Hankotrade Alternatives & Competitors for 2024 (Top Picks)

Hankotrade is a Forex, CFD, and crypto trading offshore forex broker. It allows traders with restrictions free trading. On this platform, traders can trade via MT4, MT5 trading platform 

One of the major advantages of unregulated offshore brokers is that they offer high leverage and accept clients from all over the world including restricted jurisdictions like the USA, Canada, Belgium, etc. However, all brokers are not perfectly suited for all types of traders. If for any reason, you do not find the services rendered by Hankotrade appealing, other brokers offer similar or better services and operate at the same level as Hankotrade. This article will explore in detail the services provided by these other brokers that are alternatives to Hankotrade.

What is HankoTrade?

Founded in 2020, Hankotrade is an online forex and CFD broker. It is an offshore forex broker that offers Cryptocurrencies, indices, and commodities trading services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Hankotrade is as high as 1:500. 

A list of Top Alternatives of Hankotrade for 2024

• KOT4X  | Transparent offshore forex broker 
• Plexytrade | Offshore Broker with MT4, MT5 Platforms
• OspreyFX | Offshore Brokers Accepting US Clients 
• LMFX | Trusted Offshore Forex Broker
• Fyntura | Offshore Broker with Deep Liquidity 
• Nash Markets | Offshore Broker with STP Execution
• LonghornFX | Trusted by Thousands of Traders 
• EagleFX | Best for STP Execution
• Hugosway | True ECN Offshore Broker

9 Best Alternatives to Hankotrade 2024

Our research team has compiled a list of brokers that can serve as alternatives to Hankotrade. Just like Hankotrade, these are mostly offshore brokers that are unregulated and also offer MT4 trading platforms. They usually allow low deposits, and high leverage and do not restrict trading styles.

The table below compares the services provided by the Hankotrade alternative brokers.

1. KOT4X

KOT4X refers to itself as the “kings of transparency” because of its honesty and lack of hidden fees. The broker offers ECN/STP trading of over 250 forex and CFDs on its MT4 trading platforms.

Traders can choose from mini, VAR, PRO, and standard pairs accounts depending on their experience, capital, and preferences. Commissions of $7 per lot are charged on trades except for mini pairs account which is $1 per lot. No commissions are charged from VAR pairs accounts but spreads start from 1.2 pips.

Pros

• You can fund your account with multiple cryptos like BTC, ETH, LTC, USDT, etc.
• Trading can start with a deposit of $10 while a maximum leverage of 1:500 will multiply the capital.
• Expert traders who can prove their competency can get funded accounts up to $200,000. The reward is 80% of their profits.
• Multiple account types: including mini, pro, var and standard accounts. 
• Investors can benefit from PAMM accounts and earn without even knowing how to trade.

Cons

• No trading tools like the daily market analysis.
• Limited deposit options; no e-wallets like Skrill, Neteller, PayPal, etc.
• No other trading platforms apart from the MT4.

2. Plexytrade

Founded in 2024, Plexytrade is an online forex and CFD broker. It is an unregulated forex broker that offers 100+  instruments ranging from all the major Cryptos, Forex, Commodities, and Global Indices to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Plexytrade is as high as 1:2000. 

Pros

• The maximum leverage is as high as 1:2000 ( Leverage may vary based on account types and tradable asset types) 
• Allow Crypto CFD Trading 
• The maximum lot size is as high as 1000 lot 
• Raw spread starting from as low as 0.0 pips 
• Offers MT4, and MT5  trading platforms (Desktop, Web, mobile version) 
• Demo Accounts are Available 
• Higher Leverage for US, and EU clients. 
• Allow Scalping, EA Trading, and News Trading 
• Plexytrade Accepts Crypto Deposits

Cons

• Unregulated offshore forex broker 
• Only Crypto  Deposit and Withdrawal Option 
• A limited number of tradable assets

3. OspreyFX

OspreyFX gives its clients access to trade more than 120 forex and CFD instruments on the MetaTrader platforms. Accounts can be easily funded via BTC, bank transfers, or debit/credit cards. Spreads are tight courtesy of a large liquidity pool and executions are very fast.

The broker supports its traders with various educational articles classified as Beginner, intermediate, advanced, and affiliates-referrals. OspreyFX clients can trade on the MT4 or MT5 trading platforms.

Pros

• Trading starts from $50 while the max leverage is 1:500.
• Pro traders who can prove their expertise in demo accounts receive real accounts funded with a minimum of $25,000 up to $200,000.
• Training articles are provided for new traders.
• Traders can choose between the MT4 and MT5 trading platforms.
• The support team is available 24/7.

Cons

• Unregulated forex broker
• No managed accounts or social trading.
• Inadequate trading tools or market research.

4. Fyntura

Founded in 2023, Fyntura is an online forex and CFD broker. It is an unregulated forex broker that offers 100 instruments ranging from all the major Cryptos, Forex, Commodities, and Global Indices to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Fyntura is as high as 1:500. To learn more about Fyntura, you can read our review on Fyntura.

Pros

• Low Minimum Deposit – Starting from $10
• Allow Crypto CFD Trading 
• Offers leverage as high as 1:500
• The maximum lot size is as high as 1000 lot 
• Low commission trading commission is only $2 per 100K trading. 
• Offers MT4 trading platforms (Desktop, Web, mobile version) 
• Demo Accounts are Available 
• MAM accounts are offered 
• Higher Leverage for US, and EU clients. 
• Allow Scalping, EA Trading, and News Trading 
• Fyntura Accepts Crypto Deposits

Cons

• Unregulated Offshore Forex Broker 
• Only Crypto  Deposit and Withdrawal Option 
• Only MT4 is available. ( No other trading platforms are offered)

5. Nash Markets

Founded in 2020, Nash Markets is an online forex and CFD broker. It is an offshore forex broker that offers 138 forex pairs, stocks, indices, commodities, and cryptocurrency services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Nash Markets is as high as 1:500. 

Pros

• Low Minimum Deposit – Starting from $10
• Allow Crypto CFD Trading 
• Demo Accounts are Available 
• Higher Leverage for US, and EU clients. 
• Allow Scalping, EA Trading, and News Trading 
• Nash Markets Accepts Crypto Deposits

Cons

• Offshore Broker with very limited information
• Limited Deposit and Withdrawal Option 
• Spread sometimes  widens during market volatility
• Unregulated Forex broker  
• No Managed Account Options
• No Meta Trader ( MT4/MT5) trading platforms. 

6. LonghornFX:

Founded in 2020, LonghornFX is an online forex and CFD broker. It is an offshore forex broker that offers forex (major pairs, crosses, exotic pairs), cryptocurrencies, indices, metals, futures, commodities, and stock trading services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of LonghornFX is as high as 1:500. To learn more about LonghornFX, its features, pros, and cons, you can read our review on LonghornFX.

Pros

• low Minimum Deposit – You may deposit as low as $10
• Allow Crypto CFD Trading 
• Offers leverage as high as 1:500
• Offers MT4 Trading Platform
• Demo Accounts are Available 
• Higher Leverage for US, and EU clients. 
• Allow Scalping, EA Trading, and News Trading 
• LonghornFX  Accepts Crypto Deposits

Cons

• Unregulated Offshore Forex Broker 
• Only Crypto  Deposit and Withdrawal Option 
• No Managed Account Options

7. EagleFX:

EagleFX is an ECN/STP forex and CFD broker that enables the trading of more than 150 instruments on the MT4 trading platform. Registered in the Commonwealth of Dominica, the broker provides tight spreads and swift trade execution of clients’ orders.  

Traders can only maintain either a real account or a demo account as there are no different account types. Accounts can only be funded via BTC and the commission on trades is about $6 per lot.

Pros

• More than 160 instruments can be traded on its platforms.
• The customer support desk is always open to attend to clients’ challenges 24/7.
• The minimum deposit is $10 while the max leverage is 1:500.
• No deposit or withdrawal fees.

Cons

• No provision for investors or social trading.
• The broker did not provide any educational resources.
• You can only withdraw to a BTC wallet address.

8. Hankotrade

Pros

• Traders can choose from two powerful and popular platforms; MT4 and MT5.
• Leverage is capped at 1:500
• Multiple account types including Islamic, STP, ECN, and ECN Plus accounts.
• PAMM/MAM accounts are available for interested investors and fund managers.
• A 100% bonus is available to traders who deposit from $100 up to a max of $25,000.
• Tools like the Economic Calendar, trading calculators, and VPS are provided.

Cons

• No research tools like market news, expert analysis, or trading signals.
• No provision for training of new traders.
• The assets index is limited. 

9. Hugosway

Hugosway facilitates the trading of over 150 forex and CFD assets on its MT4 trading platforms which are available on the web, windows desktop, and mobile apps; iOS and android. The broker asserts that its liquidity pool is powered by over 25 top banks thereby ensuring tight spreads and lightning-speed executions.

Accounts can be maintained in multiple currencies while funding is via Bitcoin or PayRedeem’s eCards. You can either open a real account or a demo account as there are no multiple account types. Spreads start from 0.4 pips while the commission is $8 per lot.

Pros

• You can start trading with as little as $10
• The client support desk is available on a 24/7 basis.
• No restrictions on trading strategies or style.
• The maximum leverage is up to 1: 500
• Multiple payment options via third-party partners. 

Cons

• Only one ECN real account is available to all traders.
• No choice of other platforms.
• No social trading or daily analysis is provided.

Final Verdict:

Although Hankotrade is one of the popular offshore forex and CFD brokers, there are other offshore brokers that can serve as alternatives. These alternatives include:

• KOT4X | Transparent Offshore Forex Broker
• PlexyTrade | Offshore Broker with MT4, MT5 Platforms
• OspreyFX | Offshore Broker Accepting US Clients
• LMFX | Trusted Offshore Forex Broker
• Fyntura | Offshore Broker with Deep Liquidity
• Nash Markets | Offshore Broker with STP Execution
• LonghornFX | Trusted by Thousands of Traders
• EagleFX | Best for STP Execution
• Hugosway | True ECN Offshore Broker

These brokers offer similar trading services, though there are some minor differences among them, including minimum deposit, maximum leverage, spreads, trading instruments, and trading platforms. If you are a US trader looking for an offshore forex broker, you may consider KOT4X, PlexyTrade, or OspreyFX. For non-US traders, LMFX can be a perfect choice. We have listed all the offshore brokers here after thorough research and analysis.

Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks