Is HankoTrade Scam or Legit Broker?

No, it is not safe to sign in with HankoTrade. The broker is registered with the Financial Services Authority of Seychelles (FSA). It is a known fact that Seychelles is an offshore zone, thus it does not provide sufficient protection and does not oversee the financial companies registered under it. 

  • The oversight of HankoTrade is lacking rigorous monitoring by reputable regulatory bodies, which means that the broker does not adhere to any specific guidelines or rules and has more freedom to conduct its business as it sees fit. 

About HankoTrade
🏢 Registered inSeychelles
🗺️ Type of LicenseOffshore
🛡️ Is HankoTrade safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is HankoTrade?

Hankotrade distinguishes itself as an ECN (Electronic Communication Network) broker, emphasizing its commitment to providing exceptional trading conditions (tight spreadsno commission, etc.) coupled with some of the most competitive commissions within the industry. As an ECN broker, Hankotrade promptly transmits client orders directly to liquidity providers.

However, we conducted detailed research on the broker and were able to make revelations that will help traders have more insight into the broker before making a decision to sign with it.

Here are the main points to consider:

  • Lack of serious Regulation: In Forex trading safety is the most important aspect to consider. The first thing traders should pay attention to is the tight regulation of the chosen broker. Only top-tier licenses give the necessary amount of protection and almost exclude financial scams and risky transactions. Top-tier regulations, such as FCAASIC, or CySEC provide compensation schemes, guaranteed stop loss, etc. Offshore brokers such as HankoTrade, on the contrary, lack in terms of stability and reliability and often can run financial scams. 
  • Reviews from real traders: Not to be misled by the tempting offerings and services brokers promise to their clients, it is advisable to look for reviews from real traders and learn about their experience. This is what we did in the first place, and the reviews we found about HankoTrade were not at all promising. Mostly, clients state that all the promises the broker mentioned, turned out to be from the fantasy genre. 
  • Issues with the withdrawal process: The safety of funds is another aspect to consider properly. With HankoTrade the previous track record in respect of withdrawals is not quite promising. Many offshore brokers lack in this respect, and the client can never be sure whether it will be possible to get back the invested money and the profits. As a common practice, scam brokers ask for more investment in order to enable withdrawal, pressuring clients psychologically to risk even more funds. 

 

Overall HankoTrade Ranking

Based on our extensive experience of over a decade in Forex trading, our research has uncovered concerns related to the reliability and regulatory compliance of HankoTrade. Consequently, we are unable to rank HankoTrade positively.

  • HankoTrade Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.
RankingHankoTradeXMFXTM
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading environmentTrading Conditions

HankoTrade Alternative Brokers

Based on the safety concerns associated with HankoTrade, we strongly advise considering better alternatives with stringent regulations and better trading conditions. Below, we present a list of reputable brokers with reliable options and safe conditions for your comparison:

  • FxPro – Good Instruments and CopyTrading
  • FXTM – Low Spreads and Competitive Trading Conditions
  • Tickmill – The best selection of Educational Resources

Deposits and Withdrawals

HankoTrade sets a minimum deposit requirement of $10 for STP accounts and $100 for ECN accounts. If you’re interested in an ECN Plus account, the minimum deposit is $1000. HankoTrade does not impose any fees on deposits or withdrawals for its clients.

  • Hankotrade ensures on its website that all withdrawals are processed within a business day on weekdays. Typically, Hankotrade processes withdrawals using the same payment method employed for making deposits.
  • However, based on the information we found on the broker’s withdrawal process, our recommendation is to be very careful and make only an informed decision before making any investments with HankoTrade.

Account Types

HankoTrade provides three main account types: the STP account, the ECN account, and the ECN Plus account. Additionally, an Islamic account is also available. To gain comprehensive information about each of these account types, you can visit the ‘Account Types’ section on the broker’s website. HankoTrade enables its clients to run both live and Demo accounts at the same time by simply installing the MT4 platform for each of HankoTrade’s forex trading accounts.

  • Hankotrade provides swap-free accounts designed to operate in compliance with Shariah law, catering to the needs of its Muslim clients.

HankoTrade Review Conclusion

Based on the information we have gathered about HankoTrade, it raises concerns about the broker’s reliability and trustworthiness. While the broker’s features and offerings may seem appealing, the fact that it is registered in an offshore zone (Seychelles) is a significant red flag that traders should carefully consider. Additionally, negative trader feedback and reviews further contribute to our reservations about signing up with this broker.

Our recommendation is to find a broker with a license from reputable authorities, such as FCA, ASIC, or CySEC. Some notable options to consider among reliable brokers with good standing include but are not limited to Go MarketsBlackBull Markets, and FP Markets.

  • Overall ranking and experience for HankoTrade is Negative

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