Hankotrade Review: Comprehensive Analysis of Hankotrade’s Trading Platform
Hankotrade, a broker established in 2018 and based in Dubai, UAE, has quickly become a notable name in the trading community. Offering a range of financial instruments and competitive trading conditions, Hankotrade aims to cater to both novice and experienced traders. This review delves into the various aspects of Hankotrade’s platform, including its account offerings, trading tools, customer support, and overall performance.
Account Types and Trading Platforms
Hankotrade offers three main types of accounts: STP, ECN, and ECN Plus. Each account type has its own set of features and fee structures tailored to different trading needs. The STP account requires a minimum deposit of $10, making it accessible to beginners, while the ECN and ECN Plus accounts cater to more advanced traders with tighter spreads and lower commissions.
Traders can choose between the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. MT4 is known for its user-friendly interface and robust charting tools, while MT5 offers enhanced features such as advanced order types, an integrated economic calendar, and more sophisticated analytical tools. Both platforms support automated trading and are available on web, desktop, and mobile applications.
Trading Tools and Features
Hankotrade provides several trading tools to enhance the trading experience. These include a Forex calculator for calculating pip values and margin requirements, a virtual private server (VPS) for seamless 24/7 trading, and an economic calendar for tracking market-moving events. These tools are designed to help traders make informed decisions and manage their trades more effectively.
Fees and Spreads
Hankotrade is known for its competitive spreads and low trading fees. The STP account offers spreads starting from 0.7 pips, while the ECN and ECN Plus accounts provide zero-spread trading. The commission rates are also favorable, with the STP account having no commission, the ECN account charging $2 per side per $100,000 traded, and the ECN Plus account charging just $1 per side per $100,000 traded.
Customer Support
Hankotrade’s customer support is available through multiple channels, including email, live chat, and a ticketing system within the user account. Support is provided in English and Arabic during working hours on weekdays. While the support is generally responsive and knowledgeable, the limited availability and lack of multilingual support beyond English and Arabic are noted drawbacks.
Deposit and Withdrawal Options
Hankotrade exclusively accepts cryptocurrency for deposits and withdrawals, which might be limiting for some traders. The minimum withdrawal amount is $50, and withdrawals are processed within 24 hours, ensuring quick access to funds. However, withdrawals over $5,000 may require proof of identity, and inactivity in the trading account may result in refusal to cover transfer fees.
Regulation and Safety
Hankotrade operates under the license of the Financial Services Authority (FSA) of Seychelles. Although this provides some level of oversight, it is not as robust as regulations in other jurisdictions. Despite this, Hankotrade implements strict security measures, including SSL encryption and segregated client accounts, to protect client funds and data.
Bonuses and Referral Programs
Hankotrade offers a 100% sign-up bonus, where the broker matches the trader’s initial deposit, effectively doubling their trading capital. Additionally, Hankotrade has a referral program that rewards traders for introducing new clients to the platform. These incentives can significantly enhance a trader’s ability to start with a larger trading fund.
Pros and Cons
Pros:
- Competitive spreads and low commission rates
- Access to MetaTrader 4 and 5 platforms
- Generous leverage up to 1:500
- Swift withdrawal processing within 24 hours
- Various trading tools, including VPS and Forex calculator
Cons:
- Limited to cryptocurrency deposits and withdrawals
- Not regulated by major financial authorities
- Customer support not available 24/7 and limited to English and Arabic
- Mixed user reviews regarding operational challenges and customer support efficiency
Conclusion
Hankotrade presents a viable option for traders looking for cost-effective trading conditions and robust trading platforms. Its competitive spreads, low fees, and advanced trading tools make it an attractive choice for both novice and experienced traders. However, the lack of regulation by major authorities and limitations in deposit and withdrawal options should be considered carefully. Potential traders are encouraged to start with a small deposit to evaluate the platform’s suitability for their trading needs before committing significant funds.
