HankoTrade Review – Key Facts To Avoid This Broker Revealed

HankoTrade, or Hankotrade Global Markets Limited, is a brokerage registered in Belize. With physical offices allegedly in the United Arab Emirates, that might lead in a good direction. On top of that, the company is quite transparent when it comes to some details.

However, there are signs many of those details are completely made up. Luckily, you will have all the details served in this honest HankoTrade review.

Broker status:	Unregulated offshore broker
Regulated by:	No regulations
Operating Status:	Active FX and CFD trading scam
Known Websites:	https://hankotrade.com/
Blacklisted by:	CFTC
Owner:	Hankotrade Global Markets Limited
Headquarters Country:	Belize, UAE
Foundation Year:	2019
Online Trading Platforms:	ActTrader
Mobile Trading:	Available
Minimum Deposit:	$10
Deposit Bonus:	Available
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	Yes  – BTC, DOT, ETH
Available Trading Instruments:	Cryptos, commodities, forex, indices
Maximum Leverage:	1:500
Islamic Account:	Available
Free Demo Account:	Yes
Accepts US clients:	US clients are not accepted
Global Fraud Protection Experts’ Verdict:	Without regulations and with numerous irregularities in the company’s reviews, there’s a high chance you won’t get any of the funds out with this broker. If that happens, contact our chargeback team as soon as possible for consultation.

Is HankoTrade Legit or a Scam?

All offshore brokers without regulations must opt for licenses in the countries where they operate. Important to note is that this broker claims not to offer services to traders from the US or UK. However, there is a connection with the US authorities. As can be seen, the company has been on the CFTC warning list for a while. Consequently, the HankoTrade MT4 and MT5 partnership has ended.

This clearly tells us this broker is operating without any credibility. Another proof is that the company is not listed in any regulatory database. Starting with FCA, ASIC, BaFin, and not even the IFSC (Belize).

Traders Experience

Fairly, if you look at the HankoTrade reviews, you would think they are the best in the industry. However, HankoTrade UK relations reveal a bitter truth. Even though they claim not to offer services to UK citizens, there are a lot of reviews coming from UK customers. You can imagine how big that number is when you see there are 1,214 comments currently on Trustpilot.

This means two things. Either the company is making fake reviews, or they are really offering services to UK traders. In both cases, it’s not good. Therefore, withdraw your funds from this broker as soon as possible. If any problem occurs, contact our refund team immediately.

How Does HankoTrade Work?

Everything about this firm seems to be related to some kind of manipulation. In the end, there’s only one goal. To extort clients’ money. One way or another, traders lose everything they have in their accounts. The way brokers like these manage to do that is through fake platforms, fake reviews, made-up market opportunities, and bonuses.

Also, many more tiny details make a whole lot of difference. But if you know how to recognize those, you can stay safe. In any case, if you experience any irregularity, feel free to send us a message and talk to our experts.

Who Are HankoTrade Clients?

Research shows that HankoTrade Canada activities bring a lot of clients. Yet, in recent years, since 2019, when they started, they have spread through:

• United States
• United Kingdom
• Australia
• South Africa

But read our Pioneer Markets review to learn how to diversify brokers and ensure you are working with legitimate ones. However, don’t hesitate to contact us if you have any issues with any of those.

What Are Trading Platforms Available?

In the past, this brokerage has been offering trusted Meta Trader software. However, they switched to ActTrader, a far less popular option.

Even though the company makes it look like all the features are advanced, they are not. Instead, all options available are the basic bundle of any other trusted trading software.

Is the HankoTrade Mobile Trading App Available?

On the positive side, mobile apps are available for download on trusted stores. Yet, details on PlayStore reveal some shocking details. Firstly, the app has only a bit over 10k downloads. Secondly, they claim the app has been there for 20 years. Yet, it was released in 2010.

What Financial Instruments Does The Platform Include?

To be fair, the company is quite mysterious when it comes to the presentation of available instruments. Yet, they briefly mention a few categories you can trade:

• Forex – USD/AUD, EUR/JPY
• Indices – NASDAQ, S&P500
• Commodities – gold, silver
• Cryptos – BTC, XRP

Account Types Offered by HankoTrade

On the positive side, this brokerage has quite low minimum deposit requirements of $10. This keeps them in a range of top-tier firms. Anyway, all the options are:

• STP (straight-through processing) – $10
• ECN (electronic communication network) – $100
• ECN Plus – $1.000

Can a Trader Use a HankoTrade Demo Account?

Another positive thing is a HankoTrade demo account availability. If you are still not sure if you should go for the HankoTrade minimum deposit and start trading, explore the options through a demo account.

Also, you can check the features of other brokers, but make sure to read our Trade360 review first.

HankoTrade Fees, Leverage and Commission

When you see the company’s trading costs, you might wonder how they make money then. With spreads as low as 0.7 pips and zero commission, it’s quite an attractive deal. Yet, if you upgrade your account, you can get spreads from 0 pips but $2 per side commission.

But the most disturbing condition is the leverage of 1:500. Even though the company claims to have negative balance protection, that’s still high leverage. After all, once your funds vanish in the blink of an eye, you will realize.

Is HankoTrade Welcome Bonus Available?

On the negative side, HankoTrade account types involve bonuses of up to 100%. Yet, bonuses come with specific conditions. For instance, the bonus amount divided by two gives you a number of lots you have to trade. Otherwise, you can’t withdraw bonus funds.

Also, HankoTrade broker has another trick. A margin call won’t be made if the bonus is applied. Therefore, you can lose everything without even realizing it.

Is HankoTrade Withdrawal Possible?

Considering all the mentioned issues with the company, there’s a high chance there will be nothing to withdraw, primarily because of unclear HankoTrade spreads and bonuses. Not to mention insanely high HankoTrade leverage.

In addition to that, the company is not revealing withdrawal fees. But to be fair, not even their processing time of 24 business hours can be truly trusted. All in all, to many ways to trick you during the withdrawal process.

What Should I Do If I Have HankoTrade Problem?

As can be seen, reporting a broker to trusted regulators always works. Still, traders who lost money usually don’t have a clue what to do to recover it.

For that reason, we are offering a free first consultation with our refund team. Once you know what your options are, it’s easy to decide. Send us a message or contact us via live chat and book your first meeting today!