Hankotrade Review (2021) – ☑️Pros and Cons Revealed.

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 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:

• • 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

How to open an account with Hankotrade

With Hankotrade the process of account opening is swift. You just have to click on the ‘Register’ button and after you have filled in the short form, you confirm with the ‘Sign Up’ button.

Step 1 – Register an account

Click on the ‘Register’ button

Step 2 – Fill out the form

Supply personal detail, financial information, trade knowledge and experience

Hankotrade Customer support

Hankotrade Education

Hankotrade only offers a limited collection of educational content but does have a FAQ section that contains instant and detailed answers to most of the common questions.

Hankotrade Research

With Hankotrade they have access to only a few research tools, just those under the ‘Tools’ section such as a Commission Calculator, Margin Calculator, Pip Calculator and Swap Calculator.

Hankotrade Awards

Hankotrade vs GKFX Prime vs GCI Trading – A Comparison

Hankotrade Current Popularity Trend

As According to Google Trends, here is an overview of how frequently the search term – “Hankotrade ” is entered into Google’s search engine over a given period of time.

Conclusion

Hankotrade is an unregulated online trading broker but it provides a diverse range of trading instruments and services to global clients.

Disclaimer

Before deciding to trade with Hankotrade, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

Hankotrade warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence Hankotrade cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

Frequently asked questions

TRADING ENVIRONMENT

How many instruments can I trade with Hankotrade?

You can trade several different instruments with Hankotrade, which include the following:

• 50+ Currency Pairs
• 9 Crypto Pairs
• 4 Indice CFDs
• 2 Metal CFDs
• 2 Energy CFDs

Which platforms are supported by Hankotrade?

Hankotrade provides the following popular trading platforms:

Does Hankotrade offer leverage?

Yes, Hankotrade offers a maximum leverage of up to 1: 500

What spreads can I expect with Hankotrade?

Spreads on the ECN and ECN Plus account start from 0.0 pips and the STP account has spreads from 0.7 pips but does not charge any commission.

Does Hankotrade charge commission?

Yes, depending on the type of account. The standard accounts have no commission fee, 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).

Are there additional charges on the Islamic account?

Yes, an admin charge is debited from clients trading accounts when a trade is held for 2 days.

Is Hankotrade regulated and by whom?

Hankotrade is only regulated by Financial Services Authority of Seychelles (FSA)

Is Hankotrade a recommended forex trading broker for experts and beginners?

Hankotrade offers a fair trading environment for most types of traders.

What is the overall rating out of 10 for Hankotrade?

5/10

ACCOUNTS

What is the difference between a demo and live trading account?

A demo account as is offered by broker companies like Hankotrade is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account which needs to be funded with the customers own real money.

Does Hankotrade offer a demo account?

Yes, on all account types.

How long is the demo account valid?

The demo account can be used parallel with live accounts.

Which live trading accounts does Hankotrade offer?

• STP Account
• ECN Account
• ECN Plus Account
• Islamic Account

Does Hankotrade offer an Islamic Account

Yes.

What are the available deposit currencies for a live trading account?

USD, EUR, and CAD

DEPOSITS AND WITHDRAWALS

What is the minimum deposit required to open an account with Hankotrade?

$ 10

How do you make a deposit and withdraw money with Hankotrade?

Hankotrade offers the following deposit and withdrawal methods:

• Bitcoin,
• Ethereum,
• Litecoin,
• Ripple (XRP), and
• Bitcoin Cash,

Does Hankotrade charge withdrawal fees?

Hankotrade do not charge any withdrawal fees but you may need to pay a blockchain and currency conversion fee.

How long does it take to make a withdrawal?

Withdrawals are processed within 24 hours.

Featured SA Shares Writer and Forex Analyst.