Banxso is a new-age South African online broker that launched its services in South Africa on April 1, 2022. It appeals to young and ambitious Millennials and Gen Z investors who are digital-native traders. The company offers an online portal to the global financial markets that helps investors learn to trade confidently. What I particularly liked about them is their tight spreads and zero commission trading, which helped me minimise trading costs. Safety is a priority, both for personal information and deposited funds. You can choose from multiple trading platforms, including Banxso X, MT5 and MT5 Mobile, and select an account as per your trading goals.
Pros & Cons
- 0% commission
- $0 deposit and withdrawal fees
- Leverage of 25:1 for cryptocurrencies
- Transparent and safe, regulated by FSCA
- Accepts only South African traders currently but has expansion plans
Banxso offers more than 80 cryptocurrencies that you can trade for short-term speculation or hold as a longer-term investment. The website has a section dedicated to cryptocurrency education, which it offers for free to its clients.
|Country of Regulation
|South Africa, Mwali, Cyprus
|CySEC / FSCA / MISA
|Account Base Currencies
|Staking and Rewards
|Bank wire / Credit Card / OZOW
|Crypto-to-Crypto Trading Pairs
|Cryptocurrencies as CFDs
|Research & Education Tools
|Email / Live chat / Phone
|Customer Support Languages
|Support Days & Hours
Located in Cape Town, Banxso has earned the reputation of offering the best trading conditions to traders in South Africa. With cutting-edge technology and excellent customer support, Banxso has gained popularity among young and ambitious South African traders and investors as their personal portal to the financial markets. Authorised and regulated by the South African FSCA, the company follows the best practices to protect traders and their funds.
Banxso offers a variety of platforms, tools, and account types to suit the needs of different traders and investors. To help traders grow their knowledge and skills, the website offers training academies, with tutorials, webinars, news alerts and more. I particularly love their dedicated YouTube channel, which has insightful video tutorials, how-to guides, daily market news alerts, chart analysis and so much more.
The company offers a proprietary platform, Banxso X, which is a hyper-modern, fast, streamlined, and powerful platform with a wealth of tools for timing the markets. My Banxso account also came integrated with several leading tools, including TipRanks, TradingCentral, InvestingPro, Baby Pips and the Economic Calendar. A daily newsletter is emailed to every client, with market news and very useful trading tips.
Their social trading tools, offered by ZuluTrade and TipRanks, allows traders to copy the trades of successful traders on the platform.
Banxso Crypto Fees
There are no deposit and withdrawal fees, except what your bank may charge. Banxso does not charge any commission on crypto trading.
|Credit/Debit card Deposit Fees
|E-wallets Deposit Fees
|Bank transfer Deposit Fees
|Credit/Debit card Withdrawl Fees
|E-wallets Withdrawl Fees
|Bank transfer Withdrawl Fees
|Swap Fees(Instead of Overnight Fees)
|Spread / Commission Fees
|Currency conversion Fee
Banxso does not charge any commission for any account type. Since cryptocurrencies tend to be volatile, the spreads depend on the current market conditions, and are liable to fluctuate widely.
The company charges an inactivity fee after three months of account dormancy.
Banxso charges overnight fees on open positions, although at considerably lower rates than the industry average. For all positions, the overnight interest earned or due for Saturday and Sunday is debited or credited on the next Wednesday.
Banxso offers leverage of up to 25:1 on crypto trading to boost traders’ buying power.
Banxso Deposit & Withdrawal
Banxso offers multiple payment methods to online traders in South Africa, including debit and credit cards, bank wire transfers, and third-party payment providers. Here are some of the top payment options offered by Banxso: VISA, MasterCard, Ozow, AstroPay.
Wire transfers can be made from the leading banks in South Africa.
Trading Crypto on Banxso
With advanced technology, Banxso has made trading truly enjoyable and highly intuitive. Both beginners and tech-savvy experienced traders will find all the tools needed for smart trading. The process is streamlined and powerful, with fast execution, top trading conditions and a wide range of crypto assets to choose from. It offers a smooth and reliable trading experience for those based in South Africa.
Investors with a MetaTrader account can trade cryptocurrencies 24/7. During periods of high volatility, the margin requirements on crypto pairs can go up. At times, for short periods over weekends, crypto pairs are untradable due to downtime on crypto exchanges, which is typical for any broker that you trade with. The maximum limit offered on crypto assets is $1,500,000. There are no commissions or deposit/withdrawal fees on trading cryptocurrencies at Banxso.
Banxso allows traders to open different accounts as per their needs and begin trading with a minimum deposit of $100.
- Individual Account: In this easy-to-manage account, a trader can conveniently access all the services and tools offered by the company with one login and a single account.
- Joint Account: This is for those who wish to trade with a friend or family member. Both the account holders can deposit and withdraw funds and access all the powerful tools to trade, invest, and hedge assets.
- Corporate Account: With this account, institutional traders and businesses can gain access to the complete range of tools, features, and assets offered by Banxso. They can benefit from preferential trading conditions, personalised account types and top-tier customer support. This also allows accountholders to adjust their leverage within the FSCA’s regulatory framework.
- Demo Account: If you wish to practice online trading or back-test your strategies in a no-risk environment, this account is what you should open. It also gives access to all the wonderful educational materials offered by the company to help enhance your trading skills.
Banxso Trading Platforms
|MetaTrader 4 (MT4)
|MetaTrader 5 (MT5)
Banxso X: This is the company’s proprietary trading platform for both beginners and advanced traders. This web-based platform can be used on any device with internet access. It offers access to integrated charts, trading alerts, customisable watchlists, advanced orders, and complete control on take-profit and stop-loss levels.
MetaTrader 5: MetaTrader has been the standard platform for CFD trading for more than two decades. The platform offers access to advanced charting features, trading signals and technical analysis tools.
MetaTrader 5 Mobile: This user-friendly mobile trading app is supported on both Android and iOS devices. Traders gain access to in-app research and analytics tools and can monitor their trades anytime and from anywhere.
How to Open a Banxso Account?
You can open an account on Banxso for free, with the following simple steps:
Step 1: Visit Banxso’s home page
Step 2: Click the Register button in the top nav or scroll to the purple box that says, “Open A Free Account”.
Step 3: Once the Account Registration box opens, fill in the basic required details, such as your first name, last name, email address, and phone number, to complete your registration process.
Step 4: After filling in your details, sign up to open a free account on Banxso.
Banxso User Experience
The company’s proprietary platform, Banxso X, is ultra-modern and super-fast. The robust platform and advanced analytical tools allow me to power my trades. A trader’s profitability is enhanced by zero commission, tight spreads, and low slippage. There are more than 80 cryptocurrencies to choose from and sufficient leverage to make the most of winning trades.
They offer social trading tools from ZuluTrade and TipRanks to allow copy trading, which is a great way to begin trading cryptos. Banxso is a good choice for those who appreciate the convenience and power offered by the latest technology.
Banxso offers a bonus of at least 30% on your initial deposit. You can trade with this. The bonus becomes withdrawable once you reach their volume requirement (which is your deposit amount + bonus amount received multiplied by 20,000).
Is My Crypto Safe on Banxso?
Banxso is a fully regulated broker, licensed by the Financial Sector Conduct Authority (FSCA) in South Africa. Clients’ funds are held in separate accounts from the company’s funds. It offers negative balance protection, so you don’t lose more than what’s in your account. Being a Straight Through Processing (STP) broker, there is no dealing desk intervention when you place orders with Banxso’s accounts. They also leverage sophisticated technology to ensure industry-leading safety and security measures. Since I trade crypto CFDs, which allows me to speculate on price movements without actually owning any coins, there’s no risk of my cryptos being stolen.
Regulation & Security
|Country of the Regulator
|Name of the Regulator
|FSCA – Financial Sector Conduct Authority
|Monday to Friday
|08:00 – 19:00
|How fast was customer support when we tried?
Why Should I Use Banxso?
According to our Banxso review, Here’s why I chose Banxso and would happily recommend it:
- Regulated broker: Licensed by South African FSCA, Banxso offers a secure environment to trade. They have segregated accounts and negative balance protection.
- Minimal cost: Banxso charges no commission and there is no deposit or withdrawal fees.
- Next-gen platform: They offer an innovative trading experience on a fast, streamlined, and powerful platform. There is a wide range of advanced analytical tools. You can trade on your smartphone and use tools like TradingCentral, InvestingPro, Baby Pips and an Economic Calendar.
- Social trading tools: Makes copy trading very easy with tools from ZuluTrade and TipRanks.
- Help in placing quality trades: They offer regular news alerts, updates on market movements, trading tips, market forecasts, in-depth analysis on financial charts, market directions for trading session and more.
- Free education materials: Training academies are available on the website, with webinars and tutorials. On their YouTube channel, they share daily videos, trading tutorials, and how-to trading guides.
- Excellent customer service: Via live chat, WhatsApp, telephone, and email. You can even have in-person meetings at their offices in Cape Town or Cape Town.
Our Daily-crypto.com review found that Banxo is a trusted online broker that is regulated by the South African FSCA. It allows young and ambitious traders in South Africa to trade more than 80 cryptocurrencies with 0% commission and no deposit or withdrawal fees. Banxso offers an amazing trading experience, with advanced tools and a fast platform. With top-tier customer support and user-friendly interface, trading is made super easy even for beginners. Banxso is emerging as an attractive online portal to help young traders learn about various financial assets and place quality trades.
- Is Banxso a regulated broker?Yes. Banxso is a regulated broker that is licensed by the Financial Sector Conduct Authority (FSCA) in South Africa.
- Is Banxso safe to use?Banxso is very safe to use since it is authorised by the leading regulatory body in South Africa, the FSCA. To ensure safety, it offers various features like negative balance protection, full account segregation, and 24-hour customer support.
- Who is Banxso recommended for?Banxso is recommended for young and ambitious traders, including Gen Z’s and Millennials, looking to trade cryptos with ease.
- Can I trade Cryptocurrency with Banxso?Yes, you can trade more than 80 cryptocurrencies including popular ones like Ethereum, Bitcoin and Litecoin with Banxso.
- Is Banxso a good crypto trading platform?Yes, Banxso is a reputed crypto trading platform that allows you to trade 80+ cryptocurrencies at 0% commission and offers up to 25:1 leverage on crypto assets.
- Is Banxso crypto broker good for beginners?Yes, Banxso offers a user-friendly interface and a host of educational materials to helps both beginners and advanced traders to make the most of crypto trading opportunities.
- Can you exchange crypto on Banxso?No, you cannot exchange crypto on Banxso because crypto trading is offered only as CFDs.