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Banxso

South Africa|2-5 years|
Straight Through Processing(STP)|White label MT5|Regional Brokers|Suspicious Overrun|Medium potential risk|

https://banxso.com

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
Banxso-Production MT5
Server Location Finland

Contact

+27 104 464 170
cs@banxso.com
https://banxso.com
117 On Strand De Waterkant, Capetown 8001, South Africa

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Contact number

English

+27 104 464 170

Other ways of contact

Broker Information

More

Company Name

Banxso (PTY) Limited

Abbreviation

Banxso

Platform registered country and region

South Africa

Company website
X
Facebook
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YouTube
Linkedin
WhatsApp
  • 27661861782

Pyramid scheme complaint

Expose

Check whenever you want

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WikiFX Risk Alerts 2
Previous Detection : 2024-11-21
  • This broker exceeds the business scope regulated by South Africa FSCA(license number: 37699)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
  • This broker exceeds the business scope regulated by Australia ASIC(license number: 458097)Investment Advisory Licence Non-Forex License. Please be aware of the risk!

WikiFX Verification

Banxso · WikiFX Survey
Great A Visit to Banxso in South Africa - Office Found
South Africa

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Banxso · Company Summary

Let's Start Here:

Banxso, a broker originating from South Africa, proudly positions itself as a decent intermediary for traders worldwide engaging in forex and other derivatives trading. Banxso's official website shines intriguing features, such as access to popular markets through their proprietary trading platform and MT5 trading platform, advanced trading tools, competitive trading fees, and a variety of account choices. However, the question comes: Is it real?Let's uncover the truth.

Overview

Banxso Review Summary
Founded2020
Registered Country/RegionSouth Africa
RegulationCYSEC, FSCA/ASIC (Exceeded)
Market InstrumentsForex, Stocks, Indices, Commodities
Demo AccountAvailable
Leverage200:1
SpreadVary on the account type
Trading PlatformsBanxso X, Banxso X Mobile, MetaTrader5, MetaTrader5 Mobile
Minimum deposit$300
Customer Support8:00 am to 7:00 pm, 5 days a week
Live chat
Email: cs@banxso.com
Facebook, Twitter, YouTube, Instagram, LinkedIn, WhatsApp
Bonus & Promotions50% bonus on first-time deposits

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.

Banxsos homepage

Pros & Cons

ProsCons
• Wide range of trading instruments• Exceeded FSCA/ASIC license
• Multiple account types• $300 minimum deposit, not beginner-friendly
• Demo accounts available• Big spreads compared to other brokers
• Generous leverage up to 200:1• Relatively young broker
• Commission-free
• Both Proprietary and MT5 supported
• Rich educational contents
• Multi-channel support
• Easy and simple Banxso login

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.

Regulated Country Regulated AuthorityRegulated Entity License Type License Number
CYSECXF Services LtdStraight Through Processing(STP)413/22
FSCABANXSO (PTY) LTDFinancial Service Corporate37699
ASICBANXSO LIMITEDInvestment Advisory License458097

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).

Regulated by CySEC

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.”

Exceeded FSCA license

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

Exceeded ASIC license

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:

Physical presence
Physical presence

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.

Trading Assets Available
forex
label
stocks
label
indices
label
commodities
label
cryptocurrencies
label
ETFs
label
options
label
energies
label

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.

Account TypeMinimum Deposit
Intro$300
Basic$1,000
Plus$2,500
Extra$5,000
Advanced$10,000
Premium$25,000
Exclusive$100,000
VIP$250,000

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.

Account comparison 1

Account comparison 2

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.

Account TypeSpread
IntroNot mentioned
Basic
PlusFrom 1.6 pips
Extra
AdvancedFrom 1.2 pips
Premium
ExclusiveFrom 1.0 pips
VIPFrom 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.

Banxso XFeatures
Available Devices Web, PC, Mobile ( Android, iOS), Tablet
Language English
Charting
label
Complex Orders
label
Customizable Watchlists
label
Stop Loss
label
Take Profit
label
Banxso X & Banxso X Mobile

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.

MetaTrader 5 Features
Available Devices Web, Mobile ( Android, iOS), PC
Language English
Scalping
label
Hedging
label
Automated Trading
label
One-click Execution
label
Web-based Trading
label
Mobile Trading
label
MT5 & MT5 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.

Social trading

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.

Automated trading

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.

BrokerBanxsoMost other
Minimum Deposit$300$100
Payment Methods Min. Deposit Min. Withdrawal Deposit FeeWithdrawal Fee
 label
$300Not mentionedNo
 label
 label
 label

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.

How to deposit via credit card?
How to deposit via bank wire?
How to deposit via OZOW?
How to deposit via AstroPay?

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.

How to withdraw?

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.

Banxso Academy

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

Trading Central

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

TipRanks

- 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.

Economic calendar

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.

Contact Channel Details
Live chat
 label
cs@banxso.com
 label
https://wa.me/27661861782
 label
https://www.facebook.com/Banxsocom/
 label
https://twitter.com/banxso
 label
https://www.youtube.com/channel/UC-FTASc8cEWGG1Ww2iIDqiQ
 label
https://www.instagram.com/banxsocom/
 label
https://www.linkedin.com/company/banxsocom/

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.

FAQ page

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.

News

Banxso’s License Suspended by South African Regulator Amid Client Risk Concerns

NewsBanxso’s License Suspended by South African Regulator Amid Client Risk Concerns

2024-10-19 08:30

South Africa’s Financial Sector Conduct Authority (FSCA) has suspended the license of the online trading platform, Banxso.

WikiFX
2024-10-19 08:30
News
Banxso’s License Suspended by South African Regulator Amid Client Risk Concerns
Banxso sponsors "Queens Park Rangers" Football Club

NewsBanxso sponsors "Queens Park Rangers" Football Club

2024-09-11 15:26

South African broker, Banxso has signed a two-year collaboration with Queens Park Rangers (QPR), a football club.

WikiFX
2024-09-11 15:26
News
Banxso sponsors "Queens Park Rangers" Football Club
WikiFX Broker Assessment Series | Something You Need to Know About Banxso

NewsWikiFX Broker Assessment Series | Something You Need to Know About Banxso

2023-11-22 17:06

In today’s article, we are going to show you what Banxso looks like. WikiFX conducted a comprehension review on this broker to assist you in better understanding the truth.

WikiFX
2023-11-22 17:06
News
WikiFX Broker Assessment Series | Something You Need to Know About Banxso
Banxso's Online Currency Trading Can Help You Fund Your Children's Education

NewsBanxso's Online Currency Trading Can Help You Fund Your Children's Education

2022-04-04 14:33

Online cash exchange is difficult as the masters online make us accept. WikiFX VPS. Many individuals find it an overwhelming undertaking to bring in cash reliably. Nonetheless, if one purposes the right procedures, devices and invests some energy in rehearsing, you will want to bring in sufficient cash as an afterthought to support your kids’ schooling effortlessly.

WikiFX
2022-04-04 14:33
News
Banxso's Online Currency Trading Can Help You Fund Your Children's Education

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