Banxso Forex Broker

Banxso Information

　　Founded in 2020 by a team of financial experts, Banxso aimed to create a user-friendly brokerage. Based in Cape Town, South Africa, they expanded into cryptocurrency trading in 2022 and introduced an educational platform in 2023. Banxso offers traders a variety of financial instruments, including Forex, Stocks, Indices, and Commodities. Their platforms, Banxso X and MetaTrader5, come with flexible leverage up to 200:1 and zero commissions. They also provide a choice of eight live account types to suit different trader preferences.

Pros & Cons

　　Banxso shines in offering various trading instruments and generous leverage up to 200:1, which can be great for diverse trading strategies. It offers multiple account types with easy Banxso login process , supports both proprietary and MT5 platforms. On the flip side, the $300 minimum deposit may not be beginner-friendly, and spreads are a bit wider than some competitors.

Is Banxso Legit？

　　When it comes to regulation, Banxso, holding three licenses - the CYSEC regulatory license, the FSCA regulatory license, and the ASIC regulatory license, doesn't particularly stand out among other reputable brokers. Notably, however, that the latter two licenses, exceeds their services purview.

　　Banxso's first entity, XF Services Ltd, is regulated by CYSEC in Cyprus, holding a license of STP (Straight Through Processing) under license number 413/22. CYSEC is a tier-two regulator and a member of the European Securities and Markets Authority (ESMA).

　　Banxso's other entity is regulated by FSCA in South Africa, holding a license to Financial Service Corporate.

　　A financial services corporate license permits a company to offer a wide array of financial services, including securities trading, investment management, insurance underwriting, and more. The license allows for various financial services, but forex trading activities are not part of it. This is why it's labeled as “Exceeded.”

　　Besides, the financial service corporate license from the Australia Securities & Investment Commission (ASIC, No. 458097) is also exceeded.

　　Besides, Banxso says to provide negative balance protection to safeguard your account from trading market anomalies.

　　In addition, WikiFX's field investigators journeyed to Banxso's registered address at 2nd Floor, 117 on Strand, De Waterkant, Cape Town ealier this year. At the location, they confirmed the broker's physical presence in an official and legitimate environment, solidifying the fact that Banxso has a real physical address at the location. Here are the featured photos taken then:

Market Instruments

　　Banxso boasts that it offers over 8000 market instruments across 5 asset classes, including forex, stocks, indices, and commodities. However, when compared to other brokers, it doesn't offer access to various popular trading options like options, energy products, ETFs, and more.

Account Types

　　Both demo and live accounts are available at Banxso.

　　Demo accounts offers traders a chance to practice trading strategies and familiarize with the platform without risking real money.

　　For those ready to trade live, Banxso offers eight distinct account types: Intro, Basic, Plus, Extra, Advanced, Premium, Exclusive, and VIP. Each account type has its own minimum deposit requirement, starting from $300 for the Intro account up to $250,000 for the VIP account.

　　The minimum deposit of $300, completely honest, does come across as significantly higher when you compare it to the requirements set by other brokers like TMGM, Axi, etc, in the market.

Leverage

　　Banxso provides leverage up to 1:200 for all account types. Leverage can significantly increase the potential returns on investments, but it also amplifies the risks involved.

Spreads & Commissions

　　Banxso offers competitive spreads varying on different account types.

　　For the Intro and Basic accounts, the spread is not mentioned, while the Plus and Extra accounts offer spread from 1.6 pips.

　　The Advanced and Premium accounts further reduce the spread to 1.2 pips, the Exclusive account is equipped with spread from 1.2 pips, and the VIP account provides the tightest spread from 0.8 pips.

　　Notably, Banxso states that it charges no commissions, which can be beneficial for traders as they can trade without incurring additional costs beyond the spreads.

Trading Platforms

　　Banxso provides a range of versatile and user-friendly trading platforms, including Banxso X, Banxso X Mobile, MetaTrader5, and MetaTrader5 Mobile.

　　Banxso X is a proprietary trading platform developed by Banxso, offering a comprehensive suite of trading tools and features. It provides an intuitive and customizable interface, allowing traders to analyze market data, place trades, and manage their portfolios efficiently. Banxso X Mobile is the mobile version of the platform, enabling traders to access their accounts and trade on the go using their smartphones or tablets.

　　Additionally, Banxso supports MetaTrader5, a widely recognized and popular trading platform in the industry. MetaTrader5 offers advanced charting capabilities, a wide range of technical indicators, and automated trading features through expert advisors (EAs). Traders can access MetaTrader5 on desktop and also stay connected to the markets through MetaTrader5 Mobile.

Social Trading & Automated trading

　　If you are a beginner and don't have too much knowledge about trading markets, you can start social trading with Banxso. You can copy your favourite traders, follow them and make success.

　　Of course, automated trading is also available. If you don't have time and energy to be concerned about market dynamics and adjust your trading strategies, you can choose to open an automated trading account.

Deposits & Withdrawals

　　Traders can fund their accounts using major credit cards such as Visa and MasterCard, providing a quick and hassle-free way to deposit funds. In addition, Bank Wire transfers are also accepted, offering a reliable and traditional method for transferring larger amounts. Banxso also supports OZOW and AstroPay.

　　One notable advantage is that Banxso does not charge any deposit or withdrawal fees, allowing traders to efficiently manage their funds without incurring additional costs.

Banxso Money Withdrawal

　　To withdraw funds from your Banxso account, you need to follow these steps:

　　Step 1: Click on the Client Area Button.

　　Step 2: Click on your Profile.

　　Step 3: Select “Withdraw”.

　　Step 4: Select the account to withdraw from.

　　Step 5: Enter the desired amount.

　　Step 6: Click on “Withdraw Funds” to complete the transaction.

Bonus & Promotions

　　Banxso gives a promotion of 50% bonus on first-time deposits. The bonus duration is for a limited period. In case of a withdrawal before reaching the volume requirement, the bonus will be fully voided and removed from the account.

Tools & Education

　　Banxso offers Banxso Academy, Trading Central, TipRanks and Economic Calendar.

　　- From Banxso Academy, you can learn about trading markets via education courses, trading videos, or webinars.

　　- Trading Central, as their website says, provides market insights and insider knowledge to help you make the best trades.

　　- You can also directly analyze, insight and insider transactions from your account with TipRanks™ Ultimate integration and it's for free.

　　- The Economic calendar is a trading tool that most brokers offer. It helps you keep track of all important events and measure their importance for the financial markets.

　　All the above educational resources and tools are helpful for trading. If you are a beginner, you can start learning here.

Customer Support

　　Banxso prioritizes providing responsive and accessible customer service to assist its clients. With service hours from 8:00 am to 7:00 pm, 5 days a week, traders have a wide window to reach out for support. Banxso offers various channels for communication, including live chat, WhatsApp, and email.

　　Additionally, Banxso maintains an active presence on popular social media platforms like Twitter, Facebook, Instagram, YouTube, and LinkedIn, providing additional avenues for traders to stay updated and engage with the broker. For quick assistance, an FAQ section is available, where traders can find answers to commonly asked questions. Importantly, Banxso openly shares its company address, demonstrating transparency and accountability.

Q&A

　　Is Banxso regulated？

　　Yes. It is regulated by CySEC.

　　Does Banxso offer demo accounts？

　　Yes.

　　Does Banxso offer the industry leading MT4 & MT5？

　　Yes. It supports Banxso X, Banxso X Mobile, MetaTrader5, and MetaTrader5 Mobile.

　　What is the minimum deposit for Banxso？

　　The minimum initial deposit to open an account is $300.

　　Is Banxso a good broker for beginners？

　　Yes. Beginners can benefit from risk-free demo trading and rich educational resources.