Is Hankotrade Legit or a Scam?
No, HankoTrade is not a legit broker. The main fact is they are registered in Seychelles and claim to be regulated by the Financial Service Authority of Seychelles. It is a known fact that this kind of regulation is not sufficient to prove a company’s legitimacy.
What is Hankotrade?
Having been founded in 2018, Hankotrade is an offshore FX and CFD broker with a physical presence in Dubai, registered in the Comoros Union, an offshore state. The broker provides high trading leverage in addition to a large range of currency pairs for trading. This broker is unique in that it only accepts cryptocurrency payments for trading account funding; no other funding methods are accepted.
Trading accounts are denominated in USD, EUR, or CAD rather than cryptocurrency, even though Hankotrade’s whole business model revolves around cryptocurrency deposits and withdrawals. This implies that anytime inbound transactions are received, a conversion will always occur between the fiat currency the account is denominated in and the cryptocurrency a user chooses to fund his account with.
Unregulated Offshore Broker
Is This Company Safe?
The absence of licenses makes any site unsafe!
Have Warnings from:
Forex, Indices, Crypto, Commodities
Free Demo Account:
How to Withdraw from This Company?
Supports various payout methods. If you face any issues contact us for professional help.
Deposits and Withdrawals
A minimum initial deposit is typically required for accounts, and there are numerous ways to pay for this deposit. Although they occasionally vary, withdrawals can typically be completed in similar methods. Regarding Hankotrade, the following are necessary: To start a basic account, you must deposit at least $10. An ECN account costs $100, whereas an ECN Plus account costs $1,000.
Customers of Hankotrade are only able to make deposits or withdrawals using cryptocurrencies, such as Bitcoin, Ethereum, and Ripple, rather than e-wallets or regular credit and debit cards. Deposit and withdrawal costs are waived by Hankotrade, but fees for blockchain and currency conversion do apply. Withdrawals must be made with a $50 minimum and are completed within a day.
Users can select from three different account kinds offered by Hanko Trade. The accounts are identified as ECN Plus, STP, and ECN. The peculiar thing we found about these accounts was how identical their attributes were. How come an investor who deposits $1,000 or more would receive the same returns as someone who deposits $100? These are a few of the warning signs that novices miss until it’s too late. It’s best to review the available account features before opening an account.
Red Flags and Warning Signs
HankoTrade’s red flag includes its offshore license. They hold the registration from the FSA of Seychelles. It is popular among the scammers and offshore brokers. Also, we already showed how the different types of accounts provide the same results for different initial deposits.
Customer Complaints and Negative Reviews
Customers are not happy at all with this broker. There are several negative reviews on this broker and most of them are related to the withdrawal issues.
Hankotrade Alternative Brokers
After reviewing this broker, we already showed that this broker is not legit and right for investment. We advise our readers to find more legit brokers and alternatives to fund their investments. Here are some other legit alternatives for our readers:
- FxPro – Good Instruments and CopyTrading
- FXTM – Low Spreads and Competitive Trading Conditions
- Tickmill – The best selection of Educational Resources
Got Scammed by Hankotrade? We Help Victims!
It is final that, HankoTrade is not right for your investment. But, if you already invested with them and get scammed you need to take the necessary steps. If you are not sure what to do, you can fill up the form and get our professionals help. We will provide recovery service recommendations and if necessary legal help.