Banxso Broker
Rating: 3.6 / 5Banxso is a relatively new South African broker claiming to be “not your grandfather’s bank.” It targets millennials and GenZ traders, offering a broad choice of currency pairs from its Banxso X trading platform or MT4/MT5. I reviewed this broker to evaluate its trading conditions and conclude if it lives up to its hype. Should Banxso become your next broker?
Banxso is a relatively new South African broker claiming to be “not your grandfather’s bank.” It targets millennials and GenZ traders, offering a broad choice of currency pairs from its Banxso X trading platform or MT4/MT5. I reviewed this broker to evaluate its trading conditions and conclude if it lives up to its hype. Should Banxso become your next broker?
Broker Details
- Headquarters
- South Africa
- Established
- 2022
- Min Deposit
- $100
- Execution
- Market Maker
- Regulators
- FSCA
Trading Conditions
- Retail Loss Rate
- Undisclosed
- Min Raw Spreads
- 0.8 pips
- Min Standard Spreads
- $0.00
- Min Forex Commission
- No
- Trading Hours
- CommoditiesMonday 00:00 - Friday 22:59Crude OilMonday 00:00 - Friday 22:59GoldMonday 00:00 - Friday 22:59MetalsMonday 00:00 - Friday 22:59Equity IndicesMonday 00:00 - Friday 22:15StocksMonday 09:00 - Friday 22:00
Accounts & Funding
- Funding Methods
- 2+(bank wires and credit/debit cards)
- Deposit Options
- Credit CardsWire TransferDebit Cards
- Deposit Fees
- No
- Withdrawal Options
- Credit CardsWire TransferDebit Cards
- Withdrawal Fee
- No
Trading Costs & Spreads
- EUR/USD
- 0.2 pips
- GBP/USD
- 0.4 pips
- Gold
- $0.23
- Bitcoin
- $50.00
- WTI Crude
- $0.03
Platform & Features
- Trading Platforms
- MetaTrader 4, MetaTrader 5, Proprietary platform
Pros
- 24/7 human customer support
- Fractional share dealing suitable for smaller portfolios
- Services by TipRanks, which is ideal for equity and ETF traders
- Competitive asset selection
Cons
- Banxso only accepts South African traders for now but has expansion plans
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