Hankotrade Review: Is It a Safe Broker or a Scam?

Today, we present to you the Hankotrade review. We will discuss a broker who boldly calls itself a True ECN. We’ll verify if this claim holds true, take a look at the feedback from active clients, and thoroughly examine whether there are any hidden issues, ensuring that this platform is indeed profitable for trading.

Hankotrade General Information

Registration and Client Portal Review

The official website of Hankotrade might seem decent at first glance — fresh and visually appealing. However, it’s just another generic template we’ve seen countless times before. It seems brokers no longer put effort into creating original platforms.

Moreover, the site is available only in English, which raises doubts about its global reach. The navigation is quite basic, and some crucial legal information is noticeably missing. This is rather suspicious, especially for a broker that claims to be a true ECN provider.

Registration on the site is quite simple. All you need to do is fill out a short form with your name, email, country of residence, and phone number. Of course, you’ll also need to create a password. However, don’t expect to receive a confirmation link via email. Two-factor authentication (2FA) can only be enabled later from the user dashboard.

As for the personal account, it’s fairly standard. Here, you can complete your profile, manage financial transactions, and open either real or demo accounts. The only additional features available are copy trading and access to customer support within the dashboard.

Hankotrade Trading Conditions

Well, let’s take a closer look at the broker’s offerings, since they take so much pride in them. Can traders really expect anything unique here?

Account Types Review

Hankotrade offers several trading accounts. However, these accounts look pretty standard and don’t provide anything unique.

• STP — The minimum deposit is only $10, which might seem attractive. Spreads start from 0.7 pips, which isn’t the most competitive, especially considering that STP brokers are not known for the best execution. The maximum leverage of 1:500 is a classic feature of offshore brokers who don’t seem too concerned about how quickly their clients lose their deposits.
• ECN — Supposedly a more advanced account with zero spreads, but it comes with a $2 commission per side per $100k traded. Keep in mind that this is based on volume, and with high leverage, you can reach such volumes very quickly. The minimum deposit is set at $100, but there are no real advantages over the STP account.
• ECN Plus — Essentially just a version of the ECN account with a lower commission ($1 per side per $100k traded), but with a minimum deposit of $1,000.

All accounts claim to offer negative balance protection, but this is a standard feature. The swap-free option for Islamic accounts is also nothing new. In short, it’s just a basic account structure with no real unique selling points.

Firstly, Hankotrade claims to offer both an STP account with zero commissions and ECN accounts with tight spreads. However, true ECN brokers don’t typically offer STP, as these are completely different execution models. Running both models isn’t as simple as just stating on a website that they provide both.

Secondly, there is no transparent information about liquidity providers. Real ECN brokers always disclose which banks and market makers they work with, as their role is to match clients’ orders on the interbank market. Here, we see no such details.

Thirdly, the 1:500 leverage is unusual for real ECN brokers, because such trades are generally not sent to the interbank market.

Trading Platform

The HankoX platform looks fairly standard and functional, but there’s nothing innovative about it. The interface is dark, with basic technical analysis tools. It’s immediately clear that in terms of convenience and features, it falls short compared to more popular terminals like MetaTrader or cTrader.

By the way, the .HKT suffix in the tickers might indicate that quotes are routed through the broker’s internal server rather than coming directly from the market. This is typical for market makers, not for true ECN execution.

Moreover, there are no obvious settings for deep customization, no transparency regarding liquidity providers, and no access to advanced indicators that traders might expect.

Hankotrade — Deposit and Withdrawal of Funds

The broker only offers cryptocurrency for deposits and withdrawals. That alone sounds absolutely absurd. Have you ever seen an ECN platform that only deals with crypto? Of course not. This is a completely anonymous website that relies on shady financial practices.

The minimum withdrawal amount is $50. As for fees, they claim not to charge any, but that’s always worth verifying since crypto transactions often come with hidden costs. They also promise to process withdrawal requests within 24 hours.

Verification

Despite the fact that Hankotrade only offers cryptocurrency trading, it still forces traders to go through a verification process.

It requires traders to submit personal documents, including proof of identity (passport or government-issued ID) and proof of address (such as a utility bill or bank statement). What’s unclear, however, is how long this process actually takes. The broker does not specify a clear timeline.

Additional Options

Hankotrade offers a matching bonus option that allows clients to boost their account margin. This means that with a minimum deposit of $100, the broker will match the deposited amount and credit it into the client’s trading account. However, remember that such bonuses come with specific terms and conditions that may be hard to meet.

Additionally, Hankotrade offers a partnership program, giving affiliates the opportunity to earn commissions by referring new clients to the platform.

Is Hankotrade a Scam?

Now, let’s move on to the most important part of our review and check if this company is actually trustworthy.

Legal Information and License

The broker claims to be based in Belize, yet it says nothing about having any licenses in this offshore zone. As a result, it turns out that the broker is neither registered in Belize nor licensed. In fact, given that they haven’t even mentioned the managing company, it seems they’re not even attempting to present themselves as a legitimate business in this regard.

Hankotrade.com Domain Info

We checked the broker’s domain and found that it was registered back in 2019. Perhaps the broker was regulated in the past — after all, it must have managed to stay afloat for this long somehow. However, keep in mind that the reviews about it are far from positive. Many clients complain about their experience and specifically mention that they are unable to withdraw their funds.

Contacts Review

Hankotrade provides only an email address and a company registration number — no phone number is listed. While they do mention an office address, in reality, there is no actual office where clients can visit. On the plus side, traders can submit support tickets through their personal account, which at least offers some form of customer service.

Pros and Cons

2.9 TOTAL SCORE

Hankotrade Summary

Hankotrade shows clear signs of being a scam. The broker operates without a license, provides no transparency about liquidity providers, and falsely claims to offer ECN trading. Deposits and withdrawals are only possible via cryptocurrency. With numerous complaints about withdrawal issues, it’s best to stay away from this platform to avoid financial losses.

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Website information content 3

Client Portal 3

Trading condition 4

Trading platform 4

Deposit and withdrawal 2

Verification 2

Extra options 2

Licenses and guarantees 2

Work duration 4

Feedback 3

Frequently Asked Questions (FAQ)