Hankotrade, an STP broker based in Port Harcourt City, Nigeria, caters to retail and professional traders. The company, while unregulated, facilitates CFD trading on currencies, metals, and cryptocurrencies.
Traders Union published a Hankotrade review in 2023, offering valuable insights into the broker’s operations and offerings. The review is integral for potential traders considering Hankotrade’s services.
Hankotrade: pros and cons
Traders Union provides an objective evaluation of Hankotrade, delving into the notable advantages and potential drawbacks of their brokerage services.
Pros
- Offers access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5) on desktop, mobile, and web versions.
- Provides bonuses to traders.
- Allows passive investments through PAMM and MAM accounts.
- Supports testing of trading strategies via demo accounts.
- Features variable spreads based on the traded asset.
- Ensures rapid customer support response.
- Runs an Introducing Broker (IB) program for additional earnings.
Cons
- Operates without regulatory oversight.
- Enforces compulsory account verification.
- Offers a restricted range of withdrawal options.
Overall summary
Hankotrade caters to both beginner and experienced traders. Those new to the trading world can take advantage of demo accounts to experiment with the array of instruments offered by the brokerage firm.
Expert review of Hankotrade
TU experts reveal that Hankotrade delivers a comprehensive trading environment featuring robust platforms and a transparent approach. The platform’s key features include:
- The provision of MT4 and MT5 trading platforms, with options to trade via desktop, mobile, or web versions.
- A seasoned team with experience in the asset trading industry since the 1980s, operating in global markets, including Asia and North America.
- Offers three types of accounts: STP, ECN, and ECN Plus. Spreads on standard accounts start from 0.7 pips, potentially even lower, while zero-spread trading is possible on ECN accounts in favorable market conditions.
- Leverage of up to 1:500 is offered to both professional and retail traders. The primary account currencies are USD, EUR, and CAD.
- Transparent operations are guaranteed. Detailed descriptions of trading conditions, fees, and partnership policies are available on the Hankotrade website.
- The company ensures 24/7 client support that promptly responds to queries, offering comprehensive advice and swift issue resolution.
Analysis of the main features of the Forex broker
TU analysts have comprehensively evaluated Hankotrade’s performance across various aspects, assigning the following ratings:
- An overall score of 1.62 out of 10.
- Execution of orders is rated at 1.41 out of 10.
- The range of investment instruments scores 1.83 out of 10.
- Withdrawal speed earns a score of 1.47 out of 10.
- Customer support’s effectiveness is rated at 1.77 out of 10.
- The variety of trading instruments receives a score of 1.25 out of 10.
- The trading platform itself is given a rating of 1.99 out of 10.
Comparison of Hankotrade with other Brokers
Traders Union provides a detailed comparison of Hankotrade’s features and offerings with those of other prominent brokerage firms in the market.
- RoboForex: Unlike Hankotrade, RoboForex is regulated, providing a higher level of security for traders’ investments.
- Pocket Option: Compared to Hankotrade, Pocket Option offers a wider variety of withdrawal methods, enhancing user convenience.
- Tickmill: Tickmill, unlike Hankotrade, has a stronger reputation due to its long-standing history and larger client base.
- Exness: Contrary to Hankotrade, Exness provides more diverse trading instruments, increasing investment opportunities.
- AMarkets: Unlike Hankotrade, AMarkets’ user interface is more beginner-friendly, making it an excellent choice for novice traders.
While comparing Hankotrade with other brokers, one cannot overlook Coinexx. This brokerage platform, similar to Hankotrade, provides flexible trading options but stands out with its focus on cryptocurrencies. Coinexx might be a notable choice for traders specifically interested in digital asset trading.
Conclusion
In conclusion, Hankotrade provides a variety of services, accommodating both novice and professional traders. Despite the lack of regulation, its diverse offerings, user-friendly platforms, and 24/7 customer support make it a considerable choice. For a more detailed comparison with other brokers and comprehensive reviews, we encourage our readers to visit the Traders Union website.
Modupe Gbadeyanka