Banxso

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

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.

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

• Platinum Tier

• VIP Account

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.

Deposit and Withdrawal

Banxso accepts three payment methods: Debit/Credit Card (Visa and Mastercard), Bitcoin, and Bank Wire.