Banxso Review

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If you are looking for a new and exciting way to trade online, you may have heard of Banxso, a broker that promises to offer a unique and innovative investment banking experience. Banxso is a South African broker that was founded in 2022 and specializes in forex, CFDs, and cryptocurrencies. Banxso claims to provide a high-quality trading environment, with competitive spreads, fast execution, low commissions, and no hidden fees. Banxso also offers a variety of educational materials, market insights, and customer service to help traders achieve their trading goals. But is Banxso really as good as it sounds? How does it compare with other brokers in the market? What are the advantages and disadvantages of trading with Banxso? In this article, we will answer these questions and more, as we review Banxso’s trading conditions, platforms, tools, education, markets, accounts, and funding methods.

Summary

Banxso Review

Launched in April 2022 and regulated by the FSCA of South Africa, Banxso is a new and innovative online broker that aims to provide a unique and revolutionary investment banking experience for millennials and GenZ traders. The broker offers zero commission trading, competitive spreads, fast execution, and no hidden fees on a variety of trading instruments, including forex, CFDs, and cryptocurrencies. Traders can choose from Banxso’s own proprietary platform, Banxso X, which is designed to cater to the needs and preferences of the modern trader, or the popular MT4 and MT5 platforms, which are widely used by traders around the world.

Banxso X features a user-friendly interface, advanced charting tools, social trading, and market analysis. The broker also claims to provide a high-quality trading environment, with negative balance protection, segregated accounts, and secure systems. Additionally, Banxso offers a range of educational materials, market insights, and customer service to help traders achieve their trading goals. It is also the official trading partner of Bafana Bafana, the South African National Football Team. Banxso is a broker that promises to offer a fresh and exciting way to trade online, but as with any broker, there are pros and cons to consider before opening an account with them.

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Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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Regulation

Banxso is a South African online broker that was established in 2022 and is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. The FSCA is a reputable regulatory body that oversees the financial services sector in South Africa and ensures that it operates in a fair, transparent, and efficient manner. Banxso has the FSCA license number 37699 and is authorized to provide financial services to South African citizens within South Africa exclusively. Banxso also has a subsidiary company, Banque de Banxso (LTD), which is located in Comoros Union and is regulated by the Mwali International Services Authority (MISA) of Island of Mwali (Moheli). Banque de Banxso has the MISA license number T2023163 as an International Brokerage and B2023085 as a Class “A” Bank.

Trading with an FSCA-regulated broker like Banxso has several advantages for South African traders. First, Banxso is required to keep client funds separate from its own funds in segregated accounts, which protects them from being used for other purposes or being affected by the broker’s financial situation. Second, Banxso offers negative balance protection, which means that traders cannot lose more than what they have deposited in their accounts. Third, Banxso is subject to regular audits and compliance checks by the FSCA, which ensures that it follows the rules and standards of the regulator. Fourth, Banxso adheres to ethical conduct and provides transparent information about its trading conditions, fees, and risks. Fifth, Banxso has a customer support team that is available 24/5 to assist traders with any issues or queries. Sixth, Banxso is a member of the Ombudsman for Banking Services (OBS), which is an independent dispute resolution service that can help traders resolve any complaints or disputes with the broker.

However, trading with Banxso also has some limitations and risks that traders should be aware of. First, Banxso does not accept clients from many countries and regions, such as the EU, the UK, Australia and New Zealand, the USA, Canada, India, Israel, Nigeria, and Philippines (as well as those from some other countries where trading is illegal). This means that traders from these jurisdictions cannot open an account with Banxso or access its services. Second, Banxso’s subsidiary company, Banque de Banxso, is regulated by the MISA of Comoros Union, which is a relatively new and offshore regulator that may not have the same level of oversight and protection as the FSCA of South Africa. This means that traders who deal with Banque de Banxso may face more uncertainty and risk than those who deal with Banxso directly. Third, Banxso’s terms and conditions state that any legal actions or proceedings related to its services must be brought exclusively in the courts of Comoros Union. This means that traders may have limited options and recourse in case of any complications or grievances involving Banxso.

Therefore, traders who are interested in trading with Banxso should carefully weigh the pros and cons of working with this broker and understand the regulatory landscape and possible ramifications of their trading activities.

Platforms & Tools

Banxso is a South African online broker that offers a variety of platforms and tools for traders of different levels and preferences. Banxso has its own proprietary platform, Banxso X, which is designed to cater to the needs and preferences of the modern trader. Banxso X is a user-friendly and innovative platform that allows traders to trade forex, CFDs, and cryptocurrencies with zero commission, competitive spreads, fast execution, and no hidden fees. Banxso X also features advanced charting tools, social trading, market analysis, and a customizable interface. Banxso X can be accessed via desktop, web browser, or mobile devices.

Banxso Platform

In addition to Banxso X, Banxso also supports the popular MT5 platform, which is widely used by traders around the world. The MT5 platform is developed by MetaQuotes Software Corp., a leading provider of financial software solutions. The MT5 platform offers a versatile and powerful tool for trading in forex, CFDs, and cryptocurrencies. It also enables traders to use custom indicators, scripts, and expert advisors (EAs) for automated trading strategies. The MT5 platform can be accessed via desktop, web browser, or mobile devices.

MT5 Trading Platform

Banxso also provides two other platforms that are integrated with Banxso X: Cooma Social and TipRanks. Cooma Social is a social trading platform that allows traders to copy the trades of other successful traders or share their own trades with others. Cooma Social also provides a ranking system, a chat room, and a news feed for traders to interact and learn from each other. TipRanks is a market analysis platform that provides traders with insights from professional analysts, hedge funds, bloggers, and corporate insiders. TipRanks also provides ratings, price targets, sentiment indicators, and performance statistics for various stocks and cryptocurrencies.

Banxso also provides a range of tools and resources to enhance the trading experience and help traders achieve their trading goals. Some of these tools and resources are:

• Educational Videos: Banxso offers a series of educational videos that cover various topics related to trading, such as basic forex education, Fibonacci, understanding candlesticks, chart formation patterns, forex indicators, timing in forex, MT4, introduction to the stock market, cryptocurrencies, advanced stock market trading strategies, and more. These videos are designed to help traders learn the fundamentals and improve their skills and knowledge.
• Trading Signals: Banxso provides free trading signals that are generated by professional traders and analysts. These signals can help traders identify trading opportunities and follow market trends. The signals are available on the Banxso X platform as well as on the MT4 and MT5 platforms.
• Market News: Banxso offers the latest market news and analysis from reputable sources such as Reuters and Trading Central. These sources provide valuable information and insights on market movements and the factors influencing them. Traders can access the market news and analysis on the Banxso X platform as well as on the MT4 and MT5 platforms.
• Economic Calendar: Banxso features a comprehensive economic calendar that outlines upcoming economic events and indicators that might impact trading. The calendar allows traders to filter by date, country, currency, impact, and category. Traders can access the economic calendar on the Banxso website.
• Trading Calculators: Banxso introduces a variety of calculators on its website that can help traders calculate trading costs and potential profits. These calculators include margin calculators, pip value estimators, swap calculators, profit calculators, and currency converters.

Education

Banxso is a South African online broker that offers a range of educational resources and opportunities for traders of all levels and preferences. Banxso believes that knowledge is the key to successful trading and that’s why it has made its academy free for every Banxso member. Banxso’s education segment covers various topics related to trading in forex, CFDs, and cryptocurrencies, such as:

• Basic Forex Education: This section introduces the basics of forex trading, such as what is forex, how to trade forex, how to read currency quotes, how to use leverage and margin, how to calculate profits and losses, and more.
• Fibonacci: This section explains the concept of Fibonacci numbers and ratios, how they are derived, and how they can be used in trading to identify support and resistance levels, retracements, extensions, and targets.
• Understanding Candlesticks: This section teaches the traders how to read and interpret candlestick charts, which are one of the most popular and effective ways of displaying price movements. The section also covers the different types of candlestick patterns, such as doji, hammer, engulfing, harami, morning star, evening star, etc., and what they indicate about the market sentiment and direction.
• Chart Formation Patterns: This section covers the different types of chart formation patterns that can help traders identify trend reversals or continuations, such as head and shoulders, double tops and bottoms, triangles, wedges, flags, pennants, etc. The section also explains how to trade these patterns using entry and exit points, stop-losses, and profit targets.
• Forex Indicators: This section introduces the different types of forex indicators that can help traders analyze the market conditions and signals, such as trend indicators, momentum indicators, volatility indicators, volume indicators, etc. The section also explains how to use some of the most popular indicators, such as moving averages, MACD, RSI, Bollinger Bands, Stochastic Oscillator, etc.
• Timing in Forex: This section discusses the importance of timing in forex trading and how to choose the best time to trade based on factors such as market hours, liquidity, volatility, news events, etc. The section also covers the different forex sessions and their characteristics, such as the Asian session, the European session, and the US session.
• MT4: This section provides a comprehensive guide on how to use the MT4 platform for trading in forex and CFDs. The section covers topics such as how to install and set up the MT4 platform, how to place orders and manage trades, how to use charts and indicators, how to use expert advisors (EAs) and scripts for automated trading strategies, how to customize the platform settings and preferences, etc.
• Introduction to the Stock Market: This section introduces the basics of stock market trading, such as what are stocks and stock exchanges, how to trade stocks online using CFDs or direct market access (DMA), how to read stock quotes and charts, how to analyze stocks using fundamental analysis or technical analysis, how to use leverage and margin in stock trading, how to calculate profits and losses in stock trading, and more.
• Cryptocurrencies: This section introduces the basics of cryptocurrency trading, such as what are cryptocurrencies and blockchain technology, how to trade cryptocurrencies online using CFDs or direct market access (DMA), how to read cryptocurrency quotes and charts, how to analyze cryptocurrencies using fundamental analysis or technical analysis, how to use leverage and margin in cryptocurrency trading, how to calculate profits and losses in cryptocurrency trading, and more.
• Advanced Stock Market Trading Strategies: This section covers some of the advanced stock market trading strategies that can help traders enhance their performance and profitability, such as scalping, day trading, swing trading, position trading, trend following, breakout trading, reversal trading, arbitrage trading, hedging, etc.

Banxso’s education segment also offers other learning opportunities for traders who want to improve their skills and knowledge further. These include:

• Personal Coaching: Banxso offers personal coaching sessions with professional traders who can provide live guidance and feedback on various aspects of trading. Traders can sign up for Banxso’s personal coaching service using its streaming services.
• Trading Ideas: Banxso provides free trading ideas that are generated by professional traders and analysts. These ideas can help traders identify trading opportunities and follow market trends. The ideas are available on the Banxso X platform as well as on the MT4 and MT5 platforms.
• Webinars: Banxso hosts webinars on various topics related to trading in financial markets. The webinars are interactive and allow traders to exchange opinions with other attendees. The webinars also feature videos, voice notes, presentations that can be stored for future reference.

Markets

Banxso is a South African online broker that provides traders with a wide range of trading instruments across different financial markets, such as forex, CFDs, and cryptocurrencies. These instruments are based on contracts for difference (CFDs), which allow traders to speculate on the price changes of underlying assets without owning them directly. In the forex market, Banxso offers more than 60 currency pairs, covering major, minor, and exotic options. Traders can trade these pairs with zero commission, low spreads, and fast execution, taking advantage of the world’s largest and most liquid trading market. Some of the pairs available are USD/CAD, EUR/GBP, AUD/USD, USD/CHF, and NZD/USD. The CFDs market offers over 1000 CFDs on various asset classes, such as indices, commodities, stocks, bonds, and ETFs. Traders can follow the performance of groups of stocks from specific sectors or countries with indices CFDs like UK100, AUS200, JPN225, US30, SPX500, and GER30. They can also trade commodities CFDs like oil, natural gas, gold, silver, coffee, and sugar. Moreover, they can trade stocks CFDs of well-known companies from different sectors and industries, such as Apple, Microsoft, Alibaba, Netflix, Tesla, Coca-Cola, Amazon, and McDonald’s. Furthermore, they can trade bonds CFDs of government and corporate debt securities like EU10YR and US10YR. Additionally, they can trade ETFs CFDs of exchange-traded funds that track the performance of a collection of assets like QQQ and SPY. In the cryptocurrency market, Banxso offers more than 20 cryptocurrencies CFDs, allowing traders to trade digital currencies like Bitcoin, Ethereum, Ripple, Litecoin, Cardano, and Dogecoin. With zero commission trading and low spreads, traders can benefit from the volatility and opportunities in the cryptocurrency market. By offering CFDs across these markets, Banxso gives traders flexibility and diversity, enabling them to capture trading opportunities while managing asset price fluctuations without direct ownership. This extensive selection reflects Banxso’s commitment to providing a fresh and exciting way to trade online.

Accounts

Banxso is a South African online broker that offers a range of account types designed to accommodate traders with different experience levels and trading preferences. Traders have the option to start with a free demo account, allowing them to practice their trading strategies and familiarize themselves with the platform without risking real money. For those ready to trade live, Banxso offers four distinct account types: Intro, Plus, Advanced, and Premium. Each account type has its own minimum deposit requirement, starting from $500 for the Intro account up to $100,000 for the Premium account. Here is a brief overview of each account type:

• Intro Account: This account type is suitable for beginners who want to start trading with a low initial investment. The Intro account requires a minimum deposit of $500 and offers a maximum leverage of 1:200. The spreads start from 1.5 pips and there is no commission charged on trades.
• Plus Account: This account type is ideal for intermediate traders who want to trade with more capital and leverage. The Plus account requires a minimum deposit of $10,000 and offers a maximum leverage of 1:400. The spreads start from 1.2 pips and there is no commission charged on trades.
• Advanced Account: This account type is designed for experienced traders who want to trade with high capital and leverage. The Advanced account requires a minimum deposit of $25,000 and offers a maximum leverage of 1:400. The spreads start from 1 pip and there is no commission charged on trades.
• Premium Account: This account type is reserved for professional traders who want to trade with the highest capital and leverage. The Premium account requires a minimum deposit of $100,000 and offers a maximum leverage of 1:600. The spreads start from 0.8 pips and there is no commission charged on trades.

By offering these account types, Banxso aims to provide traders with flexibility and diversity, enabling them to choose the trading conditions that suit their needs and goals. Banxso also provides negative balance protection, segregated accounts, and secure systems for all its account holders

Funding

Banxso is a South African online broker that offers a diverse range of payment methods for funding trading accounts and withdrawing profits. Traders can choose from the following options:

• Credit/Debit Cards: Banxso accepts major credit cards such as Visa and MasterCard, providing a quick and hassle-free way to deposit funds. The minimum deposit amount is $250 and there is no maximum limit. Banxso does not charge any fees for deposits or withdrawals using credit cards. However, traders should be aware that their bank or card issuer may apply fees or charges. The processing time for deposits and withdrawals using credit cards is 3 working days.
• Bank Wire: Banxso also supports bank wire transfers, offering a reliable and traditional method for transferring larger amounts. The minimum deposit amount is $250 and there is no maximum limit. Banxso does not charge any fees for deposits or withdrawals using bank wire transfers. However, traders should be aware that their bank may apply fees or charges. The processing time for deposits and withdrawals using bank wire transfers is 3 working days.
• OZOW: Banxso also supports OZOW, an instant EFT payment service that allows traders to make secure online payments directly from their bank account. The minimum deposit amount is $250 and there is no maximum limit. Banxso does not charge any fees for deposits or withdrawals using OZOW. However, traders should be aware that their bank may apply fees or charges. The processing time for deposits and withdrawals using OZOW is 3 working days.
• AstroPay: Banxso also supports AstroPay, a prepaid virtual card that allows traders to make online payments without sharing their personal or financial information. The minimum deposit amount is $250 and there is no maximum limit. Banxso does not charge any fees for deposits or withdrawals using AstroPay. However, traders should be aware that AstroPay may apply fees or charges. The processing time for deposits and withdrawals using AstroPay is 3 working days.

To initiate transactions, traders need to log in to their Banxso account and visit the “Funding” section. Here, they can select their preferred payment method and follow the on-screen instructions. Traders should also note that Banxso only accepts payments from accounts that are registered in the same name as the trading account holder. Banxso does not accept payments from third parties or anonymous sources.

Banxso offers these payment methods to provide traders with flexibility and convenience, enabling them to fund their accounts and withdraw their profits easily and securely. Banxso also provides negative balance protection, segregated accounts, and secure systems for all its account holders.

Conclusion

Banxso is a new and innovative online broker that aims to provide a unique and revolutionary investment banking experience for millennials and GenZ traders. It offers zero commission trading, competitive spreads, fast execution, and no hidden fees on a variety of trading instruments, including forex, CFDs, and cryptocurrencies. Banxso also provides its own proprietary platform, Banxso X, which is designed to cater to the needs and preferences of the modern trader. Banxso also offers a range of educational resources, market insights, customer service, and payment methods to help traders succeed in the markets. It is regulated by the FSCA of South Africa and offers negative balance protection, segregated accounts, and secure systems for all its account holders. However, it’s worth noting that while Banxso offers strong features, there are other brokers with more experience that might be worth considering as alternative options. For more choices, we encourage you to explore our trading broker reviews.

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Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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