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• Our Review Method

• Is HankoTrade Scam or Legit Broker?

• What is HankoTrade?

• Overall HankoTrade Ranking

• Deposits and Withdrawals

• Account Types

• Conclusion

Our Review Method ▲

In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding HankoTrade due to the issues we've identified.

Is HankoTrade Scam or Legit Broker? ▲

Registering with HankoTrade presents significant risks. The broker's affiliation with the Financial Services Authority of Seychelles (FSA), a jurisdiction notorious for its leniency and inadequate oversight of financial entities, immediately raises red flags about its credibility. The absence of stringent supervision from well-respected regulatory bodies implies that HankoTrade operates with a high degree of autonomy, potentially at the detriment of its clients. Unfortunately, this lack of robust regulation often translates to a diminished level of protection for traders, leaving them more vulnerable to unethical practices.

Pros:

• None noted.

Cons:

• Registered in an offshore jurisdiction with minimal regulatory oversight.

• Lack of adherence to stringent guidelines or rules.

• Increased freedom to operate potentially at the detriment of clients.

What is HankoTrade? ▲

HankoTrade markets itself as an ECN broker, priding itself on delivering superior trading conditions, including tight spreads and highly competitive commissions. The broker asserts its dedication to directly channeling client orders to liquidity providers without delay. Despite these claims, our thorough investigation into HankoTrade has unearthed several concerns that should give prospective traders pause.

Lack of serious Regulation: The cornerstone of Forex trading safety lies in strict regulatory oversight. The absence of toptier licenses from HankoTrade means a significant deficiency in trader protection, potentially excluding financial scams and risky transactions. Notably, reputable regulators like the FCA, ASIC, or CySEC offer compensation schemes and guaranteed stop loss features, which are conspicuously absent in offshoreregulated brokers like HankoTrade.

Reviews from real traders: Discerning the reality behind broker promises requires consulting real trader reviews. Our investigation into HankoTrade's reputation among its clientele revealed predominantly negative feedback, casting doubt on the broker's reliability and service quality.

Issues with the withdrawal process: The safety and accessibility of funds are paramount. HankoTrade's track record concerning withdrawals is less than reassuring, echoing common issues associated with many offshore brokers. Instances where brokers demand additional investments to enable withdrawals are a red flag, indicative of potential financial scams.

Overall HankoTrade Ranking ▲

After a comprehensive evaluation and juxtaposing HankoTrade against over 1000 other brokers, it's clear that its offerings, reliability, and regulatory compliance fall short of acceptable standards. Our overall ranking for HankoTrade stands at a disappointing 1.5 out of 5, reflecting our concerns and the negative aspects uncovered during our assessment.

Deposits and Withdrawals ▲

HankoTrade outlines a relatively low barrier to entry, with a minimum deposit requirement of $10 for STP accounts and $100 for ECN accounts, escalating to $1000 for those interested in ECN Plus accounts. While the broker claims to levy no charges on deposits or withdrawals, the reality of the withdrawal process prompts us to urge caution. Prospective clients should thoroughly weigh the risks before committing funds to HankoTrade.

Pros:

• Low minimum deposit requirements.

• No fees on deposits and withdrawals, as claimed.

Cons:

• Withdrawal process may not be as smooth or reliable as advertised.

Account Types ▲

HankoTrade offers a selection of account types tailored to meet the diverse needs of its clients: STP, ECN, and ECN Plus accounts, with an Islamic account option available for those adhering to Shariah law. Both live and demo accounts can be operated simultaneously through the MT4 platform, catering to a range of trading strategies and preferences.

Pros:

• A variety of account types to suit different trading needs.

• Compatibility with MT4 platform.

• Provision of Islamic accounts.

Cons:

• Potential issues with account management and service quality, as reflected in trader feedback.

Conclusion ▲

Our in-depth analysis of HankoTrade has surfaced significant concerns regarding its regulatory standing, trader feedback, and operational practices. The allure of its trading conditions and account offerings is overshadowed by the risks associated with its offshore registration and the negative experiences reported by its users. As such, we recommend traders exercise caution and consider more reputable and transparent brokers. Establishing a trading relationship with a broker holding licenses from authorities such as the FCA, ASIC, or CySEC is advisable, ensuring a higher standard of protection and reliability. Brokers like Go Markets, BlackBull Markets, and FP Markets stand out as commendable alternatives, boasting robust regulatory frameworks and positive industry reputations. Ultimately, our evaluation of HankoTrade leads us to advise against engaging with this broker, highlighting the importance of diligent research and consideration of safer trading partners.