According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $500
- MT5
- Banxso X
- FSCA
Our Evaluation of Banxso
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Banxso is a moderate-risk broker with the TU Overall Score of 6.02 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Banxso clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Banxso offers mostly standard trading conditions, including several account types, including Demo, a wide range of assets, competitive spreads, and optimal leverage. However, traders may face the necessity of depositing a significant sum as a starting deposit on most accounts, which could deter many beginners. Nevertheless, the absence of additional fees besides spreads is undoubtedly a positive aspect, as is the platform's stability, transparency, and high order execution speed. The company has six regulations and offices in four countries.
Brief Look at Banxso
Besides currency pairs, Banxso offers CFDs on stocks, indices, commodities, and cryptocurrencies, totalling over 1,000. The broker provides four account types: Intro, Plus, Advanced, and Premium. They differ significantly in their parameters. For example, the minimum deposit ranges from $500 to $100,000. Additionally, a demo account is available. Spreads start from 0.8 pips, and there are no fees. Trading is conducted using Banxso X proprietary platform and MetaTrader 5. The leverage goes up to 1:100 and 1:200 for the Premium account. All major deposit and withdrawal methods, including bank transfers, Mastercard and Visa debit/credit cards, cryptocurrencies, and e-wallets, are supported. Technical support is available 24/5 via phone, email, and live chat. Besides trading, alternative income opportunities include the Refer a Friend program and copy trading. The educational resources are substantial, and there's a wide range of trading tools available. A unique feature is that Banxso pays 8.7% annual interest on account balances.
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- Banxso offers a free demo account for unlimited practice, with the Intro user account requiring a minimum deposit of $500;
- The broker offers competitive spreads or better, with no trading fees or withdrawal fees for Banxso clients;
- A variety of assets and adjustable leverage provide a significant room for maneuver;
- There are no trading restrictions as scalping, hedging, news trading, and expert advisors are all allowed;
- Both MT5 and their proprietary Banxso X platforms are user-friendly and feature-rich;
- Clients can earn even without actively trading through copy trading, and all account funds accrue an attractive 8.7% annual interest rate;
- Banxso also provides extensive educational resources, from online courses to individual mentorship programs.
- Significantly higher minimum deposit requirements apply to all accounts except Intro.
- The most powerful analytical tools are only available to Advanced and Premium account holders;
- The registration and verification process is time-consuming and can be challenging for residents of certain countries.
TU Expert Advice
Financial expert and analyst at Traders Union
Banxso is a trading brand owned and operated by Banxso (PTY) Ltd. The broker serves clients worldwide with minor regional restrictions. It is registered in South Africa and has six regulations. User reviews about its operation are predominantly positive. TU experts have not found confirmed instances of the company failing to fulfill its client obligations.
The trading conditions at the outset can be characterized as somewhat contradictory. While the minimum deposit of $500 is acceptable for the Intro account, which is standard in the industry, the Plus, Advanced, and Premium accounts require significantly higher deposits of $10,000, $25,000, and $100,000, respectively. However, in return, the broker offers favorable fee conditions and a range of additional features. The minimum fixed spread is 0.8 pips, with no transaction fees for deposits or withdrawals.
The asset selection is impressive, boasting over 1,000 CFDs on stocks alone. Beyond that, traders can access 80 major, minor, and exotic currency pairs; CFDs on indices, commodities, and cryptocurrencies. Notably, Banxso allows complete freedom in trading strategies and methods, enabling traders to diversify their portfolios effectively.
The extensive list of additional features further enhances the platform's appeal. The selection of the most in-demand analytical tools includes the Trading Center, TipRanks, Morning Gazette, and an economic calendar. The copy trading service is implemented at the highest level and is highly sought after by signal providers and investors. The "Refer a Friend" partnership program allows trades to profit from a percentage of your referrals' deposits. It is also worth noting that the broker's client earns money simply by holding funds in the account. An annual rate of 8.7% exceeds the offerings of many banks. The educational program is primarily presented through a significant number of video tutorials on trading basics and advanced topics, with the option for traders to request personal consultations with specialists if needed.
For trading, Banxso offers both its proprietary platform, Banxso X, and the widely-used MetaTrader 5. Both platforms are available for PC, mobile devices, and web browsers. The flexible leverage options range from up to 1:100 to 1:200, catering to different risk tolerances. While technical support is responsive and competent, it's important to note that it's unavailable on weekends. Another drawback is the lengthy verification process and extended withdrawal times for most methods. However, despite these limitations, the platform's numerous advantages make Banxso a compelling option for many traders.
Banxso Trading Conditions
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. Banxso Ltd and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | MT5, Banxso X |
|---|---|
| 📊 Accounts: | Demo, Intro, Plus, Advanced, Premium |
| 💰 Account currency: | USD, ZAR |
| 💵 Deposit / Withdrawal: | Bank transfers, Mastercard and Visa debit/credit cards, cryptocurrencies, and e-wallets |
| 🚀 Minimum deposit: | $500 |
| ⚖️ Leverage: | Up to 1:100, 1:200 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 1,2-1,9 pips |
| 🔧 Instruments: | Currency pairs, CFDs on stocks, indices, commodities, cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market Execution |
| ⭐ Trading features: | There are Demo and four user accounts, competitive spreads and no trading fees, a wide assets pool range, optimal leverage, several options for additional income, a wide range of analytical tools |
| 🎁 Contests and bonuses: | Yes |
The minimum deposit conditions vary significantly for Intro, Plus, Advanced, and Premium accounts. While the first one requires a minimum deposit of $500 to get started, Plus demands a minimum of $10,000. Advanced and Premium accounts are positioned as elite, with a range of additional features, hence the high deposit threshold for them starting from $25,000 and $100,000, respectively. The maximum leverage for Intro, Plus, and Advanced is set at 1:100, while for Premium, the ceiling is increased to 1:200. This figure is relevant for currency pairs; for CFDs, it is significantly lower. Traders can set any comfortable leverage within the specified range or trade without using it. Technical support is available through all main channels: email, phone, and website chat. The support operates 24/5.
Banxso Key Parameters Evaluation
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Trading Account Opening
To start working with the broker, register on the broker’s website, pass verification, and then open a user account. The two most important steps are funding the account and downloading the trading platform. Traders Union experts have prepared a step-by-step guide that will help eliminate any questions about the process. They will also introduce the basic features of the user’s account.
Go to the broker's official website. In the top right corner, select the language of the interface. Click on «Register."
Enter your first and last name. Click on the "Next" button.
Enter your email and phone number. Click on «Next."
Create or generate a password and enter it twice. Agree to the service’s terms and conditions. Click on the "Register for free" button.
Enter your user account. There, additional information is provided, and verification is performed to access all trading features. Attach scans/photos of your passport, local ID document, or driver's license. For address confirmation, provide a utility bill or bank statement.
Open a trading account Intro, Plus, Advanced, or Premium, and set trading parameters for it.
Go to the "Deposit" section. Deposit funds into your balance using the most suitable method available in your region.
Download the MetaTrader 5 or Banxso X trading platform. Install it on your device, launch it, and enter your registration details. Start trading.
Additional features of the Banxso user account allow traders to:
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View statistics for all open accounts, detailing, and downloading reports;
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Register an account, specifying individual trading parameters for it;
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Deposit and withdrawing channels may vary by region;
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Turn on two-step verification, confirm of personal data and residential address;
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Register in the "Refer a Friend" program, study information about referrals and profits received;
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Connect to the copy trading service and configuring trade copying parameters;
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Use analytical tools such as Trading Center, TipRanks, Morning Gazette, and others. Some tools are available only for certain types of accounts;
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Change personal data, account parameters, and passwords, contacting support in the online chat, or using the contacts provided in the block;
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Download the MetaTrader 5 or Banxso X trading platform.
Regulation and safety
Banxso has a safety score of 8.2/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Negative balance protection
- Track record of less than 8 years
Banxso Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 CySec |
Cyprus Securities and Exchange Commission | Cyprus | Up to €20,000 | Tier-1 |
 FSC (Mauritius) |
Financial Services Commission of Mauritius | Mauritius | No specific fund | Tier-3 |
Banxso Security Factors
| Foundation date | - |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker Banxso have been analyzed and rated as High with a fees score of 4/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- No deposit fee
- No withdrawal fee
- Above-average Forex trading fees
- No ECN/Raw Spread account
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of Banxso with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, Banxso’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
Banxso Standard spreads
| Banxso | Pepperstone | OANDA | |
| EUR/USD min, pips | 1,2 | 0,5 | 0,1 |
| EUR/USD max, pips | 1,9 | 1,5 | 0,5 |
| GPB/USD min, pips | 1,6 | 0,4 | 0,1 |
| GPB/USD max, pips | 2,2 | 1,4 | 0,5 |
Does Banxso support RAW/ECN accounts?
As we discovered, Banxso does not offer RAW/ECN accounts, which might be a drawback for transparency and liquidity. However, this doesn't make the broker uncompetitive. Consider factors like spread levels, execution speed, regulation, support quality, and trading tools when choosing a reliable broker.
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with Banxso. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
Banxso Non-Trading Fees
| Banxso | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 10 | 0 | 0 |
Account types
With several trading accounts offered, trading conditions at Banxso vary significantly. The minimum deposit requirement starts at $500 for Intro and increases to $10,000 and $25,000 for Plus and Advanced accounts, respectively. To open a Premium account, a minimum of $100,000 is needed. Unsurprisingly, Premium accounts offer the lowest spreads from 0.8 pips, while Intro accounts have the highest from 1.5 pips.There are also significant differences in additional features. While educational videos are available to owners of all account types, the Trading Center is only accessible to those who have opened Advanced or Premium accounts. Long-term financial planning preparation is exclusive to owners of the most expensive accounts . These are the main points, a detailed comparison of accounts and their options is available on the broker's website. Traders will need to carefully consider their account choice, considering their trading preferences, goals, and ambitions, as well as financial considerations. It is also important to decide on the trading platform. Undoubtedly, MetaTrader 5 is very good and time-tested, but the broker’s clients also highly value Banxso X.
Account Types:
Often, traders first register a demo account. Their goal is clear – to familiarize themselves with the broker and experiment with new strategies. If everything suits them, the client will need to open a user account with suitable conditions, considering their available capital.
Deposit and withdrawal
Banxso received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
Banxso provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- No withdrawal fee
- BTC available as a base account currency
- Low minimum withdrawal requirement
- Bank wire transfers available
- Minimum deposit above industry average
- PayPal not supported
- Only major base currencies available
What are Banxso deposit and withdrawal options?
Banxso provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, BTC.
Banxso Deposit and Withdrawal Methods vs Competitors
| Banxso | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are Banxso base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. Banxso supports the following base account currencies:
What are Banxso's minimum deposit and withdrawal amounts?
The minimum deposit on Banxso is $300, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Banxso’s support team.
Markets and tradable assets
Banxso offers a wider selection of trading assets than the market average, with over 16000 tradable assets available, including 85 currency pairs.
- 85 supported currency pairs
- Copy trading platform
- 16000 assets for trading
- Bonds not available
- No ETFs
Supported markets vs top competitors
We have compared the range of assets and markets supported by Banxso with its competitors, making it easier for you to find the perfect fit.
| Banxso | Plus500 | Pepperstone | |
| Currency pairs | 85 | 60 | 90 |
| Total tradable assets | 16000 | 2800 | 1200 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products Banxso offers for beginner traders and investors who prefer not to engage in active trading.
| Banxso | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Customer support
Who is the liquidity provider? What order types are available in the Banxso X platform? Why was my trade forcibly closed? Often, traders lack the competence to understand a certain aspect or are not entirely attentive. It also happens that important information for clients is missing on the broker's website. Problematic situations during trading are also not always avoidable. Banxso clients can address their questions to the company's specialists. The technical support is multilingual and operates 24/5. Clients can contact support via call center, email, or live chat.
Advantages
- There are three communication channels available
- The support operates 24 hours
- the support is highly competent
Disadvantages
- Technical support is unavailable on weekends
- Sometimes, responses are not prompt
The broker provides the following communication channels:
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Phone;
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Email;
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Chat on the website and in the user account.
You can also visit one of the company's offices or request a consultation through its official social media profiles on Facebook, Instagram, X, LinkedIn, and YouTube.
Contacts
| Registration address |
117 On Strand, De Waterkant, Cape Town, 8001, South Africa 14 Poudriere Street, Premier Business Center, 10th Floor, Sterling Tower, Port Louis, Mauritius Bonovo Road, Fomboni, Island of Mohéli, Comoros Union 81-83 Grivas Digenis Ave, Nicosia, 1090, Cyprus |
|---|---|
| Regulation |
FSCA
Licence number: 37699 |
| Official site | https://banxso.com/ |
| Contacts |
+27 104 464 170
|
Education
Experienced traders are not born, they become so. Many brokers strive to facilitate this process by providing educational materials to clients. Often, these materials are intended for beginners, but sometimes intermediate players and even professionals can find something interesting for themselves. At Banxso, much depends on the presence/absence of verification and the selected account type. A trader who has just entered the company's portal can watch several educational videos. Subsequently, after successfully completing verification and opening an account, they are entitled to register for online courses and webinars, and an individual mentoring program becomes available to them. However, once again, the type of account greatly influences what will be offered.
The company's clients highly appreciate the comprehensive education provided, which covers all the most important aspects.
Comparison of Banxso with other Brokers
| Banxso | Eightcap | XM Group | RoboForex | Pocket Option | LiteFinance | |
| Trading platform |
Banxso X, MT5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | MT4, MT5, MultiTerminal, Sirix Webtrader |
| Min deposit | $500 | $100 | $5 | $10 | $5 | $10 |
| Leverage |
From 1:1 to 1:100 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | Yes |
| Accrual of % on the balance | No | No | No | 10.00% | No | 7.00% |
| Spread | From 0.8 points | From 0 points | From 0.8 points | From 0 points | From 1.2 point | From 0.5 points |
| Level of margin call / stop out |
No | 80% / 50% | 100% / 50% | 60% / 40% | 30% / 50% | 50% / 20% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | No | Yes |
Detailed Review of Banxso
The company has been in the market for a long time, with most of its clients being residents of South Africa. However, Banxso's offerings are also targeted towards residents of many other countries. The broker employs the best technologies and practices. Collaboration with first-tier liquidity providers and virtual private servers enable prompt order execution at the best price and ensures uninterrupted operation of the trading platform 24/7. Additionally, the company continuously expands its pool of assets, introducing positions that traders highly demand. The high level of Banxso X’s proprietary trading platform and the innovative and well-thought-out copy trading service deserve special mention. Funds and user data are secure thanks to segregated accounts, the use of SSL protocols, and authentication tokens. Negative balance protection is also available
Banxso by the numbers:
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There are 4 user accounts and a demo account;
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The minimum deposit is $500 ;
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There are over 1,000 trading instruments;
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The maximum leverage is 1:200;
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The minimum spread on the Premium account is 0.8 pips.
Banxso is an FX and CFD broker with versatile conditions
First and foremost, it's worth noting the diverse pool of assets: currency pairs, stocks, CFDs, indices, commodities, and cryptocurrencies. Plenty of financial instruments are available, especially currency pairs and stock contracts. This diversity allows traders to create diversified portfolios. Drawdowns in one asset can be successfully offset by the growth or stability of positions in others.Additionally, clients have the freedom to use any trading methods and strategies – from scalping to hedging and expert advisors – and benefit from access to specific information and advisory services. The platform provides two user-friendly trading platforms, Banxso X and MetaTrader 5, which can be customized to individual preferences.
Useful Functions of Banxso:
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Trading Central. The industry's best platform for comprehensive analytics, offers traders signals, various forecasts, and market data to make informed investment decisions.
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TipRanks. The main task of this service is to track forecasts from renowned financial analysts, ranking them using a proprietary algorithm. Information on insider transactions is also available. The result of the research is concise recommendations for users on short-term asset trading;
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Success Managers. Every client receives personalized assistance from a Success Manager. They provide training, and guidance, and even collaborate with you to develop a successful trading strategy aligned with your goals. Many of these services are included free of charge.
Advantages:
Traders are provided with comfortable trading conditions and 24-hour technical support;
There is a large pool of diverse assets available and flexible leverage up to 1:100, and up to 1:200 on the Premium account;
Spreads are in line with market averages, and there are no fees on any account type;
The broker’s clients can earn not only through active trading but also by simply keeping funds in the account, participating in copy trading, and the partnership program;
There is strong educational resources and comprehensive analytical potential.
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