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Banxso Review 2024

By:
Plamen Stoyanov
Updated: Dec 31, 2023
Overall Rating
3.9
  • Trust
    3.8
  • Fees
    3.3
  • Platforms and Tools
    4.6
  • Tradable Instruments
    4.8
  • Customer Support
    3.2
  • Research
    4.1
  • Deposit and Withdrawal
    4.9
  • Account Types and Terms
    3.8
  • Education
    2.5
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on Banxso

    Banxso is a South African broker offering over 1000 tradable instruments across multiple asset classes. It was founded in 2021, and in a few years, Banxso has started growing in popularity with its versatile platform and enhanced copy and automated trading features. Banxso has diverse account types and multifaceted research content, though its trading fees, in some cases, are quite elevated. Overall, I assessed that the broker is geared toward traders with at least basic trading experience.

    Banxso Pros and Cons

    Pros Cons
    • FSCA regulation
    • Robust educational videos
    • Cost-free deposits and withdrawals
    • Diverse account types
    • High spreads 
    • No live chat 

    Banxso Highlights for 2023

    • Local Regulation. Banxso is licensed and regulated by South Africa’s FSCA and adheres to most industry safety requirements.
    • Mixed Prices. Banxso has extremely low swaps and affords commission-free trading, but its spreads exceed the industry average.
    • Two Trading Platforms. The broker offers a choice between its proprietary platform and the popular MetaTrader 5.
    • Third-Party Research Tools. Banxso affords access to research content from the industry-leading TradingCentral and TipRanks.
    • Interest on Balance. Banxso pays an 8.7% interest on traders’ account equity.
    • Best execution policy. The broker has implemented a ‘best execution policy’, ensuring the delivery of optimal price feeds under prevailing market conditions.

    Who is Banxso for?

    Banxso caters to retail traders in South Africa, particularly beginners and those keen on copy trading. Its user-friendly platform is designed for seamless copy trading, allowing strategy providers and followers to easily connect. Followers can utilize the platform’s advanced filters to find strategies that align with their preferences, such as market type, minimum gain percentages, average risk levels, and other criteria.

    What Sets Banxso Apart?

    The one standout feature of Banxso’s offering is its interest policy. The broker offers an 8.7% interest on traders’ account equity, meaning that they can generate profit even when not trading. This is quite high, and it even exceeds the interest rate you are likely to get from your local bank. You can read more about Banxso’s interest rate policy here.

    I performed my tests on an Intro trading account using the desktop and mobile app versions of the Banxso X platform. The account was opened with the Banxso (Pty) Ltd entity of the broker. Some features and services may vary depending on where you reside and which entity you open an account with.

    Banxso Main Features

    ☑️ RegulationsCySEC (Cyprus), FSCA South Africa (South Africa), FSC Mauritius (Mauritius), VFSC Vanuatu (Vanuatu), FSA Seychelles (Seychelles)
    🗺 Supported Languages
    💰 ProductsCurrencies, Stocks, Indices, Commodities
    💵 Min Deposit
    💹 Max Leverage1:30 (CySEC ), 1:500 (FSCA South Africa), 1:1000 (FSC Mauritius), 1:1000 (VFSC Vanuatu), 1:500 (FSA Seychelles)
    🖥 Trading Desk TypeSTP, No dealing desk
    📊 Trading PlatformsProprietary, MT5
    💳 Deposit OptionsWire Transfer, AstroPay, Visa, Mastercard
    💳 Withdrawal OptionsWire Transfer, AstroPay, Visa, Mastercard
    🤴 Demo AccountYes
    🗓 Foundation Year2021
    🌎 Headquarters CountrySouth Africa
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Banxso Full Review

    Trust

    3.8
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    Banxso has several subsidiaries regulated in multiple jurisdictions. Its main entity is authorized in South Africa by the national FSCA regulator and adheres to most safety requirements. I assessed the broker to be fairly transparent and trustworthy overall, with some minor discrepancies.

    Banxso Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about the entities operating under the Banxso trade name:

    • Banxso (Pty) Limited is licensed and regulated as a Financial Services Provider by the Financial Sector Conduct Authority (FSCA) in South Africa under license number 37699. We rate the FSCA as a Tier-2 regulator.
    • Banxso Wealth Management (PTY) Ltd is licensed and regulated as a Category II Financial Services Provider by the FSCA in South Africa under license number 41690.
    • Éclat Technologies Limited is licensed and regulated by the Financial Services Commission (FSC) of Mauritius under license number GB23201707. We rate the FSC as a Tier-3 regulator.
    • Banxso VU (a brand name owned and operated by VT Markets Global Limited) is licensed and regulated by the Vanuatu Financial Services Commission (VFSC). We rate the VFSC as a Tier-3 regulator.
    • Best Leader International (SYC) Limited is licensed and regulated by the Financial Services Authority (FSA) in Seychelles under license number SD084. We rate the FSA as a Tier-3 regulator.
    • Banque de Banxso (LTD) is licensed and regulated by the Mwali International Services Authority (MISA) under license number T2023163. We rate MISA as a Tier-3 regulator.
    • XF Services (LTD) is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 413/22. We rank CySEC as a Tier-1 regulator.

    Banxso (Pty) Ltd’s licensing info on fsca.co.za

    We have summarized the most essential aspects of Banxso in terms of regulation and safety in the table below:

    Entity Features Banxso (Pty) Limited Éclat Technologies Limited VT Markets Global Limited Best Leader International (SYC) Limited Banque de Banxso (LTD) XF Services (LTD)
    Country/Region South Africa, Cape Town Mauritius, Port Lois Vanuatu, Port Vila Seychelles, Mahe Comoros Union, Fomboni Cyprus, Nicosia
    Regulation FSCA FSC VFSC FSA MISA CySEC
    Tier 2 3 3 3 3 1
    Segregated Funds Yes Yes Yes Yes Yes Yes
    Negative Balance Protection Yes Yes No Yes Not Specified Yes
    Compensation Scheme No No No No No Up to EUR 20,000 under ICF
    Maximum Leverage 1:100 1:1000 1:1000 1:500 Not Specified 1:30

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to be looking for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All of Banxso’s entities comply with this requirement.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. Almost all of Banxso’s entities offer negative balance protection, except for the one regulated by MISA.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. Clients of XF Services (Ltd) are protected by up to EUR 20,000 under the Investor Compensation Fund (ICF). No other entity operating under the Banxso trade name participates in such a scheme.
    • Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum retail leverage is 1:1000 with Banxso’s entities regulated by FSC Mauritius and VFSC.

    Is Banxso Safe to Trade With?

    As regards the Banxso (Pty) Ltd entity, I found it a legit and sufficiently safe option to trade with. This entity ensures segregated funds and negative balance protection, and it operates under a ‘best execution policy’. Most importantly, it is regulated locally by the FSCA, meaning that traders from South Africa are protected under the country’s national regulatory framework. However, the entity does not offer a compensation scheme, so traders must exercise caution and be aware of the potential risks involved in trading without this additional layer of protection.

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

    I found Banxso as a whole to be sufficiently transparent. Its legal documents are easily accessible and written in an easy-to-understand way. However, while I was setting up my account with the broker, I discovered that the broker does not ask about your trading experience or financial information. This is a common practice in the industry used by brokers to assess the risk factors of their clients.

    Slightly misleading language on Banxso’s X platform

    I found that Banxso sometimes employs misleading terminology. For example, they use ‘Invest’ to describe order execution, blurring the distinction between trading and investing.

    Banxso’s misleading communication extends to their website, suggesting that trading is almost cost-free. Although they offer commission-free trading and low swaps, this overlooks their spreads, which I found are often significantly higher than the industry average.

    Screenshot from Banxso’s website

    In summary, my research indicates that Banxso can be regarded as having a sufficient level of trust and stability due to the following factors:

    • Regulated locally by the FSCA
    • Has issued a ‘best execution policy’
    • Adheres to most safety requirements
    • Has easily accessible legal documents

    Fees

    3.3
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    Banxso affords commission-free trading and very low swap rates – sometimes reaching $0. However, I evaluated its spread rates on some of the most widely traded instruments to exceed the industry average. The broker also charges an inactivity fee, but its deposits and withdrawals are cost-free.

    Banxso’s Trading Fees

    Banxso’s Spreads

    I tested Banxso’s spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 6 December 2023. The results are shown in the table below:

    Instrument Live Spread AM Live Spread PM
    EURUSD 2.3 pips 2.2 pips
    GBPJPY 4.5 pips 4.9 pips
    Gold (XAUUSD) $10.25 $10.23
    Crude Oil 0.56 pips 0.57 pips
    Apple NA 0.26 points
    Tesla NA 0.40 points
    Dow Jones 30 6.44  basis points 2.44 basis points
    Germany 40 2.28 basis points 2.28 basis points
    Bitcoin $83.08 $82.81

    Broken down by asset class and compared to the industry average, Banxso offers low spreads on share CFDs, average spreads on indices, and high spreads on currency pairs, commodities, and cryptocurrencies. The recorded gold spread exceeds the industry average about 20 times, whereas the crude oil spread is more than 10 times higher than the benchmark.

    My research indicates that the broker’s most favorable conditions are on share CFDs. This is also because trading such instruments is done commission-free.

    Banxso’s Swaps

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD $0 $0
    GBPJPY $0 $0

    Based on my findings, I determined that Banxso’s swap charges are quite suitable for long-term day and position trading. However, it is important to keep in mind that swap rates tend to change over time as the underlying volatility levels fluctuate.

    Banxso’s Non-Trading Fees

    The broker does not charge a handling fee on deposits and withdrawals, though third-party banking fees may apply. Banxso charges dormant accounts on which no activity (deposits/ executed orders/ withdrawals) has been registered for a given period. I have broken down the inactivity fee rates below:

    Period Fee
    After 3 months  $10 monthly
    After 6 months $15 monthly
    After 12 months  $30 monthly

    The inactivity fee is charged every month until activity on the account is resumed or the account balance drops to zero.

    Are Banxso’s Fees Competitive?

    Banxso’s trading and non-trading fees are widely divergent. On the one hand, the broker affords commission-free trading and exceptionally low swaps, and this combination is ideal for implementing longer-term trading strategies. On the other, its spreads on instruments from most asset classes, baring share CFDs and indices, are significantly elevated.

    Accounts Comparison

    The table below illustrates the spreads and commissions I have recorded on the EUR/USD pair on Banxso’s Intro Trading account, contrasted against the typical values I observe on classic STP and ECN accounts in other brokers. It shows how much you have to pay to trade 1 full lot (100,000 units) on the EUR/USD with a pip value of $10.

    To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

    Account Type* Spread  Commission** Net Cost
    Intro 2.3 pips $0 $23
    Typical STP 1.1 pips $0 $11
    Typical ECN 0.4 pips $6 $10

    *The numbers in this chart are only illustrative and subject to change over time

    **Round-turn commission

    My tests indicate that except for share CFDs and indices, Banxso’s trading costs for most asset classes can be more than two times higher than the industry average.

    Platforms and Tools

    4.6
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    Banxso introduced its own Banxso X platform, known for its user-friendly design, though it lacks certain key features. Additionally, it integrates the widely acclaimed MetaTrader 5, supporting both copy and automated trading. Banxso X is specially tailored for copy-trading enthusiasts. The broker also offers a flexible mobile app for on-the-go trading.

    After testing the Banxso X platform thoroughly, I was left with mixed feelings about it. On the one hand, price action behavior is represented clearly, and one can easily scale it up and down. This is ideal for chart artists interested in conducting thorough technical analysis. On the other hand, the platform lacks essential features, such as one-click trading, an alerts-setting option, and a depth of market tool. This makes it unsuitable for implementing high-frequency trading strategies such as scalping.

    Nevertheless, Banxso clients are not completely denied these features, as they are available on the MetaTrader 5 platform. Additionally, MT5 has a superior Expert Advisors (EAs) feature for automated trading, whereas Banxso X is the better choice for copy trading. It also has a more user-friendly mobile app version.

    Web-Based Banxso X Platform

    Banxso X’s main panel

    General Ease of Use

    The Banxso X platform has a very lean and intuitive design. There is a watch list of selected instruments on the left side of the screen, an order-placing window in the middle, and a chart screen on the right-hand side. Performance info is displayed at the bottom, while account info can be found at the top. There is also a button with which traders can switch between the regular version of the platform and the copy trading area.

    Charts

    I consider the chart screen of a platform its most important feature. It aids technical analysis by providing an overview of price action behavior. The charts screen also allows traders access to many analytical tools and chart configuration possibilities. A good chart should afford easy scaling up and down of price action.

    Banxso X’s charts screen

    As shown above, price action is represented clearly in an attractive widescreen. This makes it possible to examine even minute changes in the market’s direction. The list of available technical indicators is available from the top of the panel, whereas the available drawing tools can be accessed from the left-hand side.

    I have broken down the available analytical tools and chart configurations below:

    • 24 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next.
    • 16 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels. The Banxso X platform notably lacks the Elliott Waves tool, which makes it more difficult to examine the cyclical nature of price action behavior.
    • 9 timeframes. The platform affords multi-timeframe analysis of price action behavior. The greater the number of timeframes, the more intricate examinations that can be carried out across the short-term and long-term. While the range of available timeframes on the Banxso X platform is sufficiently wide, the lowest timeframe is 1 minute. The absence of any lower timeframes means the platform is unsuitable for scalping.
    • 7 chart types. The Banxso X platform offers several chart-type configurations. This diversity makes it possible to examine potential trading opportunities from multiple angles.

    Orders

    I have broken down the available order types with the Banxso X platform below:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.
    An order placing window

    My Key Takeaways After Testing the Banxso X Platform

    My experience with Banxso’s platform is a blend of positives and negatives. I found its appealing design and expansive chart display to make analyzing price action enjoyable. The platform excels in ease and speed of order execution. However, it falls short by lacking crucial features like one-click trading and market depth analysis. This limitation hinders its suitability for high-frequency trading strategies.

    Banxso X Mobile App

    A watchlist of selected instruments (left), a chart window (middle), an order placing window (right)

    Banxso’s mobile app has most of the features that are available on the web version of the Banxso X platform. It has the same number of technical indicators and drawing tools. Unlike the web trader, the app displays the spread rate (between the bid and ask prices of instruments).

    My Key Takeaways After Testing Banxso X Mobile App

    Banxso’s mobile app has two major benefits over the web trader. Firstly, it affords easy access to global markets, even on the go. With the app, you are always just a few clicks away from your trading account, which could be crucial in case you have to make urgent adjustments to your open trades. Additionally, the fact that spread rates are displayed on the app means that traders can be easily informed before opening a specific position.

    Tradable Instruments

    4.8
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    Banxso offers over 1000 tradable instruments across various markets. You can trade currency pairs, commodities, share CFDs, indices, and cryptocurrencies. Several commodities and indices can also be traded as futures. The broker offers plenty of high-yield/risk assets, though there are almost no lower-risk securities, such as bonds or ETFs.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying asset without physical delivery. For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With Banxso?

    I have broken down the available instruments with Banxso below:

    • 80 Currency Pairs
      Major, Minor, Exotic
    • 22 Commodities
      Metals, Energy, Agriculture
    • 1000+ Share CFDs
      U.S., UK, EU
    • 32 Indices
      U.S., EU, Asia
    • 13 Cryptocurrencies
      Major and Minor

    Compared to the broader industry, Banxso offers a high amount of currency pairs, commodities, share CFDs, and indices, and an average amount of cryptocurrencies. This variety is one of Banxso’s greatest advantages.

    Currency Pairs Commodities
    EURUSD | GBPJPY | ZARUSD | USDCHF | AUDJPY | USDSEK Gold | Crude Oil | Natural Gas | Silver | Zink | Sugar | Orange Juice | Wheat 
    Share CFDs Indices
    Apple | Tesla | Nike | AIG | Dominion | Ferrari | Ford | General Electric FTSE100 | Nikkei 225 | CAC40 | Nasdaq100 | Russell2000 | Swiss20
    Cryptocurrency
    Bitcoin | Ethereum | Litecoin | Cardano | Binance Coin | Ripple

    My Key Takeaways after Exploring Banxso’s Tradable Instruments

    I was impressed by Banxso’s extensive amount of currency pairs – one of the best assortments I have ever seen. Traders can benefit from access to some quite exotic markets that are unavailable with most other brokers. I also found it quite useful that there are over 1000 share CFDs, given that the broker’s trading fees are lowest on instruments from this particular asset class.

    Customer Support

    3.2
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    Banxso provides customer support 24/5 through email and phone, complemented by a comprehensive FAQ section on their website for general inquiries. Response times, however, differ based on the chosen communication method. The absence of a live chat feature and potential delays in email responses are key reasons why Banxso’s support services didn’t achieve a higher rating in this category.

    The easiest way to get in touch with Banxso is by phone. Alternatively, you can send them an email, but it may take several business days before you receive a reply. Visitors of the website can also enter into a chat session with Banxso’s support team via WhatsApp. Active traders also have access to the built-in chat screen from the Banxso X platform.

    Customer Support Test

    When we test a broker’s customer support team, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    I conducted my test on the 7 December 2023. I submitted an email at around 10:10 a.m. CET, requesting additional information about Banxso’s execution method and average execution speed. I received the response only two days later which was not helpful.

    Banxso’s contact details

    Deposit and Withdrawal

    4.9
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    Clients of Banxso can deposit and withdraw funds via bank wire, credit or debit card, or using an e-wallet. Bitcoin is also available as a payment method. Transactions are processed within the norm, though transaction times may vary. The broker does not charge a handling fee for deposits or withdrawals, but third-party banking fees may apply.

    Banxso’s Deposit Methods

    Payment Method Processing Time Currency Fee
    Bank Wire Up to 1 business day ZAR $0
    Credit/Debit Card Up to 1 business day ZAR $0
    OZOW Up to 1 business day ZAR $0
    AstroPay Up to 1 business day ZAR $0
    Bitcoin Up to 1 business day ZAR  $0

    Banxso’s Withdrawal Methods

    Payment Method Processing Time Currency Fee
    Bank Wire Within 5 business days ZAR $0
    Credit/Debit Card Within 5 business days ZAR $0
    OZOW Within 5 business days ZAR $0
    AstroPay Within 5 business days ZAR $0
    Bitcoin Within 5 business days ZAR $0

    All deposits and withdrawals must be processed from the client’s ZAR account, meaning that various conversion fees may apply. Also, withdrawals must be processed using the same method used for deposit.

    Account Types and Terms

    3.8
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    Banxso presents a range of trading account options, each with distinct conditions. The broker allows trading in two base currencies, USD and ZAR, with a minimum deposit set at $500. All account types offer commission-free trading, yet none feature raw spreads.

    Why is Choosing the Right Account Type Important?

    Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several factors, such as whether the account type has a minimum deposit requirement, its spreads and commissions, the execution method, and more.

    What Account Types Does Banxso Offer?

    I have broken down the features of Banxso’s account types below.

    Account Type Intro Plus Advanced Premium
    Spread  From 1.5 pips From 1.2 pips From 1.0 pips From 0.8 pips
    Commission $0 $0 $0 $0
    Min. Deposit Requirement $500 $10,000 $25,000 $100,000
    Max. Leverage 1:100 1:100 1:100 1:200
    EAs Yes Yes Yes Yes
    Account Manager Yes Yes Yes Yes
    Welcome Bonus No Yes Yes Yes
    Trading Central No No Yes Yes

    Banxso’s accounts seem better suited for day and position trading. That is so because of the combination of commission-free trading and above-average floating spreads. Still, traders should be careful because Banxso’s spreads vary greatly across instruments from different asset classes.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    Banxso’s Execution Model

    Banxso utilizes market execution. The broker operates on a Straight-Through-Processing (STP) basis without a dealing desk. Order requests are transmitted to the interbank level, where Banxso’s liquidity providers fill them. As long as there is enough liquidity in the market, all order requests will be filled, though at varying speeds.

    Banxso’s Account Opening Process

    Banxso’s account registration form

    The account creation process with Banxso is straightforward and quick. You can go at your own pace, though realistically, you will be done with everything within an hour. I have summarized the step-by-step process below:

    • Step 1. Click ‘Register’ at the top-right corner of the main page.
    • Step 2. Fill in your name, email address, and phone number.
    • Step 3. Choose a password and agree to the T&Cs.
    • Step 4. Upload proof of ID and residence to verify your account.

    Why is a Demo Account Important?

    Banxso offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    Banxso’s Restricted Countries

    Banxso does not offer its services to residents of the United States, Canada, Iran, North Korea, and other jurisdictions where trading with leveraged products may be prohibited.

    Research

    4.1
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    Banxso has a decent range of research content that provides traders with a basic understanding of prevailing market sentiment and recent developments. Most of the content is incorporated from third-party providers.

    Banxso’s economic calendar

    Research Tools

    I have broken down the several types of research content below:

    • Economic Calendar. The economic calendar is an essential tool in a trader’s arsenal. It informs traders of upcoming market events and releases that have the potential to stir price action, thereby creating viable trading opportunities. Banxso’s calendar is incorporated from Investing.com.
    • TradingCentral. TradingCentral is a renowned service for its top-quality market breakdowns and trading signals. It offers traders comprehensive technical and fundamental analysis. To qualify for TradingCentral content, clients of Banxso must have invested at least $25,000 in their trading account.
    • TipRanks. Banxso also provides access to content from TipRanks – another industry leader in research content. It offers analysts ratings and news sentiment breakdowns on share CFDs.
    Banxso incorporates TipRanks

    My Key Takeaways After Exploring Banxso’s Research Content

    Banxso incorporates professional-grade analyses from some of the most trusted third-party providers in the industry. However, to have access to content from TradingCentral, you have to have deposited quite a large some of money into your trading account. The broker does not produce proprietary market breakdowns or written articles. I noticed it used to publish research videos on its YouTube channel, but no new content has been uploaded for over a year.

    Education

    2.5
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    Banxso’s educational offerings provide a basic overview of trading but lack in-depth exploration of the topics. The material is predominantly video-based, with a notable absence of written articles, webinars, or extensive courses. Overall, I find the content as a whole to be lacking depth and its range is quite limited.

    There are 120 educational videos covering a wide range of topics – from technical analysis to the psychology of trading. Videos typically last between 1-3 minutes and focus on the ABCs of the topic at hand. Where applicable, the videos are supported by charts. I determined that this format can only present the reader with a rudimentary understanding of the subject.

    Banxso’s educational videos

    The Bottom Line

    Banxso, a South African forex and CFD broker, is licensed by the country’s Financial Sector Conduct Authority (FSCA). Established in 2021, the broker has rapidly expanded its offerings. Presently, it provides access to over 100 instruments across various markets, catering to both novice and experienced traders.

    What I consider Banxso’s biggest advantage is its diverse offering of volatile instruments across several asset classes. This presents traders with a choice of various trading opportunities. The broker has also developed a good proprietary platform, which is equipped for copy and automated trading. It also allows for the execution of basic technical analysis.

    On the other hand, Banxso charges rather high trading fees and lacks comprehensive educational content. The broker does provide professional-grade research content, but most of it is only available to traders with over $25,000 in their accounts.

    Banxso is suitable for beginners and caters to f those interested in copy trading. Strategy followers can subscribe to a number of strategies that match their criteria. They can also easily gauge the underlying market sentiment via content made available from Banxso’s third-party providers.

    FAQ

    Banxso is based in Cape Town, South Africa. It also has offices in Mauritius, Vanuatu, Seychelles, Comoros, and Cyprus.
    Yes, the company holds several regulations and adheres to most safety requirements. It can be considered sufficiently safe.
    Banxso offers a choice of tradable instruments and platforms suitable for beginners. However, its trading fees are rather high than the industry average. Moreover, the broker lacks comprehensive educational content.
    The minimum deposit requirement is $500.
    Withdrawals can be processed via wire transfer, credit/debit card, e-wallets, and Bitcoin.
    Transaction times may vary between 3 to 8 business days.
    The maximum leverage for retail traders with Banxso is 1:500.
    The account can be opened from the main page of the website.
    Banxso offers its proprietary Banxso X platform, and it also incorporates MetaTrader 5.
    Yes, it does.
    Scalping is permitted with Banxso.
    Yes, auto-trading is available with Banxso.
    Yes, hedging is allowed with Banxso.
    No. Spread betting is not available with Banxso.
    No, Banxso does not offer VPS hosting.
    Depends on the particular asset class. For instance, the Forex market is open 24/5, whereas shares of U.S. companies can be traded during the New York Stock Exchange (NYSE) open – Monday to Friday from 09:30 a.m. to 4 p.m. EST.
    No, Banxso operates as an STP broker without a dealing desk.
    No, Banxso does not operate a bank.

    See Banxso Full Information

    Headquarters CountrySouth Africa
    Foundation Year2021
    RegulationsCySEC (Cyprus), FSCA South Africa (South Africa), FSC Mauritius (Mauritius), VFSC Vanuatu (Vanuatu), FSA Seychelles (Seychelles)
    Publicly TradedNo
    Number Of Employees100
    Trading Desk TypeSTP, No dealing desk
    Trading PlatformsProprietary, MT5
    Restricted Countries
    Macao, Uruguay, Turkmenistan, Solomon Islands, Venezuela, Switzerland, Yemen, Greenland, Tuvalu, Botswana, Brazil, Uganda, Syria, Seychelles, French Polynesia, Sierra Leone, Ukraine, Uzbekistan, Brunei, Cambodia, Central African Republic, Chile, Comoros, Denmark, Dominican Republic, Lebanon, Serbia, Saudi Arabia, El Salvador, Mayotte, Madagascar, Aruba, Ethiopia, Taiwan, Fiji, Vanuatu, Gambia, Panama, Israel, Singapore, Tajikistan, Mauritius, Vietnam, Japan, Virgin Islands, British, Tanzania, Isle of Man, Guernsey, Kiribati, Libya, Malta, Mozambique, Myanmar, Netherlands, Philippines, Portugal, Haiti, Hong Kong, Ireland, South Sudan, Spain, Sri Lanka, Sudan, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Thailand, United Arab Emirates, Senegal, Moldova, Germany, Georgia, Gabon, Estonia, Eritrea, Equatorial Guinea, Canada, North Korea, India, New Zealand, United States, Pakistan, Honduras, Egypt, Samoa, San Marino, Armenia, Algeria, Austria, Bahamas, Bahrain, Barbados, Belarus, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Bulgaria, Burkina Faso, Burundi, Cape Verde, Cameroon, Chad, China, Colombia, Congo, Costa Rica, Cote dIvoire, Croatia, Cuba, Cyprus, Czech Republic, Djibouti, Dominica, Ecuador, Finland, France, Ghana, Italy, Jamaica, Jordan, Kazakhstan, Kenya, South Korea, Nauru, Kuwait, Kyrgyzstan, Laos, Latvia, Lesotho, Guinea-Bissau, Guyana, Montenegro, Malaysia, Liberia, Sao Tome and Principe, Liechtenstein, Lithuania, Namibia, Palau, Luxembourg, Macedonia, Malawi, Maldives, Mali, Mauritania, Mexico, Micronesia, Monaco, Morocco, Nepal, Nicaragua, Indonesia, Niger, Hungary, Nigeria, Norway, Iceland, Oman, Papua New Guinea, Peru, Poland, Qatar, Romania, Gibraltar, Iran, Greece, Grenada, Guatemala, Guinea, Iraq, Rwanda, Democratic Republic of the Congo, Afghanistan, Curacao, Tonga, Guam, Cayman Islands, Vatican City, Swaziland, Bermuda, Suriname, Zambia, Albania, Angola, Turkey, Timor-Leste, Marshall Islands, Slovakia, Australia, Paraguay, Cook Islands, Antigua and Barbuda, United Kingdom, Tunisia, New Caledonia, Andorra, Trinidad and Tobago, Kosovo, Northern Mariana Islands, Somalia, Puerto Rico, Sweden, Togo, Argentina, Mongolia, Azerbaijan, Bangladesh, Slovenia, Belgium, Russian Federation
    Max Leverage1:30 (CySEC ), 1:500 (FSCA South Africa), 1:1000 (FSC Mauritius), 1:1000 (VFSC Vanuatu), 1:500 (FSA Seychelles)
    Deposit OptionsWire Transfer, AstroPay, Visa, Mastercard
    Withdrawal OptionsWire Transfer, AstroPay, Visa, Mastercard
    Time to Open an Account5
    Products
    Currencies, Stocks, Indices, Commodities
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossNo
    Guaranteed Limit OrdersNo
    Guaranteed Fills / LiquidityNo
    Economic calendarNo
    Trading From ChartNo
    One-Click TradingNo
    Expert AdvisorNo
    Social TradingYes
    AutochartistNo
    Trading SignalsYes
    Platform Languages
    English
    24 Hours SupportNo
    Support During WeekendsNo
    Live ChatNo
    Daily Market CommentaryNo
    News (Top-Tier Sources)No
    WebinarsNo
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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    Trading CFDs requires skills, knowledge, and understanding of relevant risks and is not suitable for everyone; Leveraged trading activity involves substantial risk of losing all invested funds within a short time period.