Hankotrade Review 2023
|By: Jeremy Biberdorf||Feb 08, 2023|
In a nutshell: Hankotrade is a CFD (Contracts for differences) broker that provides access to the financial markets for potential clients around the world.
The platform offers support for various types of trading including forex, crypto, commodities, and stocks. With tight spreads as small as 0.0 pips, a maximum leverage of 500:1, demo accounts, and support for the MetaTrader 4 / MetaTrader 5 trading platforms, Hankotrade certainly stands out from the rest.
However, being different isn’t always a good thing. Is this platform worth investing with, and—if so—how can you get started? Find out in this Hankotrade review!
|CFD broker||$1-$ per side per $100k traded||N/A|
Hankotrade is best for…
Anyone interested in trading forex, crypto, commodities, or stocks via a non-regulated broker. In addition to allowing traders to take advantage of real-life opportunities using various financial instruments, Hankotrade also offers free demo accounts. This makes it an excellent option for beginners and experts alike.
However, anyone who does want to try this platform out for themselves will need a cryptocurrency wallet. Interestingly, Hankotrade doesn’t accept traditional account funding payment methods like debit cards or bank accounts.
Instead, you’ll need to fund your account using a cryptocurrency (like Bitcoin Cash). That said, cryptocurrency is fairly easy to obtain, and you won’t need to acquire much. The minimum deposit for a Hankotrade account is only $10!
- Low minimum deposit
- Free demo accounts
- Multiple platform options
- Funding via crypto only
- Not regulated
- Limited educational content
What is Hankotrade?
Hankotrade is an online broker that provides retail investor accounts with an exceptional trading environment and trading experience. With support for a wide range of financial instruments and major currency pairs, Hankotrade is perfect for trading forex (as well as other assets).
The platform offers three different types of trading accounts with various spreads, maximum leverage limits, and minimum lot sizes. Some types of accounts even qualify for commission-free trading; others only pay small commissions on trades.
Hankotrade is used with either MetaTrader 4 or MetaTrader 5. Both are user-friendly trading platforms that will allow you to enjoy multiple trading instruments and a seamless execution of trades.
Additionally, traders will have access to a small variety of trading tools including a forex calculator and a virtual private server. Depending on your plan, you may qualify for either commission-free trading or low-commission trading.
Hankotrade even makes sure that its customer service is up to par; you’ll have access to a top-of-the-line customer support team around the clock!
Next, let’s take a look at the different types of retail investor accounts offered by this offshore broker. It’s important to consider the different types of accounts before setting up yours, as different types are subject to different trading conditions.
This is the only type of account to offer commission-free trading. With a minimum deposit of only $10, an STP account offers three base currencies: USD, EUR, and CAD. Like the other account types, the maximum leverage for an STP account is 500:1, and the minimum lot size is 0.01.
However, spreads on an STP account start at 0.7 pips, which is significantly higher than the 0.0 pips starting point of the other two plans.
AN ECN account charges $2/side per $100k position size, offers a maximum leverage of 500:1 with a minimum lot size of 0.01, and starts spreads at 0.0 pips. The available base currencies for this type of account are USD, EUR, and CAD. However, an ECN account has a slightly higher minimum deposit requirement of $100.
The ECN Plus account is the most popular account type on Hankotrade. It offers all the same benefits as an ECN account, except commissions are lowered to $1/side per $100k position size.
These retail investor accounts are designed to allow Muslim traders to enjoy Hankotrade while still abiding by Sharia law.
Whereas many other brokers allow you to fund your account using a bank account or debit card, Hankotrade’s only funding option is cryptocurrency.
Currently, Hankotrade supports ten different cryptocurrencies, including the popular Bitcoin and Ethereum currencies. While not being able to use traditional currencies to fund your account can certainly be an inconvenience, you do benefit from instant account funding.
Is Hankotrade Right for You?
Hankotrade won’t be for everyone. Although the online trading broker does support a large range of trading instruments and offers various types of trading accounts, the platform may simply be too non-traditional for some potential investors. After all, not everyone will see the appeal of funding their accounts with crypto only.
Still, for those who do decide to try the platform, Hankotrade has a lot to offer. Traders enjoy various chart types and technical indicators (courtesy of MetaTrader), have access to many different forex pairs, and the platform only requires traders to deposit $10 before they can trade.
If tight spreads, commission-free trading, and crypto funding sound like something you’re interested in, we highly recommend giving Hankotrade a try. You can try it out for yourself by clicking here!