Hankotrade Broker Review, Is It Legit Or Scam?
The evidence overwhelmingly suggests Hankotrade Fund is a scam broker. Here’s why:
- Unregulated: Hankotrade is registered in Belize, a country known for lax regulations. They are not listed with any reputable financial authority like FCA, ASIC, or BaFin, raising serious concerns about their legitimacy.
- CFTC Warning: They were previously on the CFTC warning list, indicating potential illegal activity.
- Suspicious Reviews: Hankotrade boasts high ratings on Trustpilot, but many reviewers come from countries they claim not to serve, suggesting fake reviews or deceptive practices.
Company Overview
Broker status: | Unregulated offshore broker |
Regulated by: | No regulations |
Operating Status: | Active FX and CFD trading scam |
Known Websites: | |
Blacklisted by: | CFTC |
Owner: | Hankotrade Global Markets Limited |
Headquarters Country: | Belize, UAE |
Foundation Year: | 2019 |
Online Trading Platforms: | ActTrader |
Mobile Trading: | Available |
Minimum Deposit: | $10 |
Deposit Bonus: | Available |
CFD Trading Option: | Yes, you can trade CFDs |
Crypto Asset Trading: | Yes – BTC, DOT, ETH |
Available Trading Instruments: | Cryptos, commodities, forex, indices |
Maximum Leverage: | 1:500 |
Islamic Account: | Available |
Free Demo Account: | Yes |
Accepts US clients: | US clients are not accepted |
Our Experts’ Verdict: | Without regulations and with numerous irregularities in the company’s reviews, there’s a high chance you won’t get any of the funds out with this broker. If that happens, contact our chargeback team as soon as possible for consultation. |
Services or Products
Hankotrade offers trading in various financial instruments, including:
- Forex
- Indices
- Commodities
- Cryptocurrencies
If you have lost money to companies like Tradehash, or Wintersnow Limited; please report it to us on our report a scam form.
Trading Platform & Leverages
While Hankotrade initially offered MetaTrader, a popular platform, they have switched to the less-known ActTrader. The platform offers basic features but lacks the advanced functionalities found in established platforms. Additionally, Hankotrade offers dangerously high leverage of up to 1:500, which can amplify losses significantly.
Spreads and Cost of Trading
Hankotrade advertises low spreads starting from 0.7 pips and zero commissions. However, these figures might not be entirely transparent. Additionally, higher account tiers come with commissions and potentially hidden fees.
License and Regulations
Legal Warning Against Hankotrade Fund
Operating without proper licensing exposes traders to significant risks. With Hankotrade, you lack:
- Protection against fraud: You have no recourse if the broker engages in fraudulent activities.
- Dispute resolution: Resolving financial disputes becomes difficult without access to official channels.
- Segregation of funds: Your funds may not be held separately from the broker’s, increasing risk in case of the company’s insolvency.
Deposit and Withdrawal Methods
Hankotrade offers limited information about deposit and withdrawal methods and fees. This lack of transparency raises red flags, as legitimate brokers typically provide clear information on these aspects.
Hankotrade Fund Pros and Cons
Pros | Cons |
Low minimum deposit | Unregulated |
Demo account available | Potentially misleading spreads and commissions |
| Â | High leverage |
| Â | Unclear withdrawal process |
Why Dealing With An Unlicensed Broker Is Risky
Choosing an unlicensed broker like Hankotrade exposes you to several risks:
- Loss of funds: With no regulatory oversight, there’s no guarantee you’ll get your money back.
- Manipulation: Unlicensed brokers may manipulate prices or engage in other unfair practices.
- Limited recourse: You have limited options if things go wrong, making it difficult to recover your losses.
Client Feedback
While Hankotrade boasts positive reviews, many come from countries they claim not to serve, raising concerns about their authenticity. Additionally, numerous negative reviews highlight difficulties with withdrawals and potential manipulation.
How Can “Reviews Advice” Help You If You Get Scammed?
While recovering funds from a scam is challenging, “ReviewsAdvice” can offer:
- Initial guidance: We can help you understand your options and potential avenues for recourse.
- Connecting with relevant authorities: Depending on your situation, we may guide you to the appropriate authorities to report the scam.
We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.Â
Get Your Money Back from Scammers.
Final Thought
Given the overwhelming evidence of Hankotrade’s lack of regulation, potentially misleading information, and suspicious reviews, strongly avoiding this broker is highly recommended. Choose a reputable, licensed broker with a transparent and trustworthy operation to protect your financial safety and ensure a fair trading experience.
