Banxso offers access to over 16,000 trading instruments with no commissions and spreads from 0.8 pips. The broker supports the MT5 and Banxso X platforms and offers free automated trading through the AutoBanxso EA.
Banxso; Broker Information and Regulation
Banxso PTY Ltd is a Straight Through Processing (STP) broker founded in 2021 in Africa.
The broker is licensed and regulated by the South Africa Financial Sector Conduct Authority (FSCA) with license No. 37699. Key features of Banxso:
- Registration number: 2021/119980/07
- Zero-commission trading
- Over 16,000 assets
- Previously known as Zenfin Financials
Banxso Specific Features
The Forex broker is the official sponsor of MMA fighter Dricus du Plessis, the first South African champion. Here's a table summarizing some of Banxso's key offerings:
Broker | Banxso |
Account Types | Classic (Intro, Basic, Plus, Extra), Platinum (Advanced, Premium, Exclusive), VIP |
Regulating Authorities | FSCA |
Based Currencies | USD, ZAR |
Minimum Deposit | $100 |
Deposit Methods | Debit/Credit Card, Bitcoin, Bank Wire, EFTPAY, AstroPay |
Withdrawal Methods | Debit/Credit Card, Bitcoin, Bank Wire, EFTPAY, AstroPay |
Minimum Order | 0.01 lots |
Maximum Leverage | 1:200 |
Investment Options | Real Shares, BanxsoAuto |
Trading Platforms & Apps | MT5, Banxso X |
Markets | Forex, Indices, Commodities, Stocks |
Spread | Variable based on the account type |
Commission | $0 |
Orders Execution | Market |
Margin Call / Stop Out | N/A / 30% |
Trading Features | Mobile Trading, Auto Trading, Trading Central Signals, Cooma Social, TipRanks |
Affiliate Program | Yes |
Bonus & Promotions | Deposit Bonus, Protected Trades, Interest Rate |
Islamic Account | N/A |
PAMM Account | No |
Customer Support Ways | Email, LiveChat, Call Center, WhatsApp |
Customer Support Hours | From 8:00 am to 7:00 pm, Monday to Friday |
Banxso Broker Trading Accounts
The company offers eight trading accounts in three categories for individuals, as well as Joint, Corporate, and Demo accounts.
Banxso Classic Accounts
Features | Intro | Basic | Plus | Extra |
Min Deposit | $100 | $1,000 | $2,500 | $5,000 |
Max Leverage | 1:200 | 1:200 | 1:200 | 1:200 |
Min Lot Size | 0.01 | 0.05 | 0.05 | 0.05 |
Protected Trades | No | 3 | No | 5 |
Spreads from (pips) | N/A | N/A | 1.6 | 1.6 |
Banxso Platinum Accounts
Features | Advanced | Premium | Exclusive |
Min Deposit | $10,000 | $25,000 | $100,000 |
Max Leverage | 1:200 | 1:200 | 1:200 |
Min Lot Size | 0.05 | 0.5 | 0.5 |
Protected Trades | No | 10 | 10 |
Spreads from (pips) | 1.2 | 1.2 | 1.0 |
Banxso VIP Account
Min Deposit | $250,000 |
Max Leverage | 1:200 |
Min Lot Size | 1.0 |
Protected Trades | N/A |
Spreads from (pips) | 0.8 |
Pros and Cons
The upsides of this Banxso review include a wide range of tradable assets, Auto Banxso (an automated trading account), and a call center.
However, when considering Banxso as your trading platform, it's essential to weigh its advantages and disadvantages:
Pros | Cons |
Commission-free trading | High minimum deposit requirements (from $100) |
A wide selection of over 16,000 tradable assets | No tier-1 regulatory licensing |
Free demo account | Lack of transparency regarding the managing team |
Comprehensive educational resources | - |
Registration and Verification
Opening an account with Banxso involves a thorough verification process to ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.
- Visit the broker’s official website;
- Click “Get Started”;
- Fill out the registration form;
- Complete questionnaire and financial details;
- Provide a national ID card and proof of residency (utility bill or bank statement);
- Complete the liveness check.
Banxso Broker Platforms
The company has developed a proprietary trading platform, Banxso X, and offers the MetaTrader 5 platform.
- Banxso X Android (Not available on Google Play Store)
- Banxso X iOS
- Banxso MT5 iOS
- Banxso MT5 Android
TradingFinder has developed a wide range of MT5 indicators that you can use for free.
Fees and Commissions
The broker offers zero-commission trading and competitive spreads from 0.8 pips, variable based on the account type.
Account Type | Spreads from (pips) |
Classic Intro | N/A |
Classic Basic | N/A |
Classic Plus | 1.6 |
Classic Extra | 1.6 |
Platinum Advanced | 1.2 |
Platinum Premium | 1.2 |
Platinum Exclusive | 1.0 |
VIP | 0.8 |
Banxso Deposit and Withdrawal
The broker offers a variety of secure and convenient methods for depositing funds, including:
- Debit/Credit Cards
- Bitcoin
- Bank Wire Transfer
- EFTPAY
- AstroPay
In this Banxso review, we must mention that withdrawals are processed using the original deposit method up to the initial amount.
However, profits are only processed via Wire and EFT. Note that the minimum deposit for each method is $250.
Does Banxso Broker Offer Copy Trading or Investment Plans?
The company offers access to the Cooma Social platform, which is designed for copy trading. Traders can also use AutoBanxso, an automated trading bot and Expert Advisor (EA).
- Cooma Social: Copying trades of successful traders
- AutoBanxso: Trading bot compatible with MT5 platform
Tradable Assets
The company offers access to over 16,000 trading instruments across five asset classes, including Stocks and the Forex market.
- Forex: 80 major, minor, and exotic currency pairs
- Stocks: US, Europe, Asia, and Australia shares
- Indices: Major stock market indices from around the world, including S&P 500, NASDAQ, Dow Jones, and FTSE 100
- Commodities: Energy, precious metals, and agricultural products
Banxso claims to provide access to the Cryptocurrency market. However, the specific instruments are not disclosed on the official website.
Banxso Broker Promotional Offerings
The company offers deposit bonuses of up to 30%, an 8.7% interest rate on the account balance, and risk-free trades.
- 30% Deposit Bonus: Withdrawable upon reaching the required amount (Deposit + Bonus multiplied by 20,000)
- Interest Rate: 8.7% annual interest rate allocated to client accounts on a weekly basis
- Protected Trades: Up to 10 risk-free trades (availability differs based on the account type)
Customer Support
The broker offers support Monday to Friday from 8:00 am to 7:00 pm through various channels, including:
- Banxso WhatsApp
- Email: cs@banxso.com
- Phone: +27104464170
- LiveChat: Available on the official website
Prohibited Countries on Banxso
We must mention in this Banxso review that the broker doesn’t accept clients who are located, incorporated, or otherwise established in, or a citizen or resident of the following jurisdictions, including:
- Cambodia
- Canada
- Cuba
- Ghana
- Iran
- Israel
- Mongolia
- Nigeria
- North Korea
- Panama
- Pakistan
- Philippines
- Syria
- Yemen
- United States
Trust Scores
There are 383 comments on the Banxso Trustpilot profile, resulting in a great score of 4.1 out of 5. While 74% of the reviews are positive (4-star and 5-star), less than 17% are negative (1-star and 2-star).
Banxso Broker Educational Offerings
The company offers comprehensive educational materials through online courses, webinars, trading videos, and trading tools.
- Education Courses: Structured learning paths covering basic to advanced trading concepts
- Webinars: Live and recorded sessions with industry experts on various trading topics
- Trading Videos: Video tutorials on platform usage, trading strategies, and market analysis
- Trading Tools: Economic Calendar, Trading Central, and TipRanks
Conclusion and Final Words
Banxso provides four asset classes, including Forex and Stocks, with leverage options of up to 1:200 for a minimum deposit of $100.
The broker accepts Bitcoin and AstroPay as payment methods. It has a great Trustpilot score of 4.1 out of 5.