Hey is HankoTrade a solid ECN broker?

It’s not a name I’ve heard of before but I saw them on another site and they have high leverage (500:1) and low commission fees ($2).

Thanks!

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[James BarraModerator DayTrading.com Team]

Hi O_Dover,

Thanks for your message.

We’ve evaluated HankoTrade – I recommend reading our review. We scored the broker 2/5 overall, with its weak regulatory credentials pulling its rating down.

• HankoTrade is not regulated by a trusted financial body like the UK’s FCA or Australia’s ASIC.
• HankoTrade operates offshore in St Vincent and the Grenadines where there are more relaxed setup requirements compared to robust trading jurisdictions like Europe.
• There is limited information about the company’s background and management team. This lack of transparency contrasts with our most trusted brokers.

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[O_Dover]

Ok I’m getting the vibe I should avoid HankoTrade. I notice none of the platforms in the link you sent provide leverage like Hanko though? And do any of them use ECN?

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[James BarraModerator DayTrading.com Team]

Do you mean they don’t offer such high leverage? That’s likely because of regulatory requirements brokers have to meet which cap leverage at 1:30 in major jurisdictions like Europe, Australia and the UK. These are designed to protect retail investors from accruing thumping losses.

From the link I shared, IC Markets offers an ECN account. You can also view other top-rated ECN brokers.

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[O_Dover]

Ahhh it must be the regs then.

Good man for sharing the link to the ECN platforms. I have signed up with IC and am just waiting for my application to be approved.

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[James BarraModerator DayTrading.com Team]

Let us know how you get on.

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