What Are Banxso’s Trading Fees?

Banxso Fees Uncovered: Maximize Your Trading Potential

Trading fees are the most defining aspect of a broker, as they directly impact profitability. They also reveal which strategies a broker actively supports and passively discourages. My detailed Banxso fees review covers all costs to help traders understand and compare them to other brokers. Read on to learn whether the Banxso cost structure offers traders a competitive edge.

Overview of Banxso Fees and Charges

Banxso fees consist of a commission-free pricing environment with minimum spreads of 0.8 pips or $8.00 per 1.0 standard round lot. Average Banxso fees for major currency pairs range between 1.2 and 4.0 pips or $12.00 to $40.00, while minor currency pairs face Banxso fees between 4.0 and 17.0 pips or $40.00 and $170.00. Traders must gauge if the Banxso fees are acceptable and if they are supportive of their trading strategies.

Find out additional updated information about Banxso, in our review.

A Snapshot of Banxso Fees

Banxso Fees, Spreads, and Commission Explained

At all brokers, Forex costs consist of frequent Forex trading fees and less frequent non-trading fees. Understanding the Banxso fees will help traders understand and compare costs, which is paramount to determining if they offer a competitive advantage.

Banxso Trading Fees

• Spreads - the difference between the bid and the ask price (Banxso has average spreads from 1.2 pips).
• Commissions (not applicable at Banxso).
• Swap rates (charged on leveraged overnight positions).
• Currency conversion fees (undisclosed at Banxso).

Banxso Non-trading Fees

• Deposit fees (not applicable at Banxso).
• Withdrawal fees (not applicable at Banxso).
• Inactivity fees ($10 monthly after three months of dormancy, $15 monthly after six months, and $30 monthly after twelve months).
• Currency conversion fees (undisclosed at Banxso).

Banxso Trading Fees

Banxso trading fees are asset-dependent and apply to each transaction. They are the most frequent Banxso fees traders will pay. Banxso does not charge commissions, but the spreads incorporate those costs. Currency conversion fees apply if the asset quote currency differs from the account base currency, but Banxso does not specify how much it charges.

An Overview of Minimum Banxso Trading Fees

Overnight Fees (Swap Rates)

Swap rates are the most ignored trading costs, which may become the most significant fee per trade, depending on the strategy. Swap rates apply on leveraged overnight positions, which triple on Wednesday to account for trades kept open over the weekend.

MT5 traders can easily access swap rates from their platform by following these steps:

1. Right-click the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Swap Long and Swap Short.

Banxso Non-Trading Fees

Non-trading fees, which apply to deposits, withdrawals, and inactivity, are notably less frequent, but traders should know about them to avoid confusion.

Currency Conversion Fees

Currency conversion fees apply each time Banxso must exchange one currency for another, including for trading. For example, buying a Euro-denominated asset in a US Dollar base account.

Banxso Deposit Fee

Banxso does not charge internal deposit fees, but third-party costs may apply, which Banxso does not control. A currency conversion fee may also apply, but traders can eliminate it with a multi-currency account available at their bank or online payment processors.

Banxso Withdrawal Fee

There is no internal Banxso withdrawal fee, but third-party processing costs and currency conversion fees may apply. Traders should also consider follow-on transaction costs.

Banxso Inactivity Fee

Banxso charges a $10 monthly inactivity fee after three months of dormancy, which increases to $15 monthly after six months and $30 monthly after twelve months.

Banxso Safety and Security

While Banxso lacks operational experience, it complies with regulators in South Africa, Australia, Mauritius, Vanuatu, Mwali, and Cyprus. Banxso has a clean track record, segregates client deposits from corporate funds, and offers negative balance protection.

Bottom Line

Banxso fees consist of a commission-free trading environment, and Banxso does not levy internal deposit or withdrawal fees. Traders should ensure Banxso’s fee structure supports their strategy.

FAQs

What is the interest rate for Banxso?

During my in-depth Banxso fees review, Banxso stated an unusually high 8.70% annual interest rate on the entire account balance, even for active traders, a novel offer in the Forex market.

Is Banxso regulated in South Africa?

Banxso is regulated in South Africa by the South African Financial Sector Conduct Authority (FSCA) under license number 37699.

Who is the owner of Banxso?

Banxso does not disclose its ownership and only states that a group of financial entrepreneurs purchased Zenfin Financials in 2021 and rebranded it into Banxso.

What is the minimum deposit for Banxso?

The Banxso minimum deposit is $250.

Is Banxso a legit company?

Banxso is a legitimate company that became operational in 2022. It complies with six regulators.

By DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.