Hankotrade Review: Strengths and Weaknesses of This Platform

Hankotrade has gained significant traction in the trading community over the past few years. But does it truly live up to the hype? If you’re considering this broker for your trading needs, it’s crucial to weigh its strengths and weaknesses before making a decision. 

Here’s a comprehensive review of Hankotrade to help you decide if it’s the right trading partner for you.

Strengths of Hankotrade

1. Variety of Account Types

Hankotrade offers five different account types to cater to various trading needs:

1. STP Account

Requires a small deposit of $10, with spreads starting at 0.7 pips and zero commission on $100K traded. Ideal for beginners.

2. ECN Account

Features zero spreads with a commission of $1 per side per $100K traded, requiring a $100 deposit.

3. ECN Plus Account

Another zero-spread account with lower commission charges of $2 per side per $100K traded. Visit https://hankotrade.com/ecnplus to open your ECN Plus account today!

4. Islamic Account

Designed for Muslim traders to comply with Shariah law.

5. Demo Account

For practicing and backtesting strategies.

This variety ensures that traders of all levels and preferences can find a suitable account type.

2. Diverse Trading Assets

A diverse portfolio is essential for spreading risk and exploring different market opportunities. Hankotrade offers a wide range of assets, including over 60 major currency pairs, cryptocurrencies, precious metals, commodities, and indices. This diversity allows traders to manage their investments more effectively and experiment with different asset classes on a single platform.

3. Safety and Security

Safety and security are paramount when choosing an online broker. Hankotrade is registered and licensed by the Financial Security Authority (FSA) of Seychelles, ensuring compliance with regulatory standards. The broker implements several security measures, such as: Hankotrade has implemented several measures to ensure the protection of its traders’ resources and information.

1. Two-Step Authentication

This security feature requires users to provide two forms of identification before accessing their accounts, typically a password and a verification code sent to their mobile device. This dual-layer security approach significantly reduces the risk of unauthorized access, ensuring that only the account holder can log in and manage their trades.

2. Secure Socket Layer (SSL)

Hankotrade employs SSL technology to secure the connection between the trader’s browser and the broker’s server. SSL encryption safeguards sensitive information, such as login credentials and financial data, from being intercepted by malicious actors. This ensures that all data transmitted through the trading platform is encrypted and protected against potential threats like hacking and data theft.

3. Negative Balance Protection

This crucial feature ensures that traders cannot lose more money than they have in their account. In volatile markets, prices can move rapidly, potentially pushing traders into negative balance territory. With negative balance protection, Hankotrade absorbs the excess loss, resetting the trader’s account to zero instead of allowing a negative balance. This protects traders from incurring debts that exceed their initial investment, providing a safety net during extreme market conditions.

By implementing these security measures, Hankotrade prioritizes the safety and confidence of its traders, ensuring a secure and reliable trading environment.

4. Swift and Hassle-Free Transactions

Waiting for deposits and withdrawals can be frustrating for traders. Hankotrade is known for its swift transaction processing, with many clients reporting a maximum withdrawal wait time of four hours. 

Whether the amount is large or small, Hankotrade ensures withdrawals are credited to the trader’s account the same day, providing a smooth and efficient transaction experience. This quick turnaround time allows traders to access their funds promptly, enhancing overall satisfaction and trust in the platform.

Hankotrade Proof of Withdrawal Shared by Real Clients 

5. Backed and Trusted by Traders

Customer reviews are essential for assessing a broker’s performance and service quality. Hankotrade has received positive testimonials from clients on various credible forums, reflecting satisfaction with the broker’s services. These reviews provide valuable insights into the real experiences of other traders, helping potential users make informed decisions.

Customer Reviews on TrustRecap

Customer Reviews on Slashdot

Customer Reviews on BrokersView

Customer Reviews on Fx-List

6. Advanced Trading Terminal

Hankotrade offers a powerful trading terminal through a web application that requires no special downloads or programs. Traders can start trading simply by entering the URL https://trade.hankotrade.com/ in their browser on any device, at any time. This efficient platform is designed to provide a competitive environment with advanced tools for making better trading decisions.

Here are some of the top features of the Hanko ActTrader Platform:

1. Customization and dedicated support tailored to different trading styles.

2. The ability to create preferred trading setups by combining elements like charts, market data, risk reports, and alerts in customizable layouts.

3. The option to save different layouts for specific trading strategies, enhancing personalization.

4. Visual analytics tools with various timeframes and indicators for market analysis and backtesting.

5. Features like pre-built order templates and accurate profit/loss estimates to facilitate efficient trading decision-making.

6. Real-time monitoring of margin usage, exposure, and position summaries, along with customizable alerts to help manage risks effectively.

7. A broader range of analytical tools and timeframes, enabling traders to explore market opportunities more comprehensively, akin to having enhanced navigation tools compared to a basic map.

Hanko ActTrader Web Application for Android and iOS

Downloading trading applications on mobile and tablet devices can significantly slow down the device, impacting trade performance. To avoid this hassle and mitigate compatibility issues, Hankotrade upgraded its web application to be super responsive, adapting to any device size for better performance. 

Users can now access their trading portals from their mobile devices (both Android and iOS) with the same efficiency as a desktop app. Additionally, users can easily add the Hanko ActTrader web application to their home screen by tapping the menu button on their browser and selecting ‘Add to Home Page’ (on Android devices) or ‘Add to Home Screen’ (on iOS devices).

Watch this video to get step-by-step instructions on how to add Hanko Act Trader Web Application on your mobile home screen. 

Weaknesses of Hankotrade

1. Lack of Educational Content

Hankotrade does not provide educational or training material on its website. While the broker maintains a YouTube channel and an Instagram account for sharing tips and tricks, a comprehensive educational section on the website would be more beneficial for traders looking to enhance their knowledge and skills.

2. Limited Funding Options

The broker only supports funding and withdrawals via cryptocurrency, which may not be convenient for everyone. Offering additional funding options, such as bank transfers or credit card payments, would provide greater flexibility for traders.

Conclusion

Hankotrade offers a variety of account types, a diverse range of trading assets, robust security measures, and a powerful trading platform, making it a strong contender in the trading world. However, the lack of educational content and limited funding options are areas for improvement. 

If you’re considering trading with Hankotrade, it’s advisable to start with a small investment of no more than $100. This allows you to assess whether the platform aligns with your trading style and needs before committing a larger amount.

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