US Traders always look for trading with a suitable forex broker. The country has strict regulations in forex trading. As a result, the majority of online forex brokers do not accept US clients because they can not meet the regulatory requirements of the US authorities. High leverage and CFD trading are restricted in the USA. However, many forex traders still opt for trading CFDs with high leverage. That is why many traders settle for offshore forex brokers.
Hankotrade is an online offshore forex broker that is not authorized or regulated by any authority anywhere; so it is not under any obligation to abide by the rules guiding US-regulated brokers. In this blog post, we will explore whether Hankotrade accepts US clients, its Pros and cons, and why US traders choose brokers like Hankotrade and more.
Does Hankotrade Accept Clients?
Yes, Hankotrade accepts US Clients. Being an unregulated online forex broker, the broker has the flexibility to onboard clients from various locations worldwide, including the USA. Therefore, US traders can register for an account and trade forex and CFD trading with Hankotrade.
Hankotrade Overview
- Founded In: 2018
- Broker Type: ECN/STP
- Minimum Deposit: between $10 and $100: $10 for STP, $100 for ECN, and $1000 for ECN plus accounts
- Maximum Leverage: 1:500
- Account Types: 4 account types: STP, ECN, and ECN Plus, Islamic Accounts
- Trading Fees: STP account:0.7 Pips spread, ECN account: $2 for Standard lot/per side, and for ECN Plus account: $1 for standard lot/per side
- Regulations: None
- Trading platform: ActTrader (Web+Mobile)
- Payment Options: 8 methods (Bitcoin, Litecoin, Ethereum, True USD, USDC- Bitcoin Cash, Tether, Dogecoin)
- PAMM/ MAM Account: Available
- Bonus: 100% Deposit Bonus
- US Traders: Accepted
Why Do US Citizens Use Offshore Brokers Like Hankotrade?
Below are some of the reasons why a US trader will choose to trade with Hankotrade :
CFD trading
Contracts for differences (CFDs) are financial contracts between a broker and a trader which allows the trader to take positions on the broker’s platform and speculate on the price direction of underlying financial assets without ownership. For example, with CFDs, a trader can make money by predicting the price direction of a company’s stock market shares without owning the company shares.
Unfortunately, US traders are officially prohibited from trading CFDs by the regulators. However, Hankotrade gives US traders opportunities to trade CFDs from stocks, indices, and commodities.
High leverage
Leverage is a tool that multiplies a trader’s market exposure in relation to his deposit. US traders are mandated to restrict forex leverage to 1:50 but Hankotrade offers up to 1: 500. This means that with a deposit of $500; you can open positions worth $250000.
With higher leverage, there is a higher chance of making more profits provided that the market moves in favor of your position.
Low trading capital
With Hankotrade, US traders can start trading with $10 but US-regulated brokers demand a higher minimum deposit. Also, the trading fees and commissions are much lower with Hankotrade than with the US-regulated brokers. Perhaps, because obtaining and maintaining a US forex broker license is very expensive.
Tax
The United States has stringent tax laws which are almost impossible to evade. Forex traders are required to pay taxes on their profits. Trading with unregulated brokers like Hankotrade makes it easier to pay reduced taxes especially if BTC is used to fund and withdraw from the trading account.
Pros and Cons of Hankotrade for US Traders
- Maximum Leverage is as high as 1:500
- Faster Trade Execution with ECN/STP Model
- Low Minimum Deposit ($10)
- Tight spreads starting from just 0.0 pips
- Multiple account types including Islamic, STP, ECN, and ECN Plus accounts.
- PAMM/MAM accounts are available for interested investors and fund managers.
- Tools like the Economic Calendar, trading calculators, and VPS are provided.
- Demo accounts are available for testing trading strategies.
- Overall Very Low Trading Fees
- Crypto Deposits and Withdrawals available
- Due to the absence of regulatory restrictions, the broker is open to clients worldwide
- Allows Scalping, News trading, EA Trading, and FIFO Trading.
- The Broker is not regulated
- Only crypto deposits and withdrawals are available
- Lack of Educational Resources
- No Investor Protection Scheme
- No Telephone Service Line
- Limited Educational Resources
- NO Ctrader trading platforms
Which countries are restricted on Hankotrade
As Hankotrade is an unregulated offshore forex broker. It can onboard clients from anywhere in the world. Currently, the broker does not have any restricted county list on its website. so it accepts clients from all over the world.
Frequently Asked Questions (FAQs)
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. To learn more about HankoTrade, you can read our review of HankoTrade.
Is Hankotrade Regulated in the USA?
No. Hankotrade is not regulated in the USA. It is an unauthorized offshore forex broker.
Does Hankotrade have any office in the USA?
No, Hankotrade does not have an office in the USA. As per their website, the broker is located in Dubai, UAE.
Can Americans use Hankotrade?
Yes, American traders can use Hankotrade. However, traders should take care while trading with unregulated forex broker
Final Thoughts :
Hankotrade is a forex broker that offers online forex and CFD trading services. The broker gives access to trade with a wide range of trading instruments including Forex, Commodities, Indices, Currency Indices, Cryptocurrencies, Shares, ETFs, and CFD Forwards. The broker allows almost all trading styles including scalping, hedging, copy trading, and news trading.
Hankotrade allows US clients to enjoy forex trading services on their own terms. If you like high leverage, Hankotrade offers leverage up to 1:500. Traders are allowed to use any strategies including scalping, hedging, news trading, and so on. Unlike US-regulated brokers, Hankotrade offers CFD trading. However, the broker currently does not have Metatrader (MT4, MT5) trading platforms. It uses the Act Trader trading platform.
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
