BANX Trading experience in 2018:
Under the name BANX, there are currently two brokers in Europe who are listed on the market. One is BANX Broker, which mainly offers trading in securities. The second broker, BANX Trading, has specialized in offering foreign exchange and CFDs.
BANX Trading was founded in 2014 and is a broker headquartered in Dusseldorf. BANX Trading was able to impress us in particular by a large selection in almost all trading areas as well as largely customer-friendly conditions.
The facts at a glance:
Trading platforms: Web-based & MetaTrader4
Spread: Euro/US Dollar: from 0.55 pips
Customer Service: Mon to Fri 9am – 7pm
Minimum lot: 1,000 units
Number of currency pairs: more than 40
Number of underlyings CFD trading: >1000
Minimum deposit: $200
Broker name: BANX Trading
Broker type: Introducing Broker
Established in 2014
Headquartered in Dusseldorf
Regulated by: BaFin, FCA
Account Currencies: USD, GBP, EUR
Account from $200
Payment methods: Credit card & bank transfer
Max. Leverage 1:200
Margin from 0.5%
Spread on majors from 0.55 pips
Trading fee: 0.1% (or $10) on equity CFDs
Number of currency pairs: >100
Financial instruments CFDs (index, equities, commodities)
Trading Platforms Web-based and MT4
Mobile Trading: Yes
Bonus up to $500
Demo account: yes
Support: Livechat, Email, Hotline
BANX Trading is able to convince as far as possible in terms of trading conditions, as most conditions can definitely be described as customer-friendly. First of all, the trader has a large selection of leverage options. These start from 1:100, so the required margin starts at one percent. In stages, the trader can then opt for significantly higher leverage, which can reach up to 1:300. Thus, the minimum margin for this broker is only 0.25 percent. We also had a positive trading experience with a nice range of spreads starting at 0.55 pips in currency trading. However, the average spread here is two percent.
Spreads on CFD trading also start relatively favorably, starting at around 0.8 points. The customer can choose in relation to the lot. There are three variants, namely the standard lot (100,000 units,) mini lot (10,000 units,) and the micro lot (1,000 units.) A condition that we would like to mention in our BANX Trading review/test is the minimum deposit. This is $200 and we assume, among other reasons, that the broker would like to attract both experienced traders and beginners with this kind of min deposit requirement.
In the customer service category, BANX Trading acts in the same way as the trading conditions. This means that our BANX Trading opinion in this category were also mostly positive, but there is also a point of criticism. This exists in the fact that the support is directly attainable only between Monday and Friday between 9:00AM and 7:00PM. At all other times, the customer may contact by email or opt for the callback service, but he will not receive an immediate response. However, this is possible during the mentioned times via the live chat or the telephone hotline. On the positive side, employees communicate in English and inquiries are processed quickly. During our BANX Trading review, we always had the impression that they responded individually to our questions and dealt with our problems in a good manner. Therefore, the overall conclusion to the customer service is positive.
In the trading platform section, we do not have to compromise on the valuation of broker BANX Trading. First of all, the broker provides its own web-based trading platform, which it designed itself, namely the Capital-Spread-Web trading platform.
This broker’s own trading platform is web-based, which can be used also on mobile devices. Thus, all traders are satisfied, who sometimes opt for a special type of trading platform. The mobile version is equipped with slightly less features than the web version, which is perfectly normal. Both versions were able to convince us in the test by an intuitive operation and even beginners will quickly find their way on the trading platform. The focus is, above all, on the constantly updated real-time prices and the selection of trading values, which is known to be very large at BANX Trading. A welcome feature is that an order can be generated from within the chart (one-click trading.)
However, BANX Trading not only offers the named proprietary platform, but also provides its customers with the popular trading software MetaTrader 4. When trading foreign exchange and CFDs, the MetaTrader has been holding the top position for years, so that customers do not have to do without this trading platform even at BANX Trading. The strengths of the MetaTrader include in particular the included Expert Advisors and the numerous functions that can be used. The offer in the area of the trading platform is completed by the Auto-chart, which observes markets and generates trading signals.
In our experience with BANX Trading, there was a test category in which BANX Trading unfortunately performed negatively. This refers to the payment methods, which are limited to two variants, and we are talking about deposits. Anyone wishing to make a withdrawal as a trader can only do so by bank transfer. In addition, there is the not-so-fortunate decision from our point of view that both deposits and withdrawals can only be made through a specific website to which the trader is forwarded by BANX Trading. With the deposits, there are two options, because in addition to the bank transfer the trader can deposit by credit card.
Although we did not find any information about any costs on the website of BANX Trading, but after consultation with a customer service representative, we were told that no fees will be charged for deposits and withdrawals.
One of the big plus points of our BANX Trading experience in the Security category is that the broker can convince everyone in this regard. This, of course, starts with the regulation, which is carried out by the British FCA, and includes the deposit guarantee of $50,000 plus the transparent data protection regulations. In addition, it is important for international traders, in particular, that all agreements, data protection regulations, and general terms and conditions are also available in multiple languages. In addition, the broker meets its obligations to publish a risk notice on the website. Furthermore, we were able to convince ourselves that all important data will only be transmitted in encrypted form, so that high security can also be guaranteed in this area.
BANX Trading does not belong to the list of brokers who credit a fixed bonus for the first deposit. However, this does not mean that customers receive no bonus from this broker; from time to time, there are always some special offer. A good example is the current bonus promotion, which promises a bonus of up to $500. The special offer is not only the credited bonus, which is subject to the usual bonus conditions, but in addition, 500 named index CFDs can also be traded without a spread.
Demo account: unlimited in time with $100,000 of virtual capital
Another category in which BANX Trading was also able to convince in our review was the no restriction free demo account. This demo account can be used over an unlimited period of time. The opening is straightforward and fast, because the trader only has to give three details. Just minutes later, an email with the access data, whereby the trader can choose the demo account for the variant DealBook or for the MetaTrader. After logging into the demo account, virtual capital in the amount of $100,000 is available, which in our view is more than sufficient to try trading in detail.
Additional offers and special features: no knowledge area available
The category of “Additional offers and special features” is again a point in which our review of BANX Trading was rather negative. It is mainly due to the fact that non are available. There are no webinars offered nor does the trader have the opportunity to inform themselves in a more detailed learning and training area. Although basic terms of CFD and Forex trading are explained, but these are likely to be known by even beginners anyway. Here, we see quite a need for improvement, even if BANX Trading seems to focus on advanced traders, which is illustrated by the lack of training. With regard to special features, it is worth mentioning that the broker does not automatically pay the withholding tax on profits earned at BANX Trading. On the one hand, the customer has to take care of it himself, on the other hand, the capital is therefore still available until the end of the year, in order to achieve further profits and thus achieve a kind of compound interest effect. For all beginner beginners it is advisable to read the basics before using BANX Trader.
Underlyings and order types:
A very positive point of comparison, especially in relation to other forex brokers, was the trading offer, which consists of the underlyings and usable order types. First of all, BANX Trading provides a total of nine order types so that the trader should, in principle, find the right order for each trading situation. The offer includes, for example:
Also, very convincing is the large selection of underlyings that extends to both CFDs and currencies. There are now more than 40 foreign exchange pairs with which the customer can trade. There are also many less well traded currencies, such as New Zealand dollars or Thai Bath. The CFDs also have an extremely wide choice, with no less than 1100 contracts for difference, which the trader can choose between at BANX Trading. The CFDs are available in almost all categories, namely equities, interest rates, bonds, currencies, commodities, and of course, indices.
Regulation: British FCA regulates BANX Trading
In terms of regulation, it is certainly somewhat surprising at first sight that it does not take place officially through BaFin or nay other European authority, but rather through the British Financial Supervisory Authority. Ultimately, this is neither a disadvantage nor an indication that something is wrong with the broker. Rather, the UK Financial Services Authority (FCA) is known for its rigorous monitoring and control. Thus, BANX Trading has submitted to a regulation that is certainly in no way inferior to any other. Although BANX Trading is based in Europe, it acts as an Introducing Broker for the London Capital Group from the UK, the regulation is regulated by the FCA. It is also positive that the broker has decided to participate in the Financial Service Compensation Scheme. This ensures credit balances on customer accounts up to £50,000 are secured. According to BANX Trading, there are only positive things to report in the regulation category.
Conclusion: Overall rating 6.8/10
Banx Trading’s picture in our big review has been mostly positive. The broker was able to convince above all with his extensive trading offer, multiple platforms, and good trading conditions. Due to the fact that a learning and knowledge area is missing and the customer service is limited in time, our overall rating is not invariably positive.
The competent regulatory authority is the FCA
Broker offers different platforms
Spread for EUR/USD from 0.55 pips
Free demo account available
Deposit insurance of GBP 50,000 per customer
No webinars or tutorials
Customer support only partially accessible
Fees for holding a position overnight