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Banxso Forex Broker provides real users with 4 positive reviews, 6 neutral reviews and * exposure review!

Banxso Broker Review

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Banxso Review 10

Latest All(10) Positive(4) Neutral(6)
Positive
Exceptional Customer Service: Oriana's Patience and Assistance Shines Through Document Upload Issue

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.

rain cloud
2024-05-29
Neutral
Beginner's Journey: Appreciation for Patient Guidance and Support

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…

Lucas1.0
2024-04-30
Neutral
Banxso Experience: Mixed Bag of Profits and Pestering Calls

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.

ING
2024-04-19
Neutral
Banxso Trading Review: Competitive Spreads, Smooth Platform, Slow Withdrawals

Traded with Banxso and my overall verdict? Mostly pretty good. Their spreads are competitive, managed to trade USD/EUR amidst tight ranges, it was consistent even during volatility. The trading platform is straightforward, didn't face much hiccup placing trades, setting stop losses, or creating price alerts. However, one area that somewhat dulled the shine was the speed of withdrawal. Longer than my preference and industry average, took about a week to reflect in my account.

Jared Hughes
2023-10-09
Positive
Banxso Trading Review: Fair Spreads, Solid Platform, Slow Withdrawals

Trading with Banxso? Solid. Fair spreads, good platform. Withdrawal was slower than I'd like, though.

Nathan Turner
2023-10-09
Positive
Seamless Trading Experience: Diverse Instruments, Tight Spreads, Transparent Fees

Gotta admit, I really dig the fantastic variety of trading instruments they've got. It has allowed me to craft a diversified and resilient portfolio that would make any trader glow with pride. Another major clincher for me has got to be their great spreads, it's been consistently tight, like right on money! And, the clear-as-daylight fee structure? Simply refreshing, mate, no sneaky charges lurking in the dark corners. Now, about their platform - it's as intuitive as they come. Even for a technical klutz like me, navigating through it has been as easy as pie. Withdrawals? Fast and fuss-free, no nail-biting wait involved.

Kenneth Wright
2023-10-09
Neutral
Banxso's Trading Rollercoaster: Competitive Spreads and Withdrawal Delays

I stepped into the trading world with Banxso a few months ago, right off the bat their vast array of instruments caught my attention. I've been trading a mix of currencies (mainly USD/EUR & GBP/JPY) and dabbling in oil, and the ride so far has been a blend of ups and downs. Starting with the good, Banxso keeps their spreads competitive, around 1.0-1.2 pips for the USD/EUR pair and 7-9 pips for oil. These reasonable spreads, coupled with the absence of any hidden fees, is definitely a perk. My long positions on GBP/JPY, held over several weeks thanks to a leverage of up to 30:1, resulted in a decent profit margin. Their trading platform is pretty intuitive, it didn't take me long to figure out how to open and close positions, and the chart tools make for good market analysis. However, during a few high-volatility events, I noticed a bit of a lag. It didn't affect my trading outcomes, but the momentary panic wasn't pleasant. Now, for the thorny bit. When it came to withdrawals, it was a bit of a waiting game. Having to wait about a week to receive my own profit of $5,000 was a bit of a stretch, especially when profits from oil trading were sitting around 30%.

Abo Adam
2023-10-09
Positive
Banxso: Swift Withdrawals, Tight Spreads, and Robust Security for Seamless Crypto Trading

The spreads on cryptocurrencies are very competitive compared to other brokers I've explored, which is a huge advantage. It’s fulfilling to see that my orders are executed at the expected prices with no slippage - really adds a level of trust in the platform. Their security measures are remarkable as well, with robust encryption to protect my funds and information. When it comes to withdrawing my earnings, the process on Banxso platform has been exceedingly smooth. My last withdrawal of approximately $2500 was processed within just two days! This efficiency is very rare based on my experiences with other brokers. There were no surprises – everything was transparent and as stated. In a nutshell, Banxso has been a reliable and effective trading partner for me. It's platforms like these that make cryptocurrency trading simpler and more enjoyable. Highly recommended !

Niko.
2023-09-13

  

Banxso 2025 Review: Everything You Need to Know

  Banxso has emerged as a notable player in the South African forex market, appealing particularly to newer traders with its innovative approach and user-friendly platforms. This review synthesizes various insights from multiple sources, highlighting the broker's strengths and weaknesses, while providing a balanced overview of what potential clients can expect.

  Note: It's important to remember that Banxso operates through different entities across various regions, which can lead to variations in services and regulations. This review aims to provide a fair and accurate representation of Banxso's offerings based on the latest information available.

  

Ratings

Category Score (out of 10)
Account Conditions 7.5
Tools and Resources 6.0
Customer Service and Support 6.5
Trading Experience 7.0
Trustworthiness 7.8
User Experience 7.2
Overall 7.3

  We evaluate brokers based on a comprehensive analysis of user experiences, expert opinions, and factual data.

  

Broker Overview

  Established in 2021, Banxso is a South African forex broker regulated by the Financial Sector Conduct Authority (FSCA) under license number 37699. The broker aims to cater to both novice and experienced traders, offering access to a wide array of trading instruments. Banxso provides several platforms, including the popular MetaTrader 5 (MT5) and its proprietary Banxso X platform, designed to enhance the trading experience. Traders can access over 8,000 assets, including forex, commodities, indices, stocks, and cryptocurrencies.

  

Detailed Section

  

Regulatory Regions

  Banxso is primarily regulated by the FSCA in South Africa, which provides a level of security and compliance for its clients. However, the broker has plans for international expansion, which may include obtaining licenses from other regulatory bodies in the EU and UK. This aspect is crucial for traders seeking a regulated environment.

  

Deposit/Withdrawal Currencies

  Banxso supports various deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets. The primary currency for transactions is South African Rand (ZAR), but traders can also use USD. Notably, Banxso does not charge fees for deposits or withdrawals, although third-party fees may apply.

  

Minimum Deposit

  The minimum deposit requirement at Banxso is relatively low, set at $100. This accessibility allows new traders to enter the market without a significant financial commitment, making it appealing for those just starting their trading journey.

  

Bonuses/Promotions

  Banxso offers various promotions, including an attractive 8.7% interest on account balances, which is significantly higher than traditional bank rates. Additionally, the broker has a cashback program that rewards traders for their trading activity, enhancing the overall trading experience.

  

Tradable Asset Classes

  Traders at Banxso can access a diverse range of asset classes, including:

  • Forex: Over 80 currency pairs, including major, minor, and exotic pairs.
  • Stocks: More than 1,000 share CFDs.
  • Indices: A variety of global indices.
  • Commodities: Including metals and energy products.
  • Cryptocurrencies: A selection of popular cryptocurrencies.

  This broad asset selection allows traders to diversify their portfolios effectively.

  

Costs (Spreads, Fees, Commissions)

  Banxso operates on a commission-free model, which is attractive for many traders. However, the spreads can be higher than industry averages, particularly for forex trading. For instance, the average spread for EUR/USD can reach 2.3 pips during peak trading hours, which is above the typical range seen with other brokers. Traders should also be aware of potential inactivity fees after three months of no trading activity.

  

Leverage

  Banxso offers competitive leverage options, with a maximum of up to 1:400 for forex trading. This flexibility allows traders to amplify their positions, but it also increases the risk associated with trading.

  

Allowed Trading Platforms

  Banxso provides access to several trading platforms, including:

  • MetaTrader 5 (MT5): A widely used platform known for its comprehensive features and tools for technical analysis.
  • Banxso X: The broker's proprietary platform designed to cater to both new and experienced traders, featuring a user-friendly interface and advanced trading tools.

  

Restricted Regions

  Currently, Banxso primarily serves South African residents. There are plans for international expansion, but as of now, traders from regions such as the United States and Canada cannot open accounts with Banxso.

  

Available Customer Service Languages

  Banxso offers customer support primarily in English, with additional support available in Arabic. The customer service team is accessible via email, phone, and messaging platforms, although the absence of a live chat feature may detract from the overall support experience.

  

Repeated Ratings

Category Score (out of 10)
Account Conditions 7.5
Tools and Resources 6.0
Customer Service and Support 6.5
Trading Experience 7.0
Trustworthiness 7.8
User Experience 7.2
Overall 7.3

  

Detailed Breakdown

  

Account Conditions

  Banxso offers a range of account types, including demo accounts for practice trading. The minimum deposit is set at $100, making it accessible for new traders. However, the higher minimum deposits for certain account types may deter some users.

  

Tools and Resources

  The broker provides a variety of educational resources, including webinars and online courses, though many users feel the depth of content is lacking. The integration of third-party research tools like Trading Central and TipRanks adds value for traders looking for market insights.

  

Customer Service and Support

  Customer support at Banxso is available 24/5 through multiple channels, but the lack of a live chat feature has been noted as a drawback. Response times can vary, and some users have reported delays in email responses.

  

Trading Experience

  Traders generally report a positive experience with Banxso's platforms, especially the user-friendly Banxso X. However, the higher spreads during peak trading hours may impact overall trading costs.

  

Trustworthiness

  Banxso is regulated by the FSCA, which enhances its credibility. However, as a relatively new broker, some users express concerns about its long-term reliability and operational history.

  

User Experience

  Overall, Banxso is seen as a user-friendly platform, particularly for beginners. The educational resources and easy account opening process contribute positively to the user experience.

  In conclusion, Banxso presents itself as a promising option for traders in South Africa, particularly those new to the market. While it has several strengths, including a diverse asset range and attractive interest rates, potential clients should weigh these against the higher spreads and limited regulatory coverage.