Hankotrade is an online forex and CFD broker that offers a wide range of financial instruments, including forex currency pairs, indices, commodities, and cryptocurrencies. They operate as a market maker, which means they act as the counterparty to their clients’ trades. This can be advantageous for traders who prefer more predictable trading costs, as market makers typically offer fixed spreads.
Hankotrade review – Table of content
Key Features
- Fixed spreads: Hankotrade offers fixed spreads on all of their tradable instruments. This means that you will always know exactly how much you will pay to open and close a trade, which can be helpful for managing your trading costs.
- High leverage: broker offers a maximum leverage of 500:1 on forex trades and 100:1 on other instruments. This means that you can control a much larger position with a smaller deposit, which can be beneficial for experienced traders who are comfortable with taking on more risk.
- ECN execution: broker uses ECN (Electronic Communication Network) execution, which means that your trades are routed directly to the interbank market. This can result in tighter spreads and faster execution times.
- Diverse trading platforms: Hankotrade offers a variety of trading platforms to choose from, including MetaTrader 4, MetaTrader 5, and their own proprietary trading platform, Hankotrade Trader.
Regulation of Hankotrade broker
Hankotrade is not currently regulated by any major financial regulator. This means that there is no independent body overseeing their activities and protecting their clients’ funds. As a result, it is important to do your own due diligence before opening an account with Hankotrade.
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Hankotrade – Is it safe?
Unregulated brokers are not subject to the same oversight and scrutiny as regulated brokers, and they may not be held to the same standards of conduct. This means that your money may be at risk if you invest with an unregulated broker.
Here are some of the risks of investing with an unregulated broker:
- Fraud: Unregulated brokers may be more likely to engage in fraudulent activity, such as manipulating market prices or stealing your funds.
- Lack of investor protection: Unregulated brokers may not provide the same level of investor protection as regulated brokers. This means that you may not be able to recover your money if you lose it due to fraud or negligence.
- Limited access to dispute resolution: If you have a dispute with an unregulated broker, you may have limited access to dispute resolution mechanisms. This means that it may be difficult or impossible to resolve your dispute fairly.
In addition to these risks, unregulated brokers may also have higher fees and poorer customer service than regulated brokers.
If you are considering investing with a broker, it is important to make sure that they are regulated by a reputable financial authority. You can check the broker’s website or contact your local financial regulator to find out if they are regulated.
Hankotrade fees
Hankotrade’s fees structure varies depending on the account type you choose. Here’s a breakdown of their fee structure:
Standard STP Account:
- Spreads: Starting from 0.7 pips for major currency pairs
- Commission: None
ECN Account:
- Spreads: Starting from 0.0 pips for major currency pairs
- Commission: $2 per standard lot (100,000 units) round trip
ECN Plus Account:
- Spreads: Starting from 0.0 pips for major currency pairs
- Commission: $1 per standard lot (100,000 units) round trip
Swap Fees:
Hankotrade charges swap fees on overnight positions. The swap fee is based on the interest rates of the two currencies involved in the trade.
Deposit and Withdrawal Fees:
Hankotrade does not charge any fees for deposits or withdrawals. However, some payment methods may incur fees from the payment processing company.
Margin Call and Stop-Out Levels:
Hankotrade’s margin call level is 70%, and its stop-out level is 50%. This means that your account will be closed if your equity falls below 70% of your margin requirement, and you will be liquidated if your equity falls below 50% of your margin requirement.
Overall, Hankotrade’s fees are relatively competitive. They offer fixed spreads and no commission on their standard STP account, which can be attractive to traders who prefer more predictable trading costs. However, their ECN and ECN Plus accounts have higher commission fees, and their swap fees can be significant for traders who hold overnight positions.
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Hankotrade – Trading platforms
Hankotrade offers a variety of trading platforms to suit different trading styles and experience levels. Here is a brief overview of each platform:
MetaTrader 4 (MT4)
MT4 is a popular and widely used trading platform that is known for its user-friendly interface and comprehensive suite of trading tools. It is ideal for both beginners and experienced traders.
Key features of MT4:
- User-friendly interface
- Comprehensive charting tools
- Technical indicators
- Custom indicators
- Automated trading strategies (Expert Advisors)
MetaTrader 5 (MT5)
MT5 is the successor to MT4 and offers a number of additional features, including:
- Market depth
- Integrated news feed
- Multi-threaded strategy execution
- Timeframes up to M1
Key features of MT5:
- Market depth
- Integrated news feed
- Multi-threaded strategy execution
- Timeframes up to M1
Pros
- Fixed spreads
- High leverage
- ECN execution
- Diverse trading platforms
Cons
- Not regulated by any major financial regulator
- Limited customer support
- May not be suitable for beginners
Our rating
Overall, Hankotrade is a decent forex and CFD broker with a number of positive features, including fixed spreads, high leverage, and ECN execution. However, their lack of regulation is a major concern.
