Hankotrade and FXSway are two popular offshore forex and CFD brokers that offer online trading services to traders and investors worldwide. Both brokers accept U.S. clients and provide trading facilities with no FIFO rule, high leverage, low fees, and tight spreads without restrictions. Although these brokers offer similar services, each has its strengths and weaknesses.
In this article, we will compare and review Hankotrade and FXSway by exploring their trading conditions, instruments, minimum deposits, fees, features, and customer support. This comparison and research will help you determine which broker is better suited to your trading style and preferences.
Hankotrade vs FXSway: In a Nutshell
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. The broker provides an ECN Plus account with low commissions. There are no extra fees for deposits or withdrawals.
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
FXSway
Founded in 2021, FxSway is an online forex and CFD broker. It is an offshore forex broker that offers Forex, Crypto, Stocks, Indices, and Commodities to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of FxSway is as high as 1:500.
FxSway at a Glance
- Founded Year: 2021
- Headquarters: Saint Vincent and the Grenadines
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None (Unregulated Offshore Broker)
- Trading platform: TradeLocker (Desktop, Web, Mobile)
- Account Types: Standard, Var, Pro, Mini
- Trading Style: Scalping, Hedging, Swing Trading, Day Trading, Automated Trading
- Payment Options: Cryptocurrencies ((BTC, ETH, XRP, LTC, DOGE & USDT)
- US Traders: Accepted
Hankotrade vs FXSway: Side By Side Comparison
Hankotrade vs FXSway: Features
Hankotrade
- Trading Instruments: FD Indices, Commodities and Crypto, currencies
- Trading Platforms: Mt4, Web Trading, Mobile
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.7 pips for the STP account, No Commission for the ECN account, and $2 for the ECN Plus account.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction Hankorade): USD, EUR, CAD
- Trading Style Allowed: All include scalping, hedging, news trading, and EA trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 50%
- Margin Call Level: 70%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
FXSway
- Trading Instruments: Forex, Cryptos, Metals, Indices, Stocks & Commodities
- Trading Platforms: TradeLocker
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- STP execution: with Level 2 Pricing
- Trading Fees: Commission Per Lot from $1 to $9.00. Variable spreads from 0.4 pips. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket): 1000 Lots
- Funding Currencies: Bitcoin, Dogecoin (DOGE), Ether/Ethereum, Litecoin, Other Crypto Currencies, Ripple (XRP), Tether (USDT)
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
Hankotrade vs FXSway: Pros and Cons
Hankotrade Pros & Cons
- 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
FXSway Pros & Cons
- 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
- FxSway Accepts Crypto Deposits
Cons:
- Unregulated offshore Forex Broker
- Only Crypto Deposit and withdrawals are available
- Meta Traders (MT4/MT5) are not available. Only TradeLocker is offered
Final Thoughts:
Hankotrade and FXSway are unregulated offshore forex and CFD brokers. They offer similar trading services, allowing scalping, hedging, EA trading, and copy trading EA. The minimum order size for both is 0.01.
However, there are a few areas where you may find differences. For example, Hankotrade does not support the MetaTrader (MT4/MT5) trading platforms; instead, it uses the Hankox trading platform. On the other hand, FXSway supports TradeLocker trading platforms. The minimum deposit for Hankotrade is $10, whereas the minimum deposit for FXSway is $10. Additionally, the maximum leverage for Hankotrade is 500:1, while the maximum leverage for FXSway is 500:1.
Our score for Hankotrade is 4, and for FXSway, it is 4.3. If you are looking for a high-leverage offshore broker with the TradeLocker trading platforms, you may choose FXSway. However, if you prefer not to use MT4/MT5 you may choose Hankotrade.
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
