Banxso Forex Broker

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.