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Banxso foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://banxso.com/registration-landing/, about the company's legal and temporary regulatory information, the company's address 117 On Strand De Waterkant, Capetown 8001, South Africa.

Banxso Forex Broker

Basic Information

Registered Region
South Africa
Operating Period
--
Company Name
Banxso (PTY) Limited
Abbreviation
Banxso
Company employee
--
Customer Service Email Address
cs@banxso.com
Contact Number
+27104464170
Company Website
Company address
117 On Strand De Waterkant, Capetown 8001, South Africa
Keywords
2-5 years
Suspicious Regulatory License
White label MT5
Self-developed
Regional Brokers
South Africa Financial Service Corporate Revoked
Suspicious Overrun
High potential risk

Company profile

Banxso Review SummaryFounded2022Registered Country/RegionSouth AfricaRegulationFSCA (Revoked), CySEC/ASIC (Suspicious clone)Market InstrumentsForex, Indices, Commodities, Cryptocurrencies, StocksDemo Account✅LeverageUp to 1:200SpreadFrom 0.8 pipsTrading PlatformBanxso X App, MT5Minimum Deposit$300Customer SupportLive chatEmail: cs@banxso.comSocial Media: Facebook, Instagram, YouTube, Twitter, LinkedIn, WhatsAppBanxso Information Registered in 2022, Banxso is a multi-asset trading platform based in South Africa. It claims to provide multiple market instruments such as Forex, Indices, Commodities, Cryptocurrencies, and Stocks. Banxso offers access to two trading platforms, MT5 and a self-developed Banxso X App. The minimum deposit required to start trading with Banxso is $300.Pros and ConsProsConsBanxso X, MT5 supportedNo regulationDemo accounts availableHigh minimum deposit requirementVarious account typesMultiple market offeringIs Banxso Legit? No. None of Banxso's licenses are currently effective, which means Banxso cannot be considered a legitimate company.Regulated CountryRegulated AuthorityRegulatory Status Regulated EntityLicense TypeLicense NumberFinancial Sector Conduct Authority (FSCA)RevokedBANXSO (PTY) LTDFinancial Service Corporate37699Cyprus Securities and Exchange Commission (CySEC)Suspicious CloneNova Securities LtdStraight Through Processing (STP)413/22Australia Securities & Investment Commission (ASIC)RevokedALTUS INVESTIUM LTDInvestment Advisory License000458097What Can I Trade on Banxso? Banxso claims to offer tradable products on its platform, including Forex, Indices, Commodities, Cryptocurrencies, and Stocks.Trading AssetAvailableforex✔commodities✔indices✔stocks ✔cryptocurrencies✔bonds❌options❌funds❌ETFs❌Account Type Banxso offers three tiers of live accounts, each with a different number of accounts and distinct conditions. In addition to the standard accounts, Banxso also offers a demo account, individual account, joint account, and corporate account. Here is a breakdown of each account tier.Classic TierAccount TypeMnimum DepositClassic$300Platinum$1,000VIP$2,500Extra$5,000Platinum TierAccount TypeMinimum DepositSpread fromAdvanced$10,0001.2 pipsPlatinum$25,0001.2 pipsExclusive$100,0001 pipVIP AccountAccount TypeVIPMinimum Deposit$250,000Cashback5xMaximum Leverage1:200Spreads from0.8 pipsMinimumLot Size1Minimum Step Size1Leverage The leverage is up to 1:200 for all account types on this platform. Leverage allows traders to control larger positions than their own capital would permit. While it can amplify profits, it also increases potential losses.Fees The spread starts from 0.8 pips and varies based on the account class on Banxso. A “spread” is the difference between the buying and selling prices of a currency pair.Trading Platform Traders on Banxso get access to two platforms: Banxso X and MT5. Banxso X is developed by Banxso, claiming to offer advanced features like enabling hedging, sophisticated charting, complex orders, customizable watchlists, flexible alerts, and complete control over stop-loss and take-profit levels. While MT5 is a more popular online trading platform, it is famous for multi-asset trading, advanced charting, analysis tools, algorithmic trading, market depth, and multiple order types.Trading PlatformSupported Available Devices Suitable for Banxso X App✔Desktop, Mobile, Web/MT5✔Desktop, Mobile, WebExperienced tradersMT4❌/BeginnersDeposit and Withdrawal Banxso accepts three payment methods: Debit/Credit Card (Visa and Mastercard), Bitcoin, and Bank Wire.

Rating Index

VIP

Minimum Deposit
$250,000

Exclusive

Minimum Deposit
$100,000
How to login to Banxso?
banxso Complete Account Guide: Registration, Account Opening, and Login Processes Part One: Account Registration Process How to Register a banxso Account Creating a banxso account is the first step in your trading journey. The registration process is designed to be straightforward and user-friendly.

  

Banxso Forex Broker - Complete Information Guide

  

1. Broker Overview

  Banxso, officially known as Banxso (Pty) Ltd, was established in 2021. The company is headquartered in Cape Town, South Africa, and operates as a private entity. Banxso primarily serves the South African market, catering to a diverse clientele that includes both novice and experienced traders. The firm has gained recognition for its innovative approach to trading, aiming to provide a user-friendly platform that appeals to millennials and Gen Z traders.

  The inception of Banxso marked a significant milestone in the South African trading landscape, as it emerged from the acquisition of a legacy firm, Zen Fin Financials, by a group of young financial entrepreneurs. This transition was aimed at revitalizing the trading experience and making it more accessible to a broader audience. Banxso's slogan, “Not your grandfathers bank,” encapsulates its mission to innovate within the financial services sector.

  Banxso operates primarily in the retail forex and CFD trading segments, providing a platform that supports a wide range of financial instruments. The company has ambitious plans for expansion, intending to extend its services to international markets in the near future.

  

2. Regulation and Compliance Information

  Banxso is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, holding the license number 37699. This regulatory oversight ensures that Banxso adheres to strict standards of conduct and operational integrity. The FSCA is recognized as a Tier 2 regulator, signifying a moderate level of regulatory oversight compared to Tier 1 regulators.

  In addition to its primary regulation in South Africa, Banxso has plans to establish further regulatory compliance in other jurisdictions. These include licenses with the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission (FSC) in Mauritius, and others.

  Banxso implements a robust client fund protection strategy, maintaining segregated accounts to ensure that client funds are kept separate from the company's operational funds. This practice helps to safeguard client investments in the event of financial difficulties faced by the broker.

  The company adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, requiring clients to provide identification and verification documents during the account opening process. This compliance is crucial in preventing fraud and ensuring a secure trading environment for all users.

  

3. Trading Products and Services

  Banxso offers an extensive selection of trading products, providing access to over 8,000 assets across various categories. This includes:

  • Forex: Banxso supports trading in 80 currency pairs, including major, minor, and exotic pairs.
  • CFDs: The platform allows trading in share CFDs, indices, commodities, and cryptocurrencies. Notably, there are over 1,000 share CFDs available for trading.
  • Commodities: Traders can access a diverse range of commodities, including precious metals (like gold and silver) and energy products (such as crude oil).
  • Cryptocurrencies: Banxso has recently expanded its offerings to include popular cryptocurrencies, catering to the growing demand in this asset class.

  Banxso is committed to regularly updating its product offerings, ensuring that traders have access to the latest financial instruments. The broker's focus on retail trading services is complemented by plans to develop institutional services in the future.

  

4. Trading Platforms and Technology

  Banxso provides traders with access to multiple trading platforms, including the widely acclaimed MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are known for their advanced charting capabilities, technical indicators, and automated trading features.

  In addition to MT4 and MT5, Banxso has developed its proprietary trading platform, known as Banxso X. This platform is designed to offer a seamless trading experience with intuitive navigation and comprehensive trading tools. Banxso X also supports copy trading, allowing users to replicate the trades of successful traders.

  The platforms are available on various devices, including desktop, web, and mobile applications for both iOS and Android. This flexibility enables traders to manage their accounts and execute trades on the go.

  Banxso operates on a Straight Through Processing (STP) model, which means that orders are executed directly in the market without the intervention of a dealing desk. This execution model is designed to provide traders with better pricing and faster order execution.

  

5. Account Types and Trading Conditions

  Banxso offers several account types to cater to different trading needs, including:

  • Intro Account: Requires a minimum deposit of $500 with spreads starting from 1.5 pips.
  • Plus Account: Requires a minimum deposit of $10,000 with spreads starting from 1.2 pips.
  • Advanced Account: Requires a minimum deposit of $25,000 with spreads starting from 1.0 pips.
  • Premium Account: Requires a minimum deposit of $100,000 with spreads starting from 0.8 pips.

  All account types offer commission-free trading, allowing traders to focus on their strategies without worrying about additional costs. The maximum leverage offered varies by account type, with options up to 1:200 for premium accounts and lower ratios for standard accounts.

  Banxso also provides a demo account, allowing new traders to practice their strategies without financial risk. The demo account is an excellent tool for familiarizing oneself with the trading platform and testing various trading strategies.

  

6. Fund Management

  Banxso supports a variety of deposit methods, making it convenient for traders to fund their accounts. Accepted methods include:

  • Bank transfers
  • Credit/Debit cards (Visa, Mastercard)
  • E-wallets (such as Ozow and Astropay)

  The minimum deposit requirement is $500, and Banxso does not charge any fees for deposits or withdrawals. Processing times for deposits typically range from 1 to 3 business days, depending on the method used.

  Withdrawals can be made through the same methods used for deposits, and Banxso aims to process withdrawal requests within 3 to 5 business days. This efficient processing ensures that traders have timely access to their funds.

  

7. Customer Support and Educational Resources

  Banxso places a strong emphasis on customer support, providing multiple channels for assistance, including:

  • Email support
  • Phone support
  • WhatsApp and Telegram messaging

  Customer support is available from 8:00 AM to 7:00 PM, five days a week. While the absence of live chat may be a drawback for some users, the responsiveness of the support team has received positive feedback from clients.

  In terms of educational resources, Banxso offers a range of materials designed to enhance traders' knowledge and skills. This includes:

  • Online courses
  • Webinars
  • Informative trading videos

  The educational content covers a variety of topics, from basic trading strategies to advanced market analysis techniques. Additionally, the platform provides access to market analysis tools and resources, helping traders make informed decisions.

  

8. Regional Coverage and Restrictions

  Banxso primarily serves clients in South Africa, with plans for future expansion into other regions. Currently, the broker does not accept clients from certain countries, including the United States, Canada, and several others where trading with leveraged products may be restricted.

  The company has established a presence in Mauritius, Vanuatu, and Cyprus, allowing it to cater to a broader audience while maintaining compliance with local regulations.

  In summary, Banxso positions itself as a competitive player in the forex and CFD trading space, with a comprehensive offering and a commitment to customer service. Its regulatory compliance, diverse asset selection, and user-friendly platforms make it an appealing choice for traders looking to engage in the financial markets.

  As a relatively new broker, Banxso continues to evolve and expand its services, with a focus on meeting the needs of its growing client base.

  Overall, the Banxso broker represents a solid option for traders seeking a reliable and innovative trading environment.

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Latest Reviews

rain cloud

rain cloud

New Zealand

4 stars for their customer service. Miss Oriana was very patient and helpful in finding out if my documents were uploaded which for some strange reason i was unable to do.

Positive

2024-05-29

Lucas1.0

Lucas1.0

Cyprus

Am a beginner in this trade but you guys tries a lot to help me with lot of things and you patient with us so keep up the good work…

37130

2024-04-30

ING

ING

India

Honestly, dealing with Banxso has been a rollercoaster. Their relentless calls even after I closed my account has been pretty vexing. While I made some losses, things really started going south when I decided not to deposit more funds. On the brighter side, I received plenty of help navigating the shares platform, and was pleasantly surprised by the profits I made. As a newbie, their patient, competent staff built my confidence through training webinars and one-on-one interactions. I owe a special thanks to my account manager who treated my account with utmost care and provided valuable trading insights. Yet, I was later disillusioned by wide spreads, high swap fees and constant nudging to deposit more and make senseless trades. Despite detaching myself from their platform months ago, they just won't let me be. My advice? If you're considering Banxso, brace for both surprises and shocks before diving in.

37130

2024-04-19

Banxso

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Banxso Forex Broker has an overall rating of 2.10, Regulatory Index 0.00, License Index 0.00, Business Index 6.46, Software Index 8.40 Risk Control Index 0.00.