Hankotrade Review: Uncovering the Truth About the Broker
Hankotrade is a forex and CFD broker headquartered in Seychelles, offering trading services on MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The broker claims to provide access to over 60 forex pairs, cryptocurrencies, commodities, and stock indexes as CFDs. However, because it is unregulated and has received a lot of negative feedback, questions have been raised regarding its legitimacy. The broker’s features, restrictions, and suitability as a trading platform are all examined in this Hankotrade review.
Website: https://hankotrade.com/
Website Availability: Yes
Domain Age:
- Name HANKOTRADE.COM
- Registry Domain ID 2375878737_DOMAIN_COM-VRSN
- Registered On 2019-04-02T16:47:09Z
- Expires On 2027-04-02T16:47:09Z
- Updated On 2024-03-02T04:53:05Z
Overview
Hankotrade provides trading on popular platforms like MT4 and MT5, which are available for desktop and mobile devices. The trading instruments offered include:
- Forex pairs: Over 60 options.
- Cryptocurrencies: Bitcoin, Litecoin, Ethereum, and more.
- Commodities: Precious metals and others.
- CFDs: Stock indexes and other financial instruments.
Despite these features, the broker has notable drawbacks:
- No regulatory oversight: HankoTrade is unregulated, which raises red flags about trader protection.
- Lack of transparency: No details about the company’s ownership, management, or trading history.
- No bonuses or promotions: Unlike many competitors, Hankotrade offers no incentives to new or existing clients.
- Limited educational resources: Traders may find fewer tools to develop their skills compared to other brokers.
- Few Islamic account options: Limited accommodations for traders seeking Sharia-compliant accounts.
Is Hankotrade Legit or a Scam?
Hankotrade’s legitimacy is highly questionable due to its unregulated status and negative feedback from traders. While it offers a range of trading instruments and platforms, these advantages are overshadowed by troubling user experiences and a lack of accountability.
Negative User Reviews
- Forex Peace Army: Traders allege that Hankotrade manipulates trades by removing profitable positions from the MT4 platform, labeling such trades as “unethical.” Meanwhile, losses from similar activities remain intact.
- Trustpilot: Although there are positive reviews, many traders report that negative feedback gets removed quickly, leaving new users unaware of potential risks.
- Other Issues: Reports of unexplained trades, discrepancies in trade logs, and a lack of support for resolving concerns have further tarnished the broker’s reputation.
Conclusion
This Hankotrade review highlights several reasons to approach this broker with caution. From its unregulated nature to widespread complaints about unethical practices, Hankotrade lacks the reliability traders seek in a forex broker. Potential clients are advised to thoroughly research and consider regulated alternatives before investing their funds.
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