Hankotrade

Overview of Hankotrade

Established in Seychelles in 2018, Hankotrade appears to be a forex and CFD broker offering trading in currencies, commodities, stock indices, and cryptocurrencies.

They seem to cater to new traders with features like low minimum deposits (starting at $10), ultra-low trading fees and a variety of tradable assets.

However, there are significant red flags that make Hankotrade a risky choice. The most concerning issue is the lack of regulation by any major financial authority. Furthermore, Hankotrade's website lacks transparency. Key information like the complete fee structure and security measures are not readily available.

Pros and Cons

Regulatory Authority

There is no evidence that Hankotrade is regulated by any well-known financial authorities like the FCA (UK), SEC (US), or ASIC (Australia). This is a major red flag.

Security

* Unregulated Broker: Regulatory oversight includes requirements for data security and client fund protection. Without this, the security of traders' personal information and funds is uncertain.

* Limited Information: There's a lack of transparency about Hankotrade's security measures. Reputable brokers typically disclose information about encryption standards, account security features, and how they safeguard client funds.

Overall, the security risks associated with Hankotrade are significant.

Cryptocurrencies Available

Hankotrade offers a wide range of cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash and others.

Trading Market

Hankotrade offers trading in several markets, but due to their lack of regulation, here's a breakdown of what they advertise:

* Forex (Foreign Exchange): This is the largest financial market in the world, where you trade currencies like EUR/USD, GBP/JPY, etc.

* Commodities: These are tradable physical goods like oil, gold, or wheat.

* Stock Indices: These represent a basket of stocks from a particular market, like the S&P 500 or Nikkei 225.

* Cryptocurrencies: Digital assets like Bitcoin, Ethereum, and Litecoin.

Trading Platform

HankoX:

Fully customizable interface:

Users can customize trading screens to their liking, including charts, real-time risk reports and streaming prices.

Interactive Risk Management:

Users can view all risks, simulate “what-if” analyses in their accounts, and execute multi-legged strategies with

just a few clicks.

One-Click Trading:

Opening new positions with a single click simplifies the trading process and significantly reduces trade completion time.

Rich Charts and Graphs:

ActTrader provides detailed and feature-rich charts and graphs.

Visual Strategy Builder:

Allows users to create automated strategies directly from charts without programming knowledge.

Other advantages of HankoX:

API support: including REST API, JAVA API and FIX API.

Customizable and flexible workspace.

Multiple trading modes.

Better charting capabilities.

Multi-window platform.

Support for cryptocurrencies and price quotes with up to 8 decimals.

Compatible with a wide range of EAs (Expert Advisors), indicators and algorithms (powered by Act).

Customizable platform time to fit traders' local time.

Offers 11 time frames and 4 pending order types.

Includes 48 default indicators and 18 analysis objects.

Shows clearer swap values in USD (instead of pips).

Visualization of algorithmic trading (unique).

Built-in multi-account manager.

Detachable windows.

Language translator.

Account Types

Hankotrade offers various account types such as STP, ECN, ECN Plus and Islamic accounts, catering to different trading needs and strategies, each with varying minimum deposits, fee structures, and potential benefits:

STP (Straight Through Processing):

Minimum Deposit: $10 (lowest barrier to entry)

Fees: Advertised as commission-free, but it's important to check for any potential spreads or hidden fees.

Potential Benefit: Appealing to new traders due to the low minimum deposit and potentially lower fees.

ECN (Electronic Communication Network):

Minimum Deposit: $100 (higher than STP)

Fees: Lower commissions compared to STP, but likely involves spreads.

Potential Benefit: Tighter spreads compared to STP for potentially more favorable pricing on trades.

ECN Plus:

Minimum Deposit: $1,000 (highest barrier to entry)

Fees: Lowest commissions among the three account types, likely with spreads.

Potential Benefit: Tightest spreads and potentially the most cost-effective option for high-volume traders.

Here's a table summarizing the key differences between the three account types:

Fees

Hankotrade's fee structure depends on the account type you choose. Here's a breakdown:

Commissions:

STP: No commission fees.

ECN & ECN Plus: Commission fees apply per trade, charged on both opening and closing positions (round trip).

ECN: $2 per $100,000 traded (round trip).

ECN Plus: $1 per $100,000 traded (round trip).

Spreads:

STP: Starts from 0.7 pips.

ECN & ECN Plus: Start from 0.0 pips (tighter spreads than STP).

Payment Method

Hankotrade only accepts deposits and withdrawals through cryptocurrencies, which may be inconvenient for some users.

How to Buy Cryptos？

Below is a detailed, step-by-step guide on how to purchase cryptocurrencies on Hankotrade:

Visit the Hankotrade website: https://hankotrade.com/.

Locate the account registration section: Look for a button or link labeled “Register Now!”.

Fill out the registration form: This requires providing personal information like your name, email address, phone number, and potentially proof of identity.

Choose your account type: Hankotrade offers different account types with varying minimum deposits and fee structures.

Fund your account: Deposit the minimum amount required for your chosen account type using their available methods.

Navigate to the crypto market: Locate the section of the platform dedicated to cryptocurrency trading.

Choose your cryptocurrency: Select the specific cryptocurrency you want to buy (e.g., Bitcoin, Ethereum).

Place a buy order: Specify the amount of cryptocurrency you want to buy and the price you're willing to pay (market order) or set a limit order at a specific price.

Execute the trade: Once your order is filled, cryptocurrency will be credited to your Hankotrade account.

Services

Hankotrade offers various services as follows:

VPS

E-Calendar

Fx Calculator

A smooth and convenient forex trading experience is guaranteed with these trading tools, which work out any financing charges or credits on legacy accounts.