Hantec FX Review – Evaluating Forex Trading With Hantec Markets
Hantec Markets is a Hong Kong based financial company that set up its financial operations way back in 1990 under the brand name of Hantec Group. The company was primarily known as a wealth management firm that concentrated its efforts on creating a managed fund for wealthy investors. However, the increasing popularity of Forex trading has encouraged the company’s founders to start a Forex brokerage, which was introduced in 2009. This Hantec Markets review is developed to provide you a brief idea about the overall trading experience with Hantec FX, and what traders can expect while opening an account at the broker.
Hantec FX Regulation & Its Customer Acquisition Strategies
- A wealth management firm
- Up to 1:500 leverage
Contact Info
- Website: www.hantecfx.com
- Support: +44 (0) 20 7036 08501
- Headquarters: Hantec House, 12-14 Wilfred Street, London, SW1E 6PL
Hantec Markets regulation is carried out by the Financial Conduct Authority (FCA) of the UK and the Australian Securities & Investments Commission (ASIC) of Australia. Even though the company has more than 25 years of experience in the financial markets, their FX brokerage service has only been recently introduced to the Forex trading community, making it relatively new in light of its competition. Regardless, the company has covered the entire European and Asia-Pacific markets by being located in primary financial centers such as the UK, Hong Kong, and Australia. Unfortunately, the broker does not accept any traders from the US due to its glaring absence from the USA, and the subsequent lack of regulation by the CFTC and the NFA. In our opinion, Hantec Markets has access to the resources and the capital to set up shop in the US, and it is surprising that the broker has chosen to stay away from such a highly lucrative retail trading market. Hantec Markets invests a lot of money and resources into acquiring consumers and retaining them. Forex trading is a risky business, and the attrition rate is significantly larger than in any other industry. Forex brokers often find it hard to convert traders into their customers, let alone convincing them to continue trading with them for a long time. Hantec FX has a unique customer-centric strategy that aims to improve the customer satisfaction of its existing clients through proactive measures, which not only helps in retaining customers but also enables the company to attain referral clients with relatively zero marketing costs. The broker reports that they have more than 70% of clients who are referrals from existing traders, which is a staggering number in the market, especially when traders are more apprehensive about broker scams and fraudulent financial practices. Most online forums are filled with complaints and negative reviews on different brokers; therefore, Hantec FX must be credited for their efficiency in maintaining excellent customer satisfaction, regardless of the market standards that point to the contrary.
Forex Trading Accounts & Platforms Available At Hantec Markets
There are three different Hantec Markets Account options available to traders, which differ according to STP and ECN conditions that are accessible on the Hantec FX platforms. One of the main disadvantages for smaller retail traders is the minimum deposit of $1000 required to open a Hantec FX account. The maximum Hantec Markets leverage is 1:200, and is offered as standard for both STP, as well as ECN accounts. It is very strange as to why the broker has stuck with such a strategy, especially when its immediate competitors offer trading accounts for as low as $1 and a higher leverage to the tune of 1:500 on average.
There are primarily two different Hantec Markets platforms, the MetaTrader platform and the Currenex platform. The MetaTrader is offered for traders looking for STP access, while the Currenex platform is a proprietary Hantec Markets trading platform designed for ECN trading. The MT4 terminal does not make sense for traders, especially due to the market maker nature of the account; but clients may choose this platform for its familiarity and the absence of any commission per trade. The MT4 account also allows traders to start trading with micro lots, which can help in holding larger positions with relatively lower margin. The Currenex platforms are further divided into the Currenex Standard and the Currenex Viking accounts, where the only visible difference lies in the minimum order size. The Viking account starts from a minimum order size of 10,000 lots, while the Standard account starts from a minimum order size of 500,000 lots. The Hantec FX spreads are floating on all accounts, with the ECN accounts promising tighter spreads, faster order execution, and a nominal commission per trade. As far as the exact commissions are concerned, the broker has decided to offer customized commissions and charges for individual accounts, which make it extremely hard to get an average figure for regular traders. Expect the commission to be in the range of $4 to $10 per round lot, with higher deposits attracting the lowest commission. Hantec Markets spreads for the STP accounts vary between 1.5 to 3 pips, and it does not offer any other advantages as compared to the regular STP accounts provided by other FX brokers. Nevertheless, the company’s ECN accounts have witnessed lots of popularity among traders, especially due to the safety of the company regarding regulatory licenses and the overall trust factor.
What Are The Hantec Markets Mobile Platforms?
Hantec FX mobile traders can use the MT4 and the Currenex platform on their mobile devices through the respective apps available on the app stores. The Currenex platform is quite a bit different from the traditional MT4 platform, which may take some time for traders to get used to the interface. Nevertheless, both the mobile and desktop trading platforms are excellent software to access the Forex market, albeit, traders will find the Currenex platform to be better regarding trading conditions due to the direct market access ECN protocols.
Is The High Entry Requirement Worth It?
Hantec Markets is not advisable for amateur, especially for new traders, since the broker stipulates a minimum of $1000. The $1000 with a 1:200 leverage can quickly result in a margin call, especially if a trader is not aware of the risks in the market. There are numerous other options in the market that provide accounts with a smaller trading capital, which can help the trader to learn the markets without risking too much of their investments. On the other hand, larger traders may benefit from a Hantec Markets account due to the comparatively lower leverage offered by the company. The reputation and regulatory licenses also play in Hantec Markets’ favor, which should help traders to enjoy complete peace of mind while trading with Hantec FX.
