Banxso Info
Founded In 2020 By A Team Of Financial Experts, Banxso Aims To Create A User-friendly Brokerage Firm. Based In Cape Town, South Africa, They Expanded Into Cryptocurrency Trading In 2022 And Launched An Educational Platform In 2023. Banxso Offers Traders A Wide Range Of Financial Instruments Including Forex, Stocks, Indices And Commodities. Their Platforms Banxso X And MetaTrader5 Offer Flexible Leverage Up To 200:1 And Zero Commissions. They Also Offer Eight Different Types Of Real Account Options To Suit Different Traders' Preferences.
Pros And Cons
Banxso Excels In Offering A Wide Range Of Trading Tools And Generous Leverage Of Up To 200:1, Which Can Be Very Beneficial For A Diverse Trading Strategy. It Offers Multiple Account Types, Has An Easy Banxso Login Process, And Supports Both Proprietary And MT5 Platforms. However, The Minimum Deposit Of $300 May Not Be Suitable For Beginners, And The Spread Is Relatively Large.
Is Banxso Legal?
In Terms Of Regulation, Its Official Website Shows That It Is Authorized And Regulated By The Mauritius Financial Services Commission ("FSC") With License Number GB23201707 As An Authorized Investment Dealer. But After Searching, No License Was Found. Investors Are Advised To Pay Attention To The Risks!
Market InstrumentsBanxso Proudly Declares That It Offers More Than 8000 Market Instruments Covering 5 Asset Classes Including Forex, Stocks, Indices And Commodities. However, Compared To Other Brokers, It Does Not Provide Access To Various Popular Trading Options Such As Options, Energy Products, ETFs, Etc.
Account Types
Banxso Offers Two Options For Demo And Real Accounts.
Demo Accounts Give Traders The Opportunity To Practice Trading Strategies And Become Familiar With The Platform Without Risking Real Money.
For Traders Ready To Make Real Trades, Banxso Offers Eight Different Account Types: Intro, Basic, Plus, Extra, Advanced, Premium, Exclusive, And VIP. Each Account Type Has Its Own Minimum Deposit Requirements, Ranging From $300 For Intro Accounts To $250,000 For VIP Accounts.
The Minimum Deposit Of $300 Does Appear Quite High When Compared To Other Brokers In The Market (e.g. TMGM, Axi, Etc.).
Leverage
Banxso Offers Leverage Up To 1:200 For All Account Types. Leverage Can Significantly Increase The Potential Return On An Investment, But It Can Also Amplify Risk.
Spreads And Commissions
Banxso Offers Competitive Spreads Across Different Account Types.
For Intro And Basic Accounts, Spreads Are Not Mentioned, While Plus And Extra Accounts Offer Spreads Starting At 1.6 Pips.
Advanced And Premium Accounts Further Reduce Spreads From 1.2 Pips, Exclusive Accounts From 1.2 Pips, While VIP Accounts Offer The Lowest Spreads From 0.8 Pips.
It Is Worth Noting That Banxso Says It Does Not Charge Commissions, Which Is Advantageous For Traders As They Can Trade Outside The Spread Without Incurring Additional Fees.
Trading Platform
Banxso Offers 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 That Offers A Full Suite Of Trading Tools And Features. It Offers An Intuitive And Customizable Interface That Enables Traders To Efficiently Analyze Market Data, Place Orders For Trades And Manage Portfolios. Banxso X Mobile Is The Mobile Version Of The Platform That Enables Traders To Access Their Accounts And Trade Anytime, Anywhere Using A Smartphone Or Tablet.
In Addition, Banxso Supports The Widely Recognized And Popular Trading Platform MetaTrader5. MetaTrader5 Offers Advanced Charting Capabilities, Multiple Technical Indicators And The Ability To Automate Trading Through Expert Advisors (EAs). Traders Can Access MetaTrader5 On Their Desktop And Stay Connected To The Market Through MetaTrader5 Mobile.
Deposits And Withdrawals
Traders Can Use Major Credit Cards Such As Visa And MasterCard To Fund Their Accounts, Providing A Fast And Hassle-free Way To Deposit. In Addition, Bank Telegraphic Transfers Are Also Accepted, Providing A Reliable And Traditional Method For Transferring Larger Amounts. Banxso Also Supports OZOW And AstroPay.
A Noteworthy Advantage Is That Banxso Does Not Charge Any Deposit Or Withdrawal Handling Fees, Enabling Traders To Manage Their Funds Efficiently Without Incurring Additional Fees.
Customer Support
Banxso Gives Priority To Providing A Responsive And Easy-to-reach Client Server To Assist Its Clients. Service Hours Are 8:00am To 7:00pm, 5 Days A Week, And Traders Have A Wide Window Of Time To Seek Support. Banxso Offers Multiple Channels Of Communication, Including Online Chat, WhatsApp, And Email.
Online Chat
Email: Cs@banxso.com
