2005), the platform still has an incredibly large user base of retail traders from all around the world who prefer the platform over other and newer alternatives.

As usual, MT4 is available in its standard downloadable version for Windows computers, as well as in a web version for use on any type of computer, and as mobile versions for Apple and Android mobile devices.

Once signed up, new clients at Hankotrade can choose between a standard STP account with commission-free trading, an ECN account for commission-based trading with tighter spreads, an ECN Plus account with even lower commissions and tight spreads, or a swap-free account designed especially for Muslim traders. The STP account comes with a minimum deposit requirement of USD 10, the ECN account USD 100, and the ECN Plus USD 1,000.

As nearly all brokers we have reviewed here on FX-List, Hankotrade offers customer service via a live chat function on the website that appears to actually be live most of the time. However, the broker has not published any opening hours for their support department, which in our view is a bit unfortunate. The broker also has not disclosed any phone number that users can call in case of problems, which we also think should be expected of any serious forex broker.

According to its published terms of use, Hankotrade accepts clients from all countries, except the US and the UK.

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