Banxso Broker Review

Banxso, a broker from South Africa, prides itself on its status as a reputable intermediary for traders worldwide, engaging in forex and other derivative instruments trading. Banxso’s official website shines with interesting features such as access to popular markets through their proprietary trading platform and the MT5 platform, advanced trading tools, competitive trading commissions, and a variety of account choices.

• Founded: 2020
• Country/Region of Origin: South Africa
• Regulation: CYSEC, FSCA (expired)
• Financial Instruments: Forex, Stocks, Indices, Commodities, Cryptocurrencies
• Demo Account: Available
• Leverage: Up to 600:1
• EUR/USD Spread: 1.5-5 pips (introductory)
• Trading Platforms: Banxso X, Banxso X Mobile, MetaTrader5, MetaTrader5 Mobile
• Minimum Deposit: $250
• Customer Support: Live Chat, Phone, Email, Whatsapp, Social Media

Established in 2020 by a team of financial experts, Banxso aimed to establish itself as a user-friendly broker. Operating from Cape Town, South Africa, the company expanded its services to include cryptocurrency trading in 2022 and launched an educational platform in 2023. Banxso offers traders a wide range of financial instruments, from forex to stocks, indices, commodities, and cryptocurrencies. Their Banxso X and MetaTrader5 platforms provide traders with flexible leverage of up to 600:1 and boast no commission fees. Additionally, Banxso offers four types of live accounts tailored to meet the diverse needs and preferences of traders.

Regulation and Security

Banxso holds two licenses, one from the Cyprus Securities and Exchange Commission (CYSEC) and one from the Financial Sector Conduct Authority (FSCA) of South Africa. However, it’s worth noting that the latter license, limited to financial services, exceeds its jurisdiction.

Regulation Overview

CYSEC

•   Regulated Entity: XF Services Ltd
•   Regulation Type: Straight Through Processing (STP)
•   License Number: 413/22

FSCA

•   Regulated Entity: BANXSO (PTY) LTD
•   Regulation Type: Financial Services Provider Level
•   License Number: 37699

Banxso’s parent company, XF Services Ltd, is regulated by CYSEC in Cyprus, holding an STP license (License No. 413/22). CYSEC is a second-tier regulator and is a member of the European Securities and Markets Authority (ESMA).

Banxso’s other entity is regulated by the FSCA in South Africa, holding a financial services provider level license.

The financial services provider level license allows the company to offer a wide range of financial services, including securities trading, investment management, insurance brokering, and more. While the license enables the provision of various financial services, forex trading is not within its jurisdiction, hence marked as “Expired”.

Trading Instruments

Banxso boasts an extensive selection of financial instruments, providing access to over 8000 trading options across 5 asset classes. These include Forex, Stocks, Indices, Commodities, and Cryptocurrencies, offering traders a wide range of opportunities to diversify their portfolios and capitalize on various market trends.

Banxso offers a comprehensive selection of currency pairs, including major, minor, and exotic pairs, allowing traders to participate in the global currency markets with ease.

For stocks, Banxso provides access to a variety of shares from leading companies worldwide, enabling traders to invest in their favorite companies and take advantage of stock market movements. In addition to stocks, Banxso offers trading opportunities in indices, allowing traders to speculate on the performance of major indices such as the S&P 500, NASDAQ, FTSE 100, and more.

Commodities trading is another highlight of Banxso’s offerings, with a range of commodities including gold, silver, oil, and agricultural products available for trading. This allows traders to diversify their portfolios and hedge against inflation and geopolitical risks.

Banxso provides access to the cryptocurrency market, offering a variety of digital currencies for trading, including Bitcoin, Ethereum, Litecoin, and Ripple, among others.

However, it’s important to note that Banxso falls short in comparison to some other brokers when it comes to offering access to various popular trading options such as options, energy products, ETFs, and others. This limitation may restrict the trading opportunities for some investors seeking a broader range of assets to trade.

Account Types

Banxso offers several types of accounts tailored for different levels of trading experience and preferences. Traders can start with a free demo account to practice strategies and familiarize themselves with the platform without risking real money.

For live trading, Banxso provides four account types: Intro, Plus, Advanced, and Premium. Each has its minimum deposit requirement, ranging from $250 for Intro to $100,000 for Premium.

The Intro account requires a $250 investment with a leverage of 1:200 and spreads starting from 1.5 pips. Plus demands $10,000, offering leverage up to 1:400 and spreads starting from 1.2 pips. Advanced, requiring $25,000, offers leverage of 1:400 with spreads starting from 1 pip. Lastly, the Premium account, with a $100,000 investment, provides leverage up to 1:600 with spreads starting from 0.8 pips.

Banxso’s leverage options vary for different instruments. For currencies, the Intro account offers 1:200 leverage, while Plus and Advanced offer 1:400, and Premium offers 1:600. For commodities and indices, it ranges from 1:50 to 1:200, for stocks and ETFs from 1:10 to 1:40, and for cryptocurrencies from 1:10 to 1:20.

Regarding spreads, Banxso provides competitive rates. Intro account spreads for major currency pairs range from 1.5 to 5 pips, while Plus narrows it to 1.2 to 4 pips. Advanced further reduces it to 1 to 3.5 pips, and Premium offers the tightest spread range of 0.8 to 3 pips.

Banxso doesn’t charge commissions, which can be beneficial for traders. This allows them to focus solely on spreads without worrying about additional costs, potentially enhancing their overall trading performance.

Trading Platforms

Banxso offers a variety of trading platforms designed to meet the needs of traders at different levels. Their proprietary platform, Banxso X, is accessible on web, PC, and mobile devices (Android and iOS), providing an intuitive interface for trading. Banxso X offers features like advanced charting, customizable watchlists, and order types such as stop-loss and take-profit.

For traders on the go, Banxso X Mobile allows access to accounts and trading via smartphones and tablets, ensuring flexibility in trading. Additionally, Banxso supports MetaTrader 5 (MT5), a widely recognized platform known for its advanced features. MT5 provides traders with sophisticated charting tools, multiple technical indicators, and the ability to automate trading strategies with Expert Advisors (EAs).

Whether traders prefer the simplicity of Banxso X or the advanced capabilities of MetaTrader 5, Banxso ensures accessibility across various devices to cater to different trading preferences.

Deposits and Withdrawals 

Traders can fund their accounts on Banxso using major credit cards like Visa and MasterCard, providing a fast and secure way to deposit funds. Additionally, bank transfers are accepted, offering a reliable and traditional method for transferring larger sums. Banxso also supports alternative payment methods such as OZOW and AstroPay, catering to different regions and preferences.

One notable advantage is that Banxso does not charge any commission for deposits and withdrawals, allowing traders to manage their funds efficiently without any extra costs. As for withdrawals, Banxso ensures swift processing times, with all withdrawal requests typically processed within 3 business days. This efficient withdrawal process enables traders to access their funds promptly.

User Experience

While Banxso offers an impressive range of features, there have been reports on the WikiFX website indicating issues with fund withdrawals. Many brokers may encounter such problems, highlighting the inherent risks associated with online trading.

Pros and Cons 

Pros:

1. Diverse Trading Instruments

2. Competitive Spreads

3. Multiple User-Friendly Platforms

4. No Deposit and Withdrawal Fees

5. Fast Withdrawals

Cons:

1. Regulatory Concerns

2. Withdrawal Issues

3. Limited Educational Resources

4. Higher Minimum Deposit

5. Lack of Third-Party Verification

Conclusion on Banxso

In conclusion, Banxso presents itself as a versatile broker with a wide array of trading instruments, competitive spreads, and user-friendly platforms like Banxso X and MetaTrader 5. Despite its strengths, there are concerns regarding withdrawal issues reported on some platforms like WikiFX, emphasizing the importance of due diligence and risk management in online trading. Traders should carefully consider their options and conduct thorough research before choosing a broker.