Company Summary
| Banxso Review Summary | |
| Founded | 2022 |
| Registered Country/Region | South Africa |
| Regulation | FSCA (Revoked), CySEC/ASIC (Suspicious clone) |
| Market Instruments | Forex, Indices, Commodities, Cryptocurrencies, Stocks |
| Demo Account | ✅ |
| Leverage | Up to 1:200 |
| Spread | From 0.8 pips |
| Trading Platform | Banxso X App, MT5 |
| Minimum Deposit | $300 |
| Customer Support | Live chat |
| Email: cs@banxso.com | |
| Social Media: Facebook, Instagram, YouTube, Twitter, LinkedIn, WhatsApp | |
Banxso Information
Registered in 2022, Banxso is a multi-asset trading platform based in South Africa. It claims to provide multiple market instruments such as Forex, Indices, Commodities, Cryptocurrencies, and Stocks. Banxso offers access to two trading platforms, MT5 and a self-developed Banxso X App. The minimum deposit required to start trading with Banxso is $300.
Pros and Cons
| Pros | Cons |
| Banxso X, MT5 supported | No regulation |
| Demo accounts available | High minimum deposit requirement |
| Various account types | |
| Multiple market offering |
Is Banxso Legit?
No. None of Banxso's licenses are currently effective, which means Banxso cannot be considered a legitimate company.
| Regulated Country | Regulated Authority | Regulatory Status | Regulated Entity | License Type | License Number |
 | Financial Sector Conduct Authority (FSCA) | Revoked | BANXSO (PTY) LTD | Financial Service Corporate | 37699 |
 | Cyprus Securities and Exchange Commission (CySEC) | Suspicious Clone | Nova Securities Ltd | Straight Through Processing (STP) | 413/22 |
 | Australia Securities & Investment Commission (ASIC) | Revoked | ALTUS INVESTIUM LTD | Investment Advisory License | 000458097 |
What Can I Trade on Banxso?
Banxso claims to offer tradable products on its platform, including Forex, Indices, Commodities, Cryptocurrencies, and Stocks.
| Trading Asset | Available |
| forex | ✔ |
| commodities | ✔ |
| indices | ✔ |
| stocks | ✔ |
| cryptocurrencies | ✔ |
| bonds | ❌ |
| options | ❌ |
| funds | ❌ |
| ETFs | ❌ |
Account Type
Banxso offers three tiers of live accounts, each with a different number of accounts and distinct conditions.
In addition to the standard accounts, Banxso also offers a demo account, individual account, joint account, and corporate account.
Here is a breakdown of each account tier.
- Classic Tier
| Account Type | Mnimum Deposit |
| Classic | $300 |
| Platinum | $1,000 |
| VIP | $2,500 |
| Extra | $5,000 |
- Platinum Tier
| Account Type | Minimum Deposit | Spread from |
| Advanced | $10,000 | 1.2 pips |
| Platinum | $25,000 | 1.2 pips |
| Exclusive | $100,000 | 1 pip |
- VIP Account
| Account Type | VIP |
| Minimum Deposit | $250,000 |
| Cashback | 5x |
| Maximum Leverage | 1:200 |
| Spreads from | 0.8 pips |
| MinimumLot Size | 1 |
| Minimum Step Size | 1 |
Leverage
The leverage is up to 1:200 for all account types on this platform. Leverage allows traders to control larger positions than their own capital would permit. While it can amplify profits, it also increases potential losses.
Fees
The spread starts from 0.8 pips and varies based on the account class on Banxso. A “spread” is the difference between the buying and selling prices of a currency pair.
Trading Platform
Traders on Banxso get access to two platforms: Banxso X and MT5.
Banxso X is developed by Banxso, claiming to offer advanced features like enabling hedging, sophisticated charting, complex orders, customizable watchlists, flexible alerts, and complete control over stop-loss and take-profit levels.
While MT5 is a more popular online trading platform, it is famous for multi-asset trading, advanced charting, analysis tools, algorithmic trading, market depth, and multiple order types.
| Trading Platform | Supported | Available Devices | Suitable for |
| Banxso X App | ✔ | Desktop, Mobile, Web | / |
| MT5 | ✔ | Desktop, Mobile, Web | Experienced traders |
| MT4 | ❌ | / | Beginners |
Deposit and Withdrawal
Banxso accepts three payment methods: Debit/Credit Card (Visa and Mastercard), Bitcoin, and Bank Wire.
rain cloud
New Zealand
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.
Positive
Lucas1.0
Cyprus
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…
Neutral
ING
India
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.
Neutral
Jared Hughes
United Kingdom
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.
Neutral
Nathan Turner
United States
Trading with Banxso? Solid. Fair spreads, good platform. Withdrawal was slower than I'd like, though.
Positive
Abo Adam
Philippines
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%.
Neutral
Kenneth Wright
United States
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.
Positive
Niko.
Malaysia
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 !
Positive
Eason85782
Mexico
It seems that this company offers very attractive trading conditions! Zero commission, low spread, high leverage, MT5... but I see that your supervision may not be so reliable. I think the most important thing is safety. If your money is scammed, what is the point of other trading conditions?
Neutral
Berlin44615
Australia
That is a good thing, this platform providing 7/24 customer support, demo account, mt5 trading platform, but I decide not to trade with it, it make me feel unsafe. 1’d better find some brokers under strict regulation.
Neutral