According to research in South Africa is a forex broker company founded in 2018 and registered in Seychelles. The broker is only regulated by the Financial Services Authority of Seychelles (FSA).
Hankotrade provides the MetaTrader 4 (MT4) trading platform to traders and the minimum deposit required to open a standard account with them, is only $10. Hankotrade is an ECN broker and claims to offer excellent trading environments and among the lowest commissions in the industry.
Hankotrade passes its clients’ orders directly to the liquidity providers, ensuring a swift execution of trades without any conflict of interest. The broker provides clients online trading of multiple financial instruments across different asset classes, including forex, indices, commodities, and cryptocurrencies via multiple trading account options.
Hankotrade Safety and Security
One of the best benchmarks to measure the safety of a broker like Hankotrade, is to establish which regulating authorities are watchdogs over its actions.
Hankotrade is only regulated by the Financial Services Authority of Seychelles (FSA), and does not provide participation in a financial mechanism by which client’s losses may be recovered in case of bankruptcy or fraud. Also, it has no assurance for the segregation of accounts.
Hankotrade Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin. Hankotrade offers a maximum leverage ratio of 1:500.
Hankotrade Accounts
A forex account at Hankotrade is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.
Hankotrade offers the following types of accounts:
STP Account
The minimum required deposit to open this type of account is $10 and traders may choose from USD, EUR, and CAD as a base currency. Spread begins from 0.7 pips and maximum leverage is 1:500.
The account comes with Negative Balance Protection, minimum lots at 0.1 lots and zero commissions.
ECN Account
The minimum required deposit to open this account is $100 and USD, EUR, and CAD can be used as base currency. The spread begins from 0.0 pips and maximum leverage hat may be used is 1:500. The account comes with Negative Balance Protection and minimum lots at 0.01 lots, making it a great trading experience. Commission is $2 per side per 100K traded.
ECN Plus Account
The Hankotrade ECN Plus account is clients’ most popular choice despite a minimum deposit of $1,000. Account base currencies are USD, EUR & CAD.
Spreads on this account type start from 0.0 pips and maximum leverage is also 1:500. The minimum lot size is 0.01 but commission is very low at just $1 per side per $100k position size.
Islamic Account
With the Hankotrade Islamic accounts no rollover interest is charged on overnight positions so Muslim traders can participate in forex trading whilst sticking with their beliefs. An admin charge will be debited from a client’s trading account when a trade is held for 2 days, but all other features of an Islamic account are similar to that of the other accounts.
Hankotrade Market instruments
The most popular market instruments available from most brokers for trading include:
Forex
Commodities
Indices
Precious metals
Energy
Cryptocurrencies:
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- Bitcoin (BTC) is the digital currency with the largest market capitalisation.
- Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability
- Ripple (RPL) is popular among big banks with the Ripple network a next generation real-time gross settlement system.
- Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.
- Bitcoin Cash (BCH) was created by the Bitcoin hard fork in 2017 as a new version of the blockchain with different rules.
Hankotrade offers the following of the above:
50+ Currency Pairs
9 Crypto Pairs
4 Indice CFDs
2 Metal CFDs
2 Energy CFDs
Hankotrade Fees
Cost depends on different factors, like spread and margins, and Hankotrade clients may also experience different fee structures according to their country or place of residence.
Hankotrade charges commission fees on certain trading accounts. The standard accounts have no commission fee, but the ECN account has a $2 commission fee (per side per $100k position size) and the ECN Plus account a $1 commission fee (per side per $100k position size).
Spreads on the ECN and ECN Plus account start from 0.0 pips and on the STP account from 0.7 pips. This account does not charge any commission. Hankotrade also does not charge any inactivity fees on idle accounts.
Hankotrade Deposit and withdrawal
Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ. In the case of Hankotrade the following are required: a minimum deposit to open a standard account is $10. It is $100 for an ECN Account and $1,000 for the ECN Plus Account.
Hankotrade clients can deposit or withdraw only via cryptocoins such as Bitcoin, Ethereum and Ripple, not with standard Visa and MasterCard or e-wallets. Hankotrade does not charge deposit or withdrawal fees but blockchain and currency conversion fees apply. The minimum withdrawal amount is $50, and withdrawals are processed within 24 hours.
Hankotrade Trading platforms
The forex trading platform provided by Hankotrade to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms. Hankotrade provides the popular MT4 as trading platform.
