Hankotrade is a forex broker that was registered in Saint Vincent and the Grenadines on August 23, 2019, primarily providing investors with trading services in financial derivatives such as forex, commodities, index CFDs, and cryptocurrencies. This broker does not offer services to jurisdictions where it may violate local laws or regulations, including but not limited to the United States, India, Israel, Iran, and North Korea.
Corporate Registration Information and Regulatory Status:
Hankotrade's official website does not disclose its corporate entity registration and regulatory information. According to the available information, the broker has registered entities in both Saint Vincent and the Grenadines and the Union of Comoros.
The broker's enterprise entity registered in Saint Vincent and the Grenadines is Hankotrade LLC, with the registration number 153. Hankotrade was registered as a broker with the Mwali International Services Authority (Union of Comoros) on June 16, 2023, with license number T2023306. According to Whois information, the broker's official website domain was registered on April 2, 2019.
However, the Financial Services Authority of Saint Vincent & Grenadines (SVGFSA) does not "supervise, monitor, regulate or license" commercial companies (BC) engaged in forex trading or brokerage activities. Their regulatory scope is limited to ensuring BCs comply with obligations stipulated in the Revised Laws of Saint Vincent and the Grenadines, Chapter 149 of the Commercial Companies (Amendment and Consolidation) Act of 2009, while the Mwali International Services Authority (Union of Comoros) also does not provide effective regulation of financial derivative trading. Therefore, the financial derivatives trading business operated by this broker is not effectively regulated.
Opening an Account:
To open an account with Hankotrade: Navigate to the broker's official website, click “Register Live Account” on the homepage or “REGISTER” at the top right corner of the webpage to enter the account registration page, select the account type and fill in your name, personal email address, telephone number, and set a login password for submission. Once submitted, the account will be successfully registered and automatically redirected for login.
Account Types:
Hankotrade offers users three different types of real trading accounts: STP Account, ECN Account, ECN Plus. Additionally, the broker also offers Islamic accounts.
STP Account:
- Minimum initial deposit amount: $10
- Available base currencies: USD, EUR, CAD
- Spreads: From 0.7 pips
- Maximum trading leverage: 1:500
- Negative balance protection: Provided
- Minimum trade volume: 0.01
- Trading commission: $0
- Islamic account: Available
- Allows EA
- Allows hedging
- Allows scalping
ECN Account:
- Minimum initial deposit amount: $100
- Available base currencies: USD, EUR, CAD
- Spreads: From 0 pips
- Maximum trading leverage: 1:500
- Negative balance protection: Provided
- Minimum trade volume: 0.01
- Trading commission: $4 per standard lot
- Margin call / Stop out levels: 70% / 50%
- Islamic account: Available
- Allows EA
- Allows hedging
- Allows scalping
- ECN Plus:
Minimum initial deposit amount: $1000 - Available base currencies: USD, EUR, CAD
- Spreads: From 0 pips
- Maximum trading leverage: 1:500
- Negative balance protection: Provided
- Minimum trade volume: 0.01
- Trading commission: $2 per standard lot
- Margin call / Stop out levels: 70% / 50%
- Islamic account: Available
- Allows EA
- Allows hedging
- Allows scalping
Trading Platform:
Hankotrade offers the ActTrader trading platform to its users.
Deposits and Withdrawals:
Hankotrade does not clearly publish the supported deposit and withdrawal methods, fees, and other relevant information on its official website.
Conclusion:
Traderknows reminds investors that Hankotrade is an unregulated forex broker. Traderknows advises investors to choose brokers that are transparent, well-regulated and reputable for their trading activities, in order to avoid unnecessary losses of their assets.
Currently, this broker is marked as "suspected of fraud" on Traderknows.
