Warning! Hankotrade is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Hankotrade may play around with your attention for a while, yet we urge users to read this review before they make any deposit whatsoever.
Hankotrade is located in the small island nation of Seychelles, notorious for harboring shady firms, many of which are brokerages. In Seychelles the Financial Services Authority (SFSA) is responsible for issuing licenses to wanna be brokerage firms. However, it says nowhere on the website that the broker is actually a license holder from the SFSA. We,nevertheless, did a quick search in the SFSA’s database of regulated entities, we found no results for Hankotrade. And even though the webste is quite decent, we are left with no choice but to stamp Hankotrade as UNLICENSED, and therefore a risk to all investors’ capital.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
The leverage is capped at 1:500 which is a clear indication that Hankotrade is in fact an offshore broker. Furthermore, such a high leverage value has the potential to qucikly ruin a user’s investment. We easily were able to gain access to a trader’s area, and access a live account without further id requirements; another sign that this broker is up to something suspicious. Yet, he trading platfrom we were given access to was only a demo one. Nnetheless, there we got a EUR/USD spread of 2 pips which is unreasonable and not in favor to traders.
As for the trading tools, we were able to get Forex Pairs, Indexes, and Shares. The website claims that there are Crypto and commodities on top of the ones we just mentioned.
The website is currently only availbale in English.
The classic MT4 makes a return here. MT4 is abundant with great features that make it the powerhouse it is today. Expert Advisors, numerous order types, customizable charts and indicators, drag and drop chart and a plethora of other features.
The EUR/USD spread is higly irregular at 2 pips, while the leverage is the most common ammount for offshore brokers, at 1:500.
We were given options to open the MT4 on mobile devices, as a web-trader, and as a desktop one. The browser based MT4 did not work, and so we opened a desktop terminal.
There is a $2 commission per side for the ECN account (+ 0.4 pips), and a $1 per side commission for the ECN plus account (+0.2 pips), for 100k lots traded (1 standard lot).
HANKOTRADE MINIMUM DEPOSIT
According to the client area, there are mltpiple ways of depositing, all using the crypto currency principle.
We were able to proceed with a 0.00 deposit amount, meaning tat there is no minimum deposit requirment here.
This broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
HANKOTRADE WITHDRAWAL TIME AND FEES
The broker makes it clear that it does not charge any withdrawal fees. However, if the user does not regularly trade, the broker will charge him/her with fees.
The minimum withdrawal amout is capped at $50.
Withdrawals are processed within 24 hours.
ADDITIONAL FEES AND TAXES
Surprisignly, the broker has not included any suspicious clauses in its terms and conditions, despite the fact that the docements are strikingly short. Regardless, it’s in Hankotrade’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain, either by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
We will say that Hankotrade has potential, and seems to offer decent trading gorunds, yet witout a proper regulation, and short terms and conditions (to ensure the safety of clients), we have to advice users to keep their investments away from this one.