WikiFX Review: Is Hankotrade an Attractive Broker Or Just Another Scam?

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of Hankotrade based on the facts.

What is WikiFX？

WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry.

WikiFX can evaluate the safety and reliability of more than 38,000 global forex brokers.

WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en)

1. Evaluate the reliability of Hankotrade based on its general information and regulatory status

To understand Hankotrade better, we explore Hankotrade by analyzing three main perspectives:

A. General Info of Hankotrade

B. Regulatory Status

A. General Info of Hankotrade

Hankotrade's general info has been shown below:

(source: WikiFX)

Hankotrade is an NDD (No-Dealer-Dealer Platform) broker that allows for fast execution of trades by sending client orders directly to liquidity providers.

Market Instruments

Hankotrade offers investors a wide range of financial instruments, mainly Forex currency pairs, indices, commodities, and cryptocurrencies.

Account Types&Minimum Deposit

Hankotrade offers investors three different types of accounts: STP (minimum deposit of $10), ECN (minimum deposit of $100), and ECN Plus (minimum deposit of $1,000).

Leverage

The maximum leverage of this broker is up to 1:500. Since leverage can amplify gains as well as losses, inexperienced traders are not advised to use high leverage.

Spreads & Commissions

Spreads on Hankotrade STP accounts start from 0.7 pips with no commission, on ECN accounts from 0.0 pips with a commission of $ per side per $100K traded, and on ECN+ accounts from 0.0 pips with a minimum commission of $1 per side per $100K traded.

Trading Platforms

Hankotrade offers traders the most popular, trusted, and efficient MT4 trading platform on the Forex market today. MT4 has multiple execution modes, market & pending orders, easy to use, and is available for Windows & Mac desktop, web, and mobile app versions.

(Source: WikiFX)

B. Regulatory Status

What is a Legitimate License？

The legitimate license is the business license issued by the financial regulatory institution of each country/region.

Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.

Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.

The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

Is Hankotrade legit？

Hankotrade is not a regulated broker. WikiFX has marked it as a“ No License” broker.

2. Exposure related to this broker on WikiFX

As of August 30, 2022, WikiFX has received 3 complaints against this broker.

3. Special survey about Hankotrade from WikiFX

Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

The Scoring Criteria of Brokers on WikiFX

License index: reliability and value of licenses

Regulatory index: license regulatory strength

Business index: enterprise stability and operational capability

Software index: trading platform, instruments, etc

Risk Management index: the degree of asset security

Hankotrade has been given by WikiFX a decent rating of 1.40/10.

(source: WikiFX)

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

4 .Conclusion:

WikiFX does not consider Hankotrade is a great choice for traders to invest in. We believe that an unregulated broker with a low WikiFX score is barely able to enhance your trading result, instead increasing the possibility of causing you a heavy financial loss. You need to be aware of the potential risks. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself. If you have any problems with this broker, please do not hesitate to contact WikiFX. The global customer service of WikiFX is +234-706 777 7762 on WhatsApp. Or you can call +65-31290538. We are willing and ready to help you out.

Click on Hankotrade' WikiFX page for details