Learn more about TU’s methodology
- None
- Web platform
- API
- FCA
- AFM
- FINTRAC
- AUSTRAC
- FinCEN
- Only buying and selling cryptocurrencies for fiat, no spot or margin trading, no limit orders, no order books, no derivatives
Our Evaluation of Banxa
Learn more about TU’s methodology
Banxa is a high-risk cryptocurrency exchange with the TU Overall Score of 2.46 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Banxa clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker.
How we tested Banxa
Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Brief Look at Banxa
Banxa is not a traditional crypto exchange. It operates as a financial technology platform. Most of its functions, including crypto wallet management, smart accounts, crypto transfers, compliance tools, and payment infrastructure, are designed for companies such as crypto exchanges, wallets, fintech platforms, Web3 projects, and other services that need to integrate cryptocurrency features into their own products. Individual users can use Banxa only to buy or sell cryptocurrency for fiat.
Banxa holds licenses in Australia (AUSTRAC), Canada (FINTRAC), the United Kingdom (FCA), and the Netherlands (AFM). In the United States, Banxa is registered as a Money Services Business with FinCEN (Financial Crimes Enforcement Network, MSB 31000255987782).
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- Multiregulated crypto platform for individual traders, companies, and businesses.
- Access to services in more than 150 countries.
- Convenient fiat to crypto and crypto to fiat operations on the Banxa website.
- Banxa integration in the interfaces of popular cryptocurrency exchanges and wallets.
- Support for various deposit and withdrawal methods.
- Simple web platform with an intuitive interface.
- Dynamic fees that depend on several factors.
- Buying through Banxa can be more expensive than directly on crypto exchanges because of fiat to crypto conversion fees.
- Banxa does not offer margin trading, leverage, access to derivatives, or investment tools.
TU Expert Verdict
Chief Analytics Officer
Banxa operates as a financial technology platform focused mainly on fiat to cryptocurrency and cryptocurrency to fiat conversions for both individuals and businesses. Regulated by top authorities including the FCA, AFM, FINTRAC, AUSTRAC, and registered with FinCEN in the U.S., Banxa provides access to buying and selling over 165 cryptocurrencies using a straightforward web platform or API, with a minimum order size starting at $20 and no required minimum deposit. Users can fund their accounts through bank transfers, cards, and several e-wallets, while Banxa frequently appears integrated as a payment provider on major crypto exchanges such as Kraken and KuCoin.
Drawbacks include the absence of spot or margin trading, investment tools, and derivatives, reliance on dynamic and sometimes higher conversion-related fees, and no mobile apps or P2P transfers. Banxa also lacks investor protection funds, mandatory cold wallet storage, and some advanced security features seen at leading exchanges. Therefore, Banxa suits users seeking a simple, regulated onramp or offramp for cryptocurrencies, but may not be suitable for active traders or those requiring a broader range of trading features.
Banxa Summary
Your capital is at risk. Cryptocurrency trading can be extremely risky. Cryptocurrency trading can lead to large and immediate financial losses. The volatility and unpredictability of the price of cryptocurrency relative to fiat currency may result in significant loss over a short period of time. Transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. The nature of cryptocurrency may lead to an increased risk of fraud or cyber attack.
| 💻 Trading platform: | Web platform, API |
|---|---|
| 📊 Accounts: | Individual, Business |
| 💰 Account currency: | Fiat and digital currencies |
| 💵 Deposit / Withdrawal: | Visa, Mastercard, SEPA, Apple Pay, Sofort, POLi, iDEAL, Interac, NPP, Enumis, cryptocurrencies |
| 🚀 Minimum deposit: | None |
| ⚖️ Leverage: | None |
| 💼 Copy Trading: | No |
| 📈️ Min Order: | $20 |
| 💱 Commission: | No |
| 🔧 Instruments: | 165+ cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Through browser, no mobile apps |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Fiat to crypto and crypto to fiat conversion through a payment gateway |
| ⭐ Trading features: | Only buying and selling cryptocurrencies for fiat, no spot or margin trading, no limit orders, no order books, no derivatives |
| 🎁 Contests and bonuses: | No |
Individual users can buy and sell cryptocurrency in two ways: directly on the Banxa website or through partner platforms such as Kraken, KuCoin, OKX, MetaMask, Phantom, and others, where Banxa serves as a built-in fiat to crypto payment provider.
Funds can be deposited via SEPA transfers, bank cards, and popular e-wallets. Execution speed depends on the payment method and blockchain load and is usually around 30 minutes.
Banxa’s fees include several components: a spread relative to the market price, a blockchain network fee, and a payment processing fee, the size of which depends on the selected payment method.
Banxa Key Parameters Evaluation
Regulation and Safety
With a 7.75/10 score, Banxa demonstrates a moderate level of security and regulation. While the platform meets basic safety standards, it may not offer the same level of protection as higher-rated exchanges.
- 2FA
- U.S-regulated
- Tier-1 regulation
- Government-regulated
- No successful hacks history
- No facial recognition
- No investor protection fund
- Cold wallet storage is not mandatory
Banxa Security Factors
We also compared Banxa against the top two competitors with the highest scores in our overall ranking based on the most critical security indicators.
| Banxa | Kraken | Coinbase | |
| Tier-1 regulation | Yes | Yes | Yes |
| Government-regulated | Yes | Yes | Yes |
| Investor protection fund | No | No | Yes |
| 2FA | Yes | Yes | Yes |
| Facial recognition | No | No | No |
| Cold wallet storage | No | Yes | Yes |
| Successful hacker attacks | No | No | Yes |
Is Banxa a regulated crypto exchange?
Banxa is regulated by a Tier-1 financial authority (e.g., in the U.S., UK, Germany, Spain, France, Australia, Singapore, or another jurisdictions with strict financial oversight). This ensures strong investor protection, compliance with stringent operational standards, and enhanced security for users trading on the platform.
Banxa is authorized or licensed in accordance with local regulations in the following regions: FinCEN (USA), FINTRAC (Canada), AFM (Netherlands).
Is verification (KYC) mandatory at Banxa?
Yes, KYC verification is mandatory at Banxa. You will need to complete the verification process before you can open an account and access the platform's full range of services.
Is Banxa available in the USA?
Yes, Banxa is available in the USA. However, availability may vary by state due to local regulations. We recommend checking the official website or contacting support for up-to-date information specific to your location.
Banxa commissions and fees
Banxa received a 7/10 score for its trading fees. While Banxa is not the cheapest crypto exchange, the fees remain reasonable and competitive within the market.
- Spot fee below industry average
- No deposit fee
- Withdrawal fee may be applied
- P2P fee applied
What are Banxa trading fees?
We analyzed Banxa’s crypto fees and compared them to the top two competitors, both of which hold high average positions in our rankings. To establish a comprehensive benchmark, we also calculated the average fee score based on an evaluation of over 100 cryptocurrency exchanges.
Banxa trading fees vs competitors
| Banxa | Nexus Trade | CoinMetro | Industry average | |
| Spot, maker fee (%) | Not supported | 0.22 | 0.1 | 0.15 |
| Spot, taker fee (%) | Not supported | 0.22 | 0.2 | 0.194 |
What are Banxa deposit and withdrawal fees?
| Deposit fee, % | Varies |
| Withdrawal fee, % | Depends on method and provider |
Does Banxa offer P2P trading?
No, Banxa does not support P2P transactions. However, you can explore the best alternatives in our dedicated list of top P2P exchange platforms, offering a variety of secure options for peer-to-peer transactions.
Deposit and Withdrawal
Banxa received a 7.5/10 rating for its deposit and withdrawal services. While Banxa covers basic payment options, the platform lacks some widely used methods that could improve user flexibility.
- Bank transfers for deposits and withdrawals
- Google Pay supported
- Bank cards accepted for instant deposits
- Many cryptocurrencies for deposits and withdrawals
- Deposit fees apply
- Withdrawal fee applies
- No P2P transfer option
Deposit and withdrawal options
Banxa supports the following deposit and withdrawal options: Bank transfers, Bank card, Crypto, Google Pay, Apple Pay.
Banxa Deposit and withdrawal options vs competitors
| Banxa | Kraken | Coinbase | |
| Bank transfers | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
What is Banxa minimum deposit?
The minimum deposit at Banxa is - USD/USDT or - BTC. The minimum trade size is - USD/USDT, which also serves as the minimum amount required to start trading on the platform.
Banxa minimum deposit vs competitors
| Banxa | Kraken | Coinbase | |
| Minimum deposit, USD or USDT | - | 10 | 10 |
| Minimum deposit, BTC | - | 1 | 1 |
| Minimum trade amount, USD/USDT | - | 1 | 2 |
Does Banxa support fiat money?
Banxa supports fiat currency trading and account funding. The following fiat currencies are accepted:
Contacts
| Foundation date | 2014 |
|---|---|
| Registration address | Piet Heinkade 93 B, 1019 GM Amsterdam, The Netherlands |
| Regulation |
FCA, AFM, FINTRAC, AUSTRAC, FinCEN
Licence number: 999863, 41000017, M20577911, DCE100618765-001, MSB 31000255987782 |
| Official site | https://banxa.com/ |
| Contacts |
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