Hankotrade Alternatives & Competitors for 2024

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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.

Hankotrade Overview

Hankotrade Overview
  • Founded In: 2018
  • Broker Type: ECN/STP
  • Minimum Deposit: $10
  • Maximum Leverage: 1:500
  • Regulations: None 
  • Trading platform: MT4 ,MT5,Webtrader
  • Account Types: 4 Types of Accounts ( STP, ECN, ECN Plus, Islamic)
  • Payment Options: Bitcoin cash. Reimbursed
  • US Traders: Accepted 

A list of Top Alternatives of Hankotrade for 2024

  • Hugosway | Best for ECN trading
  • LQDFX | Best for beginner traders
  • LMFX | Best Overall Offshore Forex Broker
  • KOT4X | KOT4X | Best for Charts and Indicators
  • Prosperity4X | Best for trading crypto CFDs
  • OspreyFX | Tradelocker Trading Platform
  • EagleFX | Best for STP Execution

7 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.

ImageProductFeaturesPrice
Hugosway Features
Hugosway

Hugosway

  • Founded In:  2018
  • Minimum Deposit: $10
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms : MT4
  • Trading Instruments: Forex, cryptos, commodities, indices and stocks CFDs
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Kot4x Features
Kot4x

Kot4x

  • Founded In:  2019
  • Minimum Deposit: $10
  • Maximum Leverage: 1:5
  • Regulations : None
  • Trading Platforms : MT4
  • Trading Instruments: FX Pairs, Indices, Commodities, Metals, Stocks, Cryptos.
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LMFX Features
LMFX

LMFX

  • Founded In:  2015
  • Minimum Deposit: $50
  • Maximum Leverage: 1:1000
  • Regulations : 
  • Trading Platforms : MT4, WebTrader, Mobile Trader
  • Trading Instruments: Forex, Indices, Commodities, Metals, Energy,Shares 
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Eaglefx Features
Eaglefx

Eaglefx

  • Founded In:  2019
  • Minimum Deposit: $20
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms : 
  • Trading Instruments: forex, cryptos, commodities, indices and stocks CFDs
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OspreyFX Features
OspreyFX

OspreyFX

  • Founded In:  2019
  • Minimum Deposit: $50
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms : MT4, MT5
  • Trading Instruments: Forex, cryptos, indices, energies, Metals, stocks
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LQDFX Features
LQDfx

LQDfx

  • Founded In:  2015
  • Minimum Deposit: $20
  • Maximum Leverage: 1:500
  • Regulations : MT4
  • Trading Platforms : 
  • Trading Instruments: BTC, BCH, LTC, XRP, USDT, debit cards, PayRedeem, Confirmo
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ProsperityFX Features
ProsperityFX

ProsperityFX

  • Founded In:  2020
  • Minimum Deposit: $25
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms : MT4
  • Trading Instruments: Forex, Indices, Energies, Cryptos, stocks CFDs, and Metals.
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Hankotrade Features
Hankotrade

Hankotrade

  • Founded In: 2018
  • Minimum Deposit: $10
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms :Act Trader
  • Trading Instruments: Forex , Indices, Commodities, Crypto
Trade NowRead More

LMFX

LMFX is an experienced offshore forex/CFD broker that has been operating since 2015 from the Republic of North Macedonia. The broker is known for high leverage and low trading fees. Client funds are held in segregated accounts while standard security procedures have been implemented.

LMFX provides a ‘fixed account’ for traders who prefer to trade fixed spreads. It also has ‘premium accounts’ which have variable spreads and ‘zero accounts’ which feature tight spreads and low commissions per lot traded. Newbies are provided training articles; they can also open demo accounts and participate in the monthly demo contest.

Pros

  • The maximum leverage is 1:1000 which is high when compared to competitors.
  • Trading tools like the Economic Calendar, trading calculators, and free VPS are available.
  • Traders can win up to $1,000 in the monthly demo account content tagged “Learn and earn” contest.
  • Accounts can be funded using Cryptos, debit/credit cards, bank transfers, PayRedeem eCards, and e-wallets like Skrill and Neteller.
  • New traders are welcomed with a 100% deposit match bonus.

Cons

  •  No social trading platforms or managed accounts for investors.
  • MT4 is the only platform provided for all traders.
  • Assets are limited; you cannot trade bonds, ETFs, and crypto CFDs.

learn More : LMFX Reviews : Fees , Features and More

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.

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.

LQDFX

LQDFX is a global broker that operates the STP brokerage model, enabling forex and CFD traders to speculate on the price movements of the underlying markets. The minimum deposit is $20 while the maximum leverage is 1:500.

LQDFX has made adequate provisions for new traders. There are more than 30 videos aimed at training a newbie to become knowledgeable. Risk-free demo accounts and micro accounts are also provided to assist newbies. Pro traders are offered low spreads and low commissions.

Pros

  • PAMM accounts for investors and money managers.
  • Training resources in the form of video lessons.
  • Several payment options: BTC, altcoins, eCard from PayRedeem,
  • Multiple account types which give traders opportunities to choose whether to pay through the spread or commissions.
  • 100% deposit bonus up to $20,000.

Cons

  • No social trading packages
  • No regulation by any authority.

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.

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.

ProsperityFX

ProsperityFX is a new broker that offers more than 200 forex and CFD assets for trading on its MT4 platforms. It boasts of deep liquidity which brings about low spreads and lightning-speed trade executions. Trading starts from $50 and leverage is capped at 1:500.

The broker has 4 account types which include mini accounts for beginners and PRO accounts with spreads from 0.4 pips and commissions of $8 per lot. Demo accounts are also available with up to $100,000 in virtual funds.

Pros

  • Investors and expert traders can benefit from PAMM accounts.
  • Funded accounts are provided for expert traders. The funding ranges from $25,000 to $200,000.
  • Accounts can be funded with multiple cryptos like BTC, ETH, DOGE, USDT, etc.
  • 24/7 client support via instant chat, email or you can schedule a callback on the website.  

Cons

  • Not regulated by any authority.
  • No in-house team that researches and publishes market news and analysis.

Final Impression

Though no brokers are exactly the same, Hankotrade has several brokers that can effectively substitute as its alternatives. These alternative brokers have their strengths and weaknesses. Some of them may offer better service based on your trading requirements. 

Below is our list of alternative brokers to KOT4X:

  • Hugosway | Best for ECN trading
  • LQDFX | Best for beginner traders
  • LMFX | Most Trusted Offshore forex broker 
  • Prosperity4X | Best for trading crypto CFDs
  • Hankotrade | Best for low trading fees
  • OspreyFX | Best for multiple platforms
  • EagleFX | Best for STP Execution

Feel free to test the services of any of these alternatives offshore brokers provided. Some of the alternative brokers have good features that might be of interest to some traders. For example, LQDFX features multiple accounts including a micro account and also training resources for beginners. Hankotrade offers both the MT4 and MT5 trading platforms. LMFX is perfect for customer support and trading experience.

Irrespective of the choice you make, it is important to remember that forex trading is risky as you can lose all or part of your trading capital. Finally, trading with an unregulated broker further increases the risk associated with forex and CFD trading.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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