Banxso Review – What Is BANXSO and How Does It Work?

Amid the COVID-19 pandemic, many people were trying to learn online trading, and several investors were looking for a single investment platform for all their needs.

From foreign exchanges to stocks and crypto trading, the search for an all-rounder platform was on. Banxso Investment Platform is ideal for investors looking for a one basket solution to their investment needs.

What is Banxso?

Whether it is trading in cryptocurrencies or in stock, Banxso is a one-stop solution providing an opportunity to trade on any of the portfolios you are looking for. Regulated from India and South Africa, Banxso helps in assisting their users to manage their respective trading assets and help them choose from the diverse options of trading.

Investors, especially beginners, wish to understand and gain knowledge about how the trading portfolios work. Banxso creates a seamless investment experience and offers customer support whenever a user requires it. With a variety of trading options, users can always switch from one platform to another in order to add more trading portfolios to their accounts.

Features of Banxso

Banxso platform offers the following incredible features that lure users to the investment platform.

  • Short Term & Long Term Investment 

The platform focuses on the investment goals of the user and accordingly suggests the strategies and what type of asset they must invest in. It helps in benefiting and earning profits on different portfolios.

  • Advanced Investment Tools

The advanced tools of Banxso include smart trading tools, real-time technical analysis, and the latest bulletins regarding the market. These tools help in making the right decision based on trading strategies.

  • Higher Potential Returns

Banxso serves lower prices that are much lesser than the cost of products. This allows users to maximize their profits while trading on different portfolios.

  • Cutting-edge Technologies

Banxso platform is very much advanced in terms of technology that gives users a powerful platform to trade on.

  • Mobile Devices for Trading Purposes

Banxso platform also offers a mobile interface so that users do not have to be glued to their desktops all the time. The mobile interface gives them space and opportunity to trade on the go.

  • Generous Trading Conditions

Conditions, like competitive spreads, fast execution, and no dealing with desk intervention, allow users to trade generously.

Is Banxso a Regulated Broker?

Banxso is a regulated platform in South Africa and other jurisdictions. The platform is operated and managed by Zenfin Financial Services. The website is regulated and authorized by the South African Sector Conduct Authority (FSCA).

Pros and Cons of Banxso 

ProsCons
Regulated by proper jurisdiction Rewards & promotions are occasional
All market tools under one roof Not much information about their account types
Excellent customer support team
Help users to understand the market well with education programs

Is It Safe to Trade with Banxso?

Banxso offers four types of guarantees in terms of sustaining the safety of user’s money invested in their platform: 

  1. Segregated Investment Balance

Investments done on the Banxso platform are supervised by the regulators that imply loyalty and confidence of the user on the platform.

  1. Customer Support

In case a user faces any kind of confusion, the customer service team will serve the users at any time of the day. All the queries of users are answered within 24 hours. 

  1. 100% Transparency

Banxso is a reputable platform with no hidden fees. When you register on their platform, they brief the users with all conditions and fees charged when investing in different portfolios.

  1. Equal Opportunity

Banxso does not limit the services of trading and offers no minimum deposit feature when you register. You can start trading with USD 10, and will be offered equal care as the big investors on the platform.

Assets Offered for Trading 

Banxso platform offers more than 8,000 trading instruments under more than 5 classes of assets. The list of assets offered by Banxso are: 

  • Forex
  • Stocks
  • Indices
  • Commodities 
  • Cryptocurrency

The platform also offers a tutorial for beginners to help them understand how to trade on different assets and associated instruments. The assets are listed on its website with unique features of all listed in different segments. Once you register, Banxso also suggests favorable instruments in each asset. 

Order Types 

Banxso offers various types of order features, especially when trading in the Forex market. The list of orders are as follows:

  1. Market Order: The market order is the most basic and often used type of order. The trader buys and sells the currency at the current market rate. The market’s massive size and significant volatility must be considered before placing orders at the market price.
  2. Limit Order: The trader provides a price at which they would want to purchase or sell the currency. If a trader has purchased GBP against the USD at 1.9710, he may then issue a sell order at 1.9725, which the exchange will execute and benefit from. If the target price is not met during the day, the order will be canceled.
  3. Stop-Loss Order: Stop losses are necessary because of the volatility. They figure out how much of a loss a trader is willing to take. If the trader’s risk-taking ability is poor, they may set a stop loss at 1.9705, at which point the exchange will book losses for the player so that they won’t be harmed if the price falls below 1.9705.
  4. Entry Order: This type of order is only filled when particular market conditions are satisfied, as specified in the order. It’s possible that the entry order will be a limit or a halt.
  5. Limit Entry Order: Let’s take an example where the current market price for the GBP/USD is 1.9705-10. This means that the trader is able to make transactions at these levels. A trader can use a limit entry order to sell their assets at a higher price than the market price, for example, 1.9715. Only if that price is met will their order be carried out.

Demo Account

Users can open a free trading account for new users and beginners. The trading platform also suggests various instruments and platforms after understanding users’ investment needs. When a user opens a demo account, they can indulge in many suggested forex and commodity pairs. The demo account helps in understanding the instruments before going into the real trade market. The simple interface of the free account helps the users to understand how real-world trade works and how to buy/sell different assets on various platforms.

Account Types

There are different types of accounts that a user can register for. From CFD account to corporate account, there are various options for users to choose from. Account types also differ from market to market. CFD accounts are important for Forex and commodity trading and corporate accounts allow more than one single user to trade-in. 

Account Opening Process

Once you have made up your mind that you want to trade on different instruments through Banxso, it is time to understand how to open an account on the platform. One can follow the mentioned steps: 

  1. Registration

Once you land on the homepage of https://banxso.com/, you will find the option of ‘register’ on the top right section. Click on the same and a popup box will appear in front of you. You need to fill in your information, such as the first name, last name, password, contact number, and other details. Once you register, you need to sign in, using your username/number along with your password. 

  1. Documentation

Since Banxso is a broker and trading platform, they will require some details about your employment and financial status. You will be asked to share the documents related to the same.

  1. Wait for Verification

Once you submit all your documents, your account will be put on hold for verification. The regulated jurisdiction and banking structures verify your details first. This process may take a day or two. 

  1. Deposit Funds

Once your verification is completed, you will receive a mail or notification from the platform that you are ready to trade. You can deposit your funds now on the platform to start trading on different products and instruments. 

  1. Start Trading

Once you have deposited funds, you can choose your orders and products to trade in. You will find multiple instruments for each product to help you with real-time trading. In case of any confusion, feel free to contact customer support. 

Trading Platforms

Banxso offers a mobile trading platform to the users so that they can watch the market and related news on Banxso mobile platform and start trading. You can watch the real-time fluctuations of this platform and keep buying/selling on respective orders and instruments. 

Education

If you are a beginner and wish to learn trading techniques, Banxso offers various education platforms to help you with the same. 

  1. Personal Coaching

Banxso offers personal coach to the users to learn about the ups and downs of the trading market. Whether you wish to learn about Forex, Commodities, or cryptocurrencies, they assign a mentor to help you understand and study the market in detail.

  1. Trading Ideas through Online Coaching

How to trade and learn the strategies is provided on online coaching education by Banxso. Users can learn general terms and strategies of the trading market under this section. 

  1. Webinars

In case you need to know about the latest trends on a specific market tool, you must visit webinars. Webinars are specially designed for specific topics and trends for users to understand them better. 

Banxso Review – Customer Support

Prompt response from the trading platform is what a user requires. Not only it helps in understanding the platform well but also triggers answers related to their regulation and trading experience. Banxso offers customer support to its users in  the following ways: 

  • Email Support

Users can email their queries or questions to support@banxso.com. The customer support team provides answers typically within 24 hours. Users are requested to share their username, full name, and contact information to proceed with the query. 

  • Human Support

In case users wish to meet the Banxso representative in person, they can simply visit their head office. However, Banxso representatives are available only on an appointment basis due to COVID-19 restrictions. 

  • Telephone Support

One can call the representative of Banxso on the mentioned telephone number: +27-080-099-7915. The support service team answers the call within a few minutes and tries to resolve their query within a day’s time. 

FAQs

Is It Safe to Trade On Banxso Platform?

Yes, it is safe. The platform is regulated by South African Sector Conduct Authority (FSCA) and is operated under the same jurisdiction. 

Is Banxso Good for Beginners?

It is highly advised for the beginners to opt for the online education classes with Banxso before they start trading. The online coaching offers programmes to help you learn about the market and following trends. It will help you understand how to trade. 

Does Banxso Offer a Demo Account?

Yes, they do. The demo account will help you buy/sell in the market and understand the trades before you burn your fingers in the real deals.

Is There Any Risk Attached to Banxso Trading?

Users must understand that trading in any market type comes with its own perks and risks. Trading in the real market comes with its own fluctuations. For instance, the widespread prevalence of COVID-19, which affects the nation’s economy, can drop the market in just a few minutes.  

Is Cryptocurrency Trading Included in Banxso?

Yes, it is. Users can buy/sell Bitcoin and other coins and tokens on Banxso platform. However, one must make sure that they have a registered crypto wallet to deposit and withdraw their funds on a crypto trading platform.