If you have been looking for the best broker or trading platform, you might have come across Hankotrade. While there are countless brokers out there, not all of them would be ideal for everyone. That is why you might wonder whether Hankotrade is a good fit for you.
It is also suspicious that this broker only accepts crypto deposits. For US residents, using Hankotrade would not only put your money at risk but could also put you in trouble with regulators.
In this Hankotrade review, we explore why Hankotrade is not a broker you can trust with your money. You will also discover why using Hankotrade in the US could expose you to punitive regulatory actions. In the end, you will discover better Hankotrade alternatives.
Overview
Hankotrade is an online broker offering Forex and CFDs on cryptocurrency, commodities, and indices. You can access the trading platform on the web, as well as through desktop and mobile apps. Its major selling points are broad market access and generous leverage of up to 500 times.
Hankotrade is an offshore broker based in Seychelles, established in 2010 (according to public sources, though this date should be treated with caution given the broker’s lack of regulatory registration). Seychelles is a known offshore jurisdiction with minimal regulatory oversight, which is a significant red flag when evaluating broker safety.
It only accepts crypto deposits, with minimum deposits ranging from $10 – $1,000, depending on the account type.
Although Hankotrade states on its website that it does not provide its services in certain countries, anyone anywhere can sign up and use Hankotrade.
Is it safe and regulated?
Before using any brokerage platform, the first thing you should try to establish is whether it is secure.
You can assess whether a broker is secure by looking at the measures it has put in place to protect investors’ money if something goes wrong. The regulatory environment that a broker operates in can also tell you about the security of investors’ money.
The SEC and CFTC in the US and the FCA in the UK are some of the world’s top financial markets regulatory authorities that keep watch over brokerage operators. The other major broker regulators are the ASIC in Australia, BaFin in Germany, and FINMA in Switzerland.
Regulatory oversight is an important factor to consider when choosing a broker. Regulated brokers are subject to specific requirements and standards to prevent fraud and other illicit activities that could harm investors.
Is Hankotrade regulated in the US?
Hankotrade is not registered with the SEC or the CFTC, the regulatory authorities that oversee brokers in the US financial markets. So, as it stands, Hankotrade is not regulated in the US.
Hankotrade offers trading in forex and commodities and CFDs in indexes. These markets are regulated by the CFTC.
While Hankotrade states on its website that it does not provide trading in the financial products it offers to US investors, it accepts clients from the US. In fact, much of the broker’s traffic comes from the US:
Since the financial products Hankotrade offers fall under the CFTC oversight, the broker must be registered with the regulator to provide these products to US investors.
However, it has been accepting US customers without the CFTC license. Additionally, the broker provides CFD trading, yet CFDs are prohibited in the country. That tells you that Hankotrade operates an illegal brokerage business in the U.S.
In fact, the CFTC added Hankotrade to its Registration Deficient List (RED List) on July 6, 2022, identifying it as an unregistered foreign entity offering forex and CFD products to US customers without proper registration. The Hankotrade entry on the CFTC website lists Seychelles as the broker’s origin and confirms that it is operating in a capacity that requires CFTC registration, but has not registered. Hankotrade has been on the RED List for nearly 4 years as of 2026, and remains there.
But it is not in the US alone that Hankotrade operates in the shadows of regulatory oversight. The broker is also not regulated in the UK, Canada or anywhere else where it provides its services.
Is Hankotrade a safe broker?
With its global availability and rich menu of financial products, Hankotrade has attracted many users. Testimonies of Hankotrade users are mixed, though. While some have expressed satisfaction with the broker’s service, others have complained about disappearing funds from their accounts and other problems with the broker.
Where does this leave someone who is trying to figure out whether Hankotrade is a safe broker? You have to know what a safe broker looks like and see if Hankotrade fits the bill.
Apart from requiring the SEC and CFTC licenses to operate, financial brokers in the US are subject to additional oversight.
For example, FINRA regulates registered brokers that offer trading in stocks, bonds, futures, options, and other financial products. Its goal is to safeguard market integrity and protect investors’ interests. FINRA members are required to comply with industry ethics.
FINRA is there to detect and prevent unethical broker practices to protect investors from financial fraud. It can fine brokers that fail to comply with its requirements.
SIPC (Securities Investor Protection Corporation) is another entity that oversees brokers to safeguard the interests of investors.
While FINRA protects investors from financial fraud by brokers, SIPC protects investors’ funds in brokerage accounts up to $500,000 (with a $250,000 cash sub-limit) if their broker becomes insolvent.
FINRA and SIPC are membership regulatory organisations. They protect the interests of member brokers’ customers. Nearly all brokers registered with the SEC and CFTC are FINRA and SIPC members.
Since Hankotrade is not licensed by the SEC or CFTC, it cannot be a member of either FINRA or SIPC. For that reason, your money is not safe with Hankotrade.
Since Hankotrade operates outside FINRA oversight, its users are not protected if the broker commits fraud against them. And for Hankotrade’s lack of SIPC membership, its users risk losing everything if the broker fails.
Specific red flags about Hankotrade include:
- Crypto-only deposits: Hankotrade only accepts cryptocurrency deposits, which is unusual for a legitimate broker. Crypto deposits are largely irreversible and untraceable, which makes recovery very difficult if you become a victim of fraud or if the broker disappears with your funds.
- Generous deposit bonuses: Hankotrade offers a “100% deposit bonus” for new clients depositing $100 or more, up to $25,000. Excessive bonuses with restrictive withdrawal terms are a classic warning sign of scam brokers, because they often come with hidden conditions that effectively trap your funds in the platform.
- Reports of withdrawal issues: Multiple independent sources document complaints from Hankotrade users about delayed or impossible withdrawals – a common pattern with offshore unregulated brokers.
- Cancelled or non-existent offshore registrations: Some sources report that Hankotrade’s offshore registration has been cancelled or was never legitimate to begin with.
- Low independent safety ratings: Industry watchdog sites consistently rate Hankotrade very low (typically 2-3 out of 10) for safety and reliability.
What happens if you use Hankotrade in the U.S.?
While Hankotrade is available in the U.S., it is operating in the country illegally. It means that if you get scammed on Hankotrade, there is nothing that you can do to hold the broker accountable.
But that’s not all. You could also get in trouble with the government if you are caught using Hankotrade, an unregulated offshore broker operating in the U.S. illegally.
In addition to forex, commodities and crypto, Hankotrade offers CFD trading to its customers anywhere in the world. While trading CFDs may be legal in other countries, CFDs are banned in the U.S.
CFDs are among the financial products regulated by the CFTC. It means that a broker must seek CFTC permission to offer CFD trading to its customers. But as it stands now, the CFTC does not allow brokers regulated by it to offer CFD products. The regulator also prohibits foreign brokers from offering CFD trading to U.S. residents.
If you manoeuvre around and use an unregulated foreign broker like Hankotrade to trade CFDs, you would violate CFTC rules. For that reason, the regulator could hit you with severe punishment if you are caught.
Penalties for trading with unregistered foreign brokers can be substantial. The CFTC has authority to impose civil monetary penalties of up to $1 million per violation (or triple the monetary gain to the violator), depending on the severity of the case. Additionally, you could be denied access to US regulated financial markets, exchanges, and clearinghouses. While individual retail traders are rarely the primary target of CFTC enforcement (the regulator typically focuses on the brokers themselves), the legal risk is real and worth considering.
Alternatives
While Hankotrade may have some attractive features like access to several markets and generous leverage, it is not regulated and lacks protection for clients’ money in case something goes wrong.
If you are looking for credible brokers that are regulated and offer secure trading platforms, check out our select Hankotrade alternatives below.
Interactive Brokers
Best overalleToro
Best for social trading and stock commission-free tradingWebull
Best for trading stocks and options commission-freeDEGIRO
Best for low-cost trading from Europe
If you want to check out more Hankotrade alternatives, read our In-depth Broker Reviews, take a look at our Broker Comparison Table or try out our Broker Matching Tool.
Bottom line
If you are seeking a safe and regulated broker, you should look beyond Hankotrade. The combination of factors documented in this review – CFTC RED List inclusion since July 2022, lack of any tier-1 regulation, Seychelles offshore base, crypto-only deposits, deposit bonus tactics, and documented withdrawal issues – all point to a broker that no serious investor should trust.
If you have already deposited funds with Hankotrade:
- Stop depositing more money immediately, even if you receive pressure from “account managers” to add funds
- Try to withdraw your existing balance as soon as possible
- Document everything: keep screenshots of communications, account statements, deposit and withdrawal records, and bonus terms
- Report the broker to your local financial regulator and to the CFTC (https://www.cftc.gov/complaint) if you are a US resident
- Be wary of “recovery services” that contact you offering to recover your funds for a fee – these are typically secondary scams targeting victims of the original fraud
Legitimate, regulated brokers exist for every type of trading strategy. The convenience or “advantages” that an unregulated offshore broker like Hankotrade may seem to offer are never worth the risk of losing your entire balance with no legal recourse.
