Banxso Review: The Newest Online Trading Platform in South Africa


PUBLISHED: December 10, 2022
Banxso Review: The Newest Online Trading Platform in South Africa

If you are a young trader in South Africa and are on the hunt for the world’s best trading experiences, Banxso’s online trading brokerage could be your answer. 

Based in Johannesburg, South Africa, Banxso provides a range of services to South African citizens within the country while being authorized and governed by the South African Financial Sector Conduct Authority. 

Keep reading to know more about the newest online trading platform.

Banxso: an overview

Banxso is predominantly advocated for its unique selling point and of being accessible to traders of all levels of experience. The proprietary platform’s simplicity of use and abundance of available training features appeals to new traders. But don’t let a broker’s lack of experience keep you from working with them. The speed, transparency and cutting-edge platforms Banxso offers appeals to experienced traders.

But it’s the youth that remain at the heart of the platform. Banxso encourages aspirational South African investors, when they are younger, to enter this booming market. For Banxso, giving back to the community is fundamental and permeates every aspect of the business strategy. Its leadership supports local businesses and believes in giving back to the economy in which they were born.

One such initiative is sponsoring the Bafana Bafana national football team as they rise in the ranks of the country. Additionally, they’ve partnered with MonkeyBiz, a network of local artists that enables South African artists to celebrate, exhibit and sell their work. 

What and who is behind Banxso’s trading platform?

Young financial entrepreneurs bought the legacy company Zenfin Financials in 2021, renamed it Banxso, and promised to introduce a novel approach to trading to South Africa. It was an indication that South Africa’s traditional internet trading industry was changing and that a new breed of tech-savvy trading was emerging. 

Having adopted the tagline “not your grandfather’s bank” a year later, Banxso takes pride in doing things differently and offering services to traders of all skill levels. 

Banxso’s uniqueness

The team at Banxso is aware of the costs associated with participating in the financial markets, which is why they guarantee lower spreads and do away with commissions to reduce costs. 

Banxso believes in providing its clients with the safest and most secure platform for their funds, while paving the way to be your gateway to the stock market, where you may gain knowledge and confidence in trading. 

In addition to its own proprietary platforms, Banxso also provides a MetaTrader suite. In particular, this broker offers complimentary platform-integrated memberships to TipRanks, Trading Central and Cooma Social Trader, as well as live customer assistance that is available around-the-clock.

Therefore, providing you with the platform you need to invest in at every step of your financial growth.

How well is Banxso regulated and secured?

With so many brokers available today, regulation is what distinguishes the best from the average. Since the beginning, Banxso has been subject to regulation, and its top priority is to offer the most outstanding trading environment within the guidance of legal frameworks and regulations. 

A broker should have safety and security as one of their primary insurances. Some of the ways Banxso ensures that is to offer the following:

  • Defense against a negative balance: Thanks to negative balance protection, you are protected from losing more than you initially put in. Once your account hits a certain threshold, the trading software is programmed to halt all trading activities.
  • 24-hour assistance: Customer service agents are available Monday through Friday to answer questions or concerns. 
  • Complete account segregation: Banxso also maintains a strict separation between client assets and company funds as a licensed FSCA broker. Client funds are stored in separate accounts that are closely monitored and have been untouched.

Advantages of trading on Banxso

Banxso was built on the basic tenet of being the broker you want to deal with. Since then, they have grown tenfold from a small business to a network of offices. Its growth is largely driven by the following: 

  • Execution transparency: Banxso has increased security and transparency thanks to its exclusive FSCA broker license. All of its clients are thought to expect access to a transparent and aggressive pricing structure. 
  • Free training: Even the most seasoned traders and investors must keep learning to keep their advantage. Banxso provides various resources, including online courses and specialized mentoring programs, to help you understand the industry. 
  • Trading for free and zero commissions: Zero commission means no supplementary expenses. Unlike other brokers, Banxso doesn’t charge a fee when you buy or sell financial assets.

This includes access to trade the following: 

  • DMA shares
  • Commodities
  • Indices
  • Forex 
  • Stocks

Final thoughts

When it comes to providing resources for beginner and new traders, Banxso operates differently from many other financial organizations and does it well. If you live in South Africa, Banxso should be your go-to platform because of its proprietary platforms and other investor-focused features that enhance user experience. 

All views and opinions expressed in this article are the author’s own and are not endorsed by or reflective of SUCCESS. As a reader-supported publication, we may receive compensation from the products and services mentioned in this story. Learn more about how we make money and our editorial policies.