Hantec Markets review
This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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Hantec FX, or Hantec Markets, is a UK regulated Forex broker that was initially conceived as a financial company in Hong Kong, that mainly deals with wealth management and other allied financial services. Hantec Group is one of the oldest businesses in the financial markets, having set up its operations in 1990. The broker started its FX operations in 2009 and since then, Hantec Markets has achieved the much-coveted status of being a mainstream broker within a short period of time. Therefore, the company has a tremendous amount of experience and in-depth industry knowledge to offer one of the most highly regarded FX brokerage services in the entire world.
Hantec Markets is a well-known Forex broker that has generated excellent reviews from its customers. Hantec Markets traders are mostly referrals achieved through positive word of mouth marketing from their existing clientele. Being able to offer excellent services consistently to their existing clients is certainly a good sign of a Forex broker doing its job perfectly. A majority of current FX brokers look to acquire new customers on a daily basis, mainly because they are unable to hold on to their existing traders. Several brokers also use unfair means of FX dealing to trick money away from their traders, which can quickly alienate potential long-term clients.
|Forex, indicies, commodities, shares|
Is Hantec Markets Regulated Elsewhere?
Hantec Markets has its branch offices in several parts of the world, and apart from the FCA regulation, Hantec Group also has its regulatory status approved by the ASIC to offer FX brokerage services in Australia. Hantec Markets regulation by the FCA also puts it under the FSCS scheme, which insures clients’ funds against broker issues such as broker insolvency. FCA and ASIC regulation also requires the broker to hold client funds in segregated accounts and perform routine third-party audits to ensure that all company financials are in order.
However, we are disappointed that Hantec Markets does not cater to US traders, which is a serious oversight by a company that has been operating for more than two and a half decades. Therefore, as a broker, Hantec Markets should consider opening up its services to the lucrative US markets and become regulated by the CFTC and NFA to garner more trust and reputation.
What Are The Hantec Markets Account Features?
Hantec Markets only offers a single type of trading account, which is available for an initial deposit of $1000. It is certainly in the higher category, especially since the $1000 deposit that qualifies for both an STP as well as an ECN account. STP accounts are market maker models and don’t usually have the advantages and benefits of an ECN account. It is strange to see why Hantec Markets does not offer the STP account with a smaller initial deposit, as most FX brokers offer a standard ECN account for a virtually negligible minimum deposit. The initial deposit barrier is too high for traders, as they have multiple opportunities to open a trading account with a fraction of the cost required to open a Hantec Markets account.
The broker only offers access to Forex and CFDs trading. Therefore, traders cannot invest in other markets such as equities, commodities, or indices trading. All traders can enjoy a maximum Hantec Markets leverage of 1:200, which is not a high amount of margin since other brokers offer leverage of up to 1:2000. However, 1:200 is still a high leverage since the minimum deposit is $1000; therefore, it is possible to face a margin call if a trader uses the entire leverage on a single trade in a volatile market.
The broker offers variable Hantec Markets spreads, which fluctuates according to market conditions. Standard STP accounts have an average of 1.5 to 3 pips on FX major currency pairs, while the ECN accounts can lower the spreads and have a commission per traded lot. Hantec Markets STP account is a market maker account, and there will be conflicts of interests between the broker and its clients. The company has outlined its conflict of interest policy with their clients on a dedicated page of their website, which is a responsible approach by the broker. Traders should always be aware of the trading conditions before actually depositing money with a broker.
Online Hantec Markets Trading Platforms & Mobile Trading
Hantec Markets has taken its customers’ reviews into account by offering three types of trading platforms for tackling the markets. The most basic Hantec Markets platform is the MT4 terminal that is available for Windows, Mac, and mobile. However, for traders with more advanced charting requirements can choose between the Currenex Classic and the Currenex Viking platform. The Currenex trading software is developed by Hantec Markets for their ECN accounts, which offers more flexibility and better features for trading Forex and CFDs. Hantec Markets mobile traders can only use the MT4 mobile apps for trading, as the Currenex platform is only designed for the desktop platform.
Hantec Markets Customer Support & Bonus
Hantec Markets is one of the best brokers that take its customers seriously. Traders can contact their customer support channel through live chat, email, phone, or through a web contact form. Hantec Markets responds to all communications in a professional and friendly manner, which puts a trader at ease. The broker has over 90% retention rate, and more than 70% of its customers are referrals. Therefore, Hantec Markets clients can be assured of the high quality of customer service while dealing with the broker.
Most mainstream brokers do not offer a bonus, and the same is the case with Hantec Markets bonus as well. Bonuses are usually not a good idea, and professional traders stay away from bonuses at all costs. Apart from the lack of a bonus and a higher initial deposit amount, Hantec Markets is certainly a top-quality Forex broker that is a great option for traders looking for a safe and regulated broker.
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