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Hankotrade is a forex broker located in Mwali, regulated by the Mwali International Services Authority (MISA).
Hankotrade accepts clients from all over the world, excluding UK and some other countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
| 50+ Currency Pairs | Based on major and minor world currencies. |
| 3 Crypto Pairs | Based on Bitcoin, Ethereum, Litecoin. |
| 10 Indice CFDs | Based on baskets of different blue-chip stocks. |
| 2 Metal CFDs | Based on Gold and Silver. |
| 3 Energy CFDs | Based on Crude Oil (WTI, Brent) and Natural Gas. |
Established in 2018, Hankotrade is an offshore forex & CFD broker registered in the offshore jurisdiction known as the Comoros Union, and with a physical office in Dubai in the UAE. The broker 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 (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Bitcoin Cash (BCH).
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 ten 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 its trading platform, Hankotrade offers its own system known as Hanko ActTrader. The platform is well-designed, works with the broker's full range of trading assets, and supports advanced technical analysis tools. The platform is also easy enough for even beginners to use, given new solutions such as the “interactive risk management” module.
The platform 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.
Like 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 UK and some highly sanctioned countries and regions.
I've just recently had problems with Hankotrade and the "spreads". They are executing positions that are way off ~15 pips from my entry, and doing the same when closing the trades. I was in profit on a trade and closed it, they sent it back in neg by 7 pips. Beware!
I've been using Hankotrade for about a year. When their Metaquotes license was still in place, everything was operating smooth. In my opinion, Hankotrade was one of the best offshore broker available for US clients. However since the migration, they have completely collapsed, and have diminished as far as efficiency and problem solving goes.
I was completely caught off guard when MT4/MT5 stopped working. During the migration to ACT, I had opened trades, I was attempting to flip my account using a small amount. It was a Thursday, I held it overnight as I was reassured that my trades would still be active, the next day, with a slight waiting time via live chat. On Friday morning, I still didn't have access to my account, using the MT4 chart I realized that my trades would have been in profit. However, during a news report, my trades went the opposite direction and I was locked out of my account, in turn I ended up loosing money and my account went negative. At first I wasn't mad or angry, I understand things happen and this may have been an inconvenience for them as well. I submitted multiple tickets and was told that I would be reimbursed for my losses shortly and was asked to be patient. It took 3 weeks, but I received it.
Last week I attempted to place a trade and couldn't because the ACT app was having technical difficulties. The demo account worked fine, but live was completely out of whack. Anyways, I submitted a ticket and used the live chat and again was told that the issue would be resolved. The next day, I saw that they took my reimbursement out of my account and it went back to negative. It's been a week since, resubmitting a ticket and still this issue is unresolved. I would like to think they are being sincere with their efforts to fix these issues. However, I'm not sure why it's so difficult or taking so long to get it done. It's a small amount, but for the simple fact, they aren't reliable fixing this issue, it makes me very hesitant to deposit any more money. I can only imagine if I had thousands or millions in my account, what a headache this would be!
Anyways, in my opinion, if they can update the ACT trading app and resolve these issues... honestly, Hankotrade would still be one of the top offshore brokers for US clients. I hope my relationship with Hankotrade can be improved once this is resolved. As for now, if you're thinking of signing up... be very careful! Only use a small amount and trade safely.
They are scammers!!! Stay away I warned u!!!!
Good luck getting your money back from hanko. Tried to withdraw two times, both times they gave me BS reason that my withdrawal was denied due to congestion on ETH network. Lesson learned.
Horrible execution times (>3 seconds), slippage in price (always the wrong way), no one can trade under these conditions.
Scam broker. Liquidating your positions with abnormal price movents, slippages!
I've been with hankotrade for over 3 years. At first i had 0 problems, ever since becoming a full time trader i've ran into many issues, to which i've had 0 support from their “25/7 live support“. Beware hankotrade will indefinitely refuse withdrawals and steal deposits often without any reasoning, as well as frozen charts in the middle of high volatility moves, afterwards they did apologize and offer $50 compensation for over $900 in losses. Ironically they never even gave me the $50 compensation and stopped answering emails on this aswell. Moral of the story, think twice before trusting this broker with your money.
Unless you are a swing trader, I would stay away from this broker.
Stay away. Market execution and take profits off by 15 to 18 pips. No help from support. No phone number. My money was stolen with no remorse on their part.
Yep, they took my position out with the excuse of poor liquidity and blaimed me. Stay away, bad broker.
Changed our margins without warning or authorization. Stole our money overnight. AVOID!
Scam. Customer support email is unreachable. Cannot place any trade because "not enough money". Avoid!
