Hantec Markets in Nigeria

Trust & Reputation - 9/10

Forex trading is not regulated by the Nigerian government, so Hantec Markets activities in Nigeria are supervised/regulated from overseas by the Financial Services Commission (FSC) in Mauritius with license C114013940

Hantec Markets also operates in the United Kingdom where it is regulated by the Financial Conduct Authority (FCA) United Kingdom.

In Australia, Hantec Markets is regulated by the Australian Securities & Investment Commission (ASIC) and has AFSL number 000326907.

Hantec Markets has a global presence and holds licenses from respected market regulators. Hence we give it the highest trust score of 9/10

Payment Channels - 6.5/10

What we like about the Hantec Markets minimum deposit is that it is the same $10 for their standard and raw spread account types. This is worthy of note because most brokers keep a higher minimum deposit for their raw spread account types.

The Hantec Markets minimum withdrawal is also $10 but this is quite high and can discourage traders from taking out funds thus leading to overtrading.

The available payment methods are very limited, like every broker operating in Nigeria, they accept local bank transfer (via KoraPay), which is okay.

They also accept cards, neteller, skrill and crypto. Noticeably absent is USSD & mobile money payment methods.

Although Hantec Markets does not support many payment channels, the fact that their minimum deposit is the same $10 for both standard and raw account types, is commendable.

Hantec Markets withdrawal time is instant for local bank transfer, withdrawal via cards can take up to 2 weeks.

Account Types - 8/10

There is a Cent Account designed for trading small quantities and this one is suitable for learners.

Next, there is a Global Account where you can trade larger quantities and this account is suitable for experienced traders.

Then there is also a Pro Account for experienced traders but this one offers tighter spreads (than the Global Account) & you must also pay a flat commission on every trade.

Hantec Markets does not have naira account, instead all their accounts come in default USD currency. You can only open a maximum of 3 trading accounts (2 MT5 and 1 MT4).

Hantec also provides an online wallet where your deposits are held. When you want to trade you need to perform an internal transfer from your wallet to your trading account.

Risk Management - 9/10

Leverage is up to 1:500 but you can edit and lower it from your personal area.

Negative Balance Protection prevents your account balance from falling below zero and going into negative. it ensures you don't owe Hantec any money.

Margin Calls come when your margin level has fallen to 100% while stop out occurs when your margin level falls to 20%.

Hantec Markets helps traders manage their risk by providing low leverage which discourages over-trading/gambling tendencies. The online wallet is also a standout feature because any funds you put in it, cannot be affected by margin call or any trading related activity.

Trading & Non-Trading Fees - 6/10

We don't like that the Cent Account has an unusually high spread from 2.2 pips, but the Global Account cuts the spread down to start from 1.3 pips (which is still higher than what closest rivals offer).

The Pro Account offers raw spread from 0.5 pips plus a $1 per side flat commission on every standard lot you trade.

Although there is no withdrawal fee, a 0.6% currency conversion fee is applied to deposits/withdrawals outside your account currency. The currency conversion fee is also applied when you trade assets that are not domiciled in your account currency.

Overnight fees are applied when you leave a CFD trade open till the next day and over a weekend.

Hantec Markets does not charge inactivity fees but if your account has been dormant for up to 6 months, the funds inide will be moved to your online wallet and the account archived. You may loose the account history when it is archived.

Range of Markets - 8.7/10

We looked at the Hantec Markets product catalogue and found they offer all the major and minor fx pairings.

The metal listing was mostly dominated by gold, paired with several currencies.

Not too many energy CFDs were listed but the popular ones like Natural Gas and oil are available.

The Indices section was loaded with several indices including all the popular ones like USTEC 100, US30, US500 etc. which was impressive.

Several stocks were listed in the equities section and ETFs were also available.

Crypto traders will find the crypto listings impressive as they are over 20 crypto pairs available.

Hantec Markets did a good job at providing access to several asset classes, but we would have loved to see some Bonds and Crypto ETFs.

Trading Software & Apps - 6/10

Not very impressed with the platform offering here, although MT4, MT5 & a mobile app are available, more sophisticated traders may take the absence of TradingView & cTrader as a reason to look away.

Customer Support - 5/10

We opened a trading account with Hantec Markets but our account manager never reached out to us, not even via email. We tested their live chat and the response time was average of 10 minutes.

The telephone contact they displayed on their website was an international number but we would have preferred a local Nigerian number due to billing costs.

Final Score - 7.2/10

A very good broker for beginners but expert traders may want to look elsewhere.