Banx Broker advertises personal support, low order fees and no custody fees. We at krptoszene have taken a closer look at the CFD and Forex broker with the bull and summarised our experiences in a compact form.

Are there really no custody fees, is the support really personal or just a chatbot? And how does the customer service perform?

There is a lot to consider when choosing the right CFD and Forex broker. To make the search for a quality provider easier, we have taken a closer look at the offers of some providers and evaluated them.

This article is about Banx, an online broker based in Düsseldorf. The provider makes more than 1.2 million financial products available by granting access to around one hundred stock exchanges worldwide.

What Banx fees are, how the Banx login works, whether there is a Banx app for mobile trading, how the provider performed compared to our test winner eToro and what other Banx experiences can be made, can now be read in this Banx review.

Test result

  • Offer
  • Fees
  • Support

3.4

Conclusion

Solid trading experience, but we advise our test winner eToro

Recommended broker

Alternatively, our recommendation: trade with our test winner eToro

5

  • Forex & CFD Trading with numerous currency pairs
  • Social Trading + Copy Portfolio Function
  • Fully regulated and licensed
  • Trading Strategies in the Academy
  • Reliable payouts

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider! Your capital is at risk! 75 % of private investor accounts lose money trading CFDs with this provider!

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider!

Banx advantages and disadvantages

  • Worldwide trading on more than 100 stock exchanges
  • High deposit protection
  • Free demo account
  • No further training offered
  • No regulation in UK
  • No cryptocurrencies
  • No fee-free share trading

Banx Review – The offer

Anyone who trades with the provider Banx has access to over 1.2 million financial products from various sectors. In addition to shares and ETFs, these also include bonds, foreign exchange, CFDs, funds, precious metals, futures and options from numerous trading centres from all over the world, such as Asia, Europe or North America.

Anyone wishing to gain experience with Banx should know that the Banx broker operates as an ECN broker – ECN stands for “Electronic Communication Network”. This means something like “electronic communication network”.

The provider integrates its customers directly into a liquidity network without interposing a dealing desk. Orders are only passed through, which offers the advantage that the broker does not set the prices himself and the orders are only forwarded to the connected liquidity providers and banks. The trading instruments are accessible via trading software, as is also common with other brokers.

The trading offer can be used via the user-friendly and clearly laid out Trader Workstation 4.0, with which you can gain positive Banx experience, as our Banx test shows. Alternatively, you can also use the WebTrader, which can be downloaded free of charge and used for securities and CFD trading.

The demo account for easy entry

The Banx broker also offers a demo account with which you can test the industry. This proves to be very practical not only for beginners, but also for experienced traders. With the demo account, you can familiarise yourself with the technical features offered and develop new trading strategies without any risk.

The demo account can be used for an unlimited period of time to gain initial Banx experience. Our test winner also provides its customers with a free demo account as a Banx alternative in order to find an easy entry into the world of trading.

Unlike Banx, you can also access a great and comprehensive range of education and information on trading and financial markets. The Trading Academy offers a wide range of learning materials such as tutorials, webinars and videos.

CFD or direct trading?

Both direct trading and trading with CFDs are possible with Banx. When trading with CFDs, you can both buy and sell the underlying value. You do not buy the underlying asset directly, but via a CFD, whereby you still profit 1:1 from the development of the underlying asset with a small equity investment.

The profit or loss results from the difference between the buying and selling price. The pricing of CFDs is much more transparent than with other derivatives, as the price refers to the value of the underlying asset and is reflected almost 1:1.

Shares

Customers of Banx Broker have access to more than 100 stock exchanges in over 24 countries and benefit from favourable conditions: German shares can be traded from 3.90 euros via XETRA and from 4.90 euros on the Frankfurt floor exchange. On NASDAQ and NYSE, for example, US stocks can be traded from as little as 1 USD cent per share.

At this point, however, it should be mentioned that you can trade completely free of fees with our test winner broker eToro, which is why we recommend our test winner eToro

Shares Examples for UK Offer:

Stock exchangeCommissionMinimum per orderMaximum per order
Xetra – Shares0.14% of the trading valueEUR 3,90EUR 99.00
Frankfurt Stock Exchange0.14% of the trading value¹EUR 4,90None
Stuttgart Stock Exchange0.14% of the trading value²EUR 5,90None
Chi-X / NURO / Turquoise EN0.14% of the trading valueEUR 5,50EUR 39,00
Xetra – ETFs0.14% of the trading valueEUR 3,90EUR 29,00
Tradegate0.14% of the trading valueEUR 5,00none

Recommended broker

Alternatively, our recommendation: trade with our test winner eToro

5

  • Forex & CFD Trading with numerous currency pairs
  • Social Trading + Copy Portfolio Function
  • Fully regulated and licensed
  • Trading Strategies in the Academy
  • Reliable payouts

Trade now with eToro

Your capital is at risk! 75% of private investors’ accounts lose money trading CFDs with this provider! Your capital is at risk! 75 % of private investor accounts lose money trading CFDs with this provider!

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider!

Options

In securities trading, an option itself does not represent an underlying asset – it is rather a contract between two parties. Whoever buys an option pays the seller a premium and in return receives the special right to buy a certain security from the option issuer or sell it to him at a fixed price – regardless of the current market price.

Options Examples for UK Offer:

ProductCommissionsMinimum per order
Shares OptionsEUR 2.00 per contractEUR 2,00
Index optionsEUR 2.00 per contractEUR 2,00

Futures

Futures are forward contracts involving either commodities or financial products and are a popular trading instrument. Traders can trade a variety of futures online at Banx and enjoy access to the world’s leading futures exchanges. As the upfront payment is only a small part of the contract value, there is a high degree of leverage. US futures can be traded from as little as USD 3.50 and DE futures from 2 euros, as our Banx test shows.

Futures Examples for UK Offer:

ProductCommissions per contractMinimum per order
All futuresEUR 2,00EUR 2,00

Foreign exchange

Because the forex markets have the greatest liquidity, they are particularly popular. Stock trading does not take place via an exchange, but via the affiliated banks, so that trading runs over 24 hours on working days. With a Banx custody account, private investors can also engage in professional forex trading. Customers can profit from even the smallest fluctuations in currency pairs with high leverage and extremely low spreads.

Foreign exchange pairs offer:

CurrencyCommissionMinimum per order
EUR0.4 basis points ¹ * Transaction volumeEUR 4,00
USD0.4 basis points ¹ * Transaction volumeUSD 4.00
CAD0.4 basis points ¹ * Transaction volumeCAD 4,00
AUD0.4 basis points ¹ * Transaction volumeAUD 4.00
CHF0.4 basis points ¹ * Transaction volumeCHF 4,00
GBP0.4 basis points ¹ * Transaction volumeGBP 4.00
HKD0.4 basis points ¹ * Transaction volumeHKD 30.00
JPY0.4 basis points ¹ * Transaction volumeJPY 300.00
SGD0.4 basis points ¹ * Transaction volumeSGD 5.00
MXN0.4 basis points ¹ * Transaction volumeMXN 50.00
ILS0.4 basis points ¹ * Transaction volumeILS 15,00
SEK0.4 basis points ¹ * Transaction volumeSEK 20,00

CFDs

Banx enables traders to make a big difference with CFDs, even with a small investment, and thus to have a positive Banx experience. With CFDs, you can bet leveraged on the price development of shares and indices, both short and long. The price setting is very fair and transparent, as the orders are not processed via a dealing desk.

CFDs offer:

Volume (Per month)CommissionMinimum per order GBPEURCHFSEKDKK
<=10,000,0000,10%5554949
10,000,001 – 100,000,0000,05%3333939
> 100,000,0000,03%2222929.00

Cryptocurrencies

Although Banx offers a variety of trading options and goods, cryptocurrencies are not included in their range. Since cryptocurrencies are becoming more and more popular, it would be advisable for Banx to include them in their range. This would of course also have the advantage for all investors who want to trade with different goods and cryptocurrencies.

So if you set up a custody account with Banx, you would need another online broker to trade cryptocurrencies separately. Our crypto test winner eToro is recommended here. On eToro you can trade with real cryptocurrencies or with crypto CFDs. On eToro you can trade 15 different cryptocurrency pairs and there is also an integrated e-wallet.

Recommended broker

Alternatively, our recommendation: trade with our test winner eToro

5

  • Forex & CFD Trading with numerous currency pairs
  • Social Trading + Copy Portfolio Function
  • Fully regulated and licensed
  • Trading Strategies in the Academy
  • Reliable payouts

Trade now with eToro

Your capital is at risk! 75% of private investors’ accounts lose money trading CFDs with this provider! Your capital is at risk! 75 % of private investor accounts lose money trading CFDs with this provider!

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider!

Banx registration – step by step guide

Step 1: The registration

To start the Banx registration, click on “Open securities account” in the top right-hand corner. A registration form opens, which requires the entry of some personal data. The custody account application must be completed in full and requires some documents to be uploaded.

Step 2: The verification

In order for Banx Support to verify the trader’s identity, you must provide proof of address and upload a copy of your ID or passport or send these documents to Banx Support by email. With the security Banx login procedure, you can additionally prevent abuse and Banx fraud when trading foreign exchange or shares by additionally increasing the security of your Banx Broker Trading account.

To do this, you apply for a Security Code Card, with which you enter a 3-digit code that varies randomly each time you log in to Banx, in addition to entering your username and password.

Step 3: The deposit and the purchase

After successful legitimation, you will receive your access data. After logging in to Banx, you can capitalise your securities account via the trading account in order to start trading.

Step 4: Trading at Banx

If you want to make real profits, you naturally need a live trading account. The Banx broker offers its customers two different account models to choose from: You can either open a cash or a margin account. The cash account requires a minimum deposit of 3,000 euros.

Margin trading is not possible via this custody account. The minimum deposit for a margin account is also 3,000 euros. This account enables the execution of trades on a margin basis, which means that additional liquidity is available for the purchase of securities. In addition, you can sell shares short, which you cannot do with a cash account. How much margin is available is calculated by the trading system in real time.

Recommended broker

Alternatively, our recommendation: trade with our test winner eToro

5

  • Forex & CFD Trading with numerous currency pairs
  • Social Trading + Copy Portfolio Function
  • Fully regulated and licensed
  • Trading Strategies in the Academy
  • Reliable payouts

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider! Your capital is at risk! 75 % of private investor accounts lose money trading CFDs with this provider!

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider!

Banx Experience: Fees & Costs

As our Banx test shows, transparency is a top priority for this provider, and there is no need to fear Banx fraud. Customers are not faced with hidden costs and Banx fees; they are always informed about all costs incurred, which is a positive aspect of this Banx review.

The custody account is associated with no Banx costs and there are no Banx fees for transfers, so that you can enjoy favourable and transparent stock market trading. With many other providers it is the case that you lose out on the returns achieved due to the commissions, spreads and fees incurred.

But with Banx Broker, one can enjoy a liquid trading account thanks to the low commissions. Additional trading capital is available, as the final withholding tax remains in the trader’s account until the annual tax return. The costs incurred are strongly dependent on the respective stock exchange.

  • Cancellation fee 0,5€ on certain markets
  • For partial executions €2.50 at certain markets

The prices for exchanges on other continents and in other countries can sometimes differ greatly from the costs for German exchanges. For example, fees for cancellations and order changes are waived in UK, whereas other markets charge a flat fee of 50 cents.

Partial executions are also free of charge in UK, for other European exchanges there is a charge of 2.50 euros. The Banx broker offers its customers an overview of the conditions and all applicable Banx fees on its website, sorted by country and trading centre, which is easy to find so that positive Banx experiences can be made.

Banx Broker Fee Comparison

Asset classeToroBanx
Sharesfrom 0.09from €3.90
ETFsfrom 0.09%from €3.90
Foreign exchangefrom 1 pipfrom 0,4 Pip
Raw materialsfrom 2 pipfrom 5€ + commissions & fees
Short orders in cryptocurrencies0,75%– –
Withdrawal fees$5free of charge

Banx experience: Payment methods

Payment methodAccepted/Not accepted
Credit cards
Paypal
Instant bank transfer
Skrill
Neteller
Paysafecard
Bank transfer
Other

As our Banx test shows, deposits and withdrawals are completely uncomplicated. To replenish your securities account with funds, you can deposit money by bank transfer or transfer securities from an existing bank account. Transfers are free of charge and are processed by Citigroup in Frankfurt.

To make a withdrawal, you can access a transfer form in the account management, with which you can make payments to a desired account. The Banx Broker system automatically records this order. You can make one withdrawal per month free of charge. If you want to make more than one withdrawal per month, you will be charged a Banx fee of 8 euros for each additional transaction.

Banx experience: Licence and security

The German Banx broker is based in UK and was founded in 2014. It is therefore still a young broker, which is why this Banx review aims to answer the question of whether it is actually a reputable provider or whether there is a risk of Banx fraud.

As our Banx test shows, there is no reason to worry. Even though the provider does not have a licence, it is a trustworthy broker. The broker acts as an intermediary to reputable partners such as NFS (Netfonds Financial Service), which is regulated by BaFin and has been active as a broker since 2004.

Banx Broker Tax Return

The final withholding tax applies to trading transactions. However, Libertex does not automatically deduct any taxes, as the broker’s head office is not located in UK. Accordingly, there is also no automatic deduction of capital gains tax. It is the customer’s responsibility to determine the tax certificate as part of the tax return and to pay it in one sum.

The settlement of the capital gains tax is done by the client himself via his annual tax return by enclosing the transaction report with his personal tax return. In this way, the accumulated speculation gains are completely available for reinvestment throughout the year. This means a clear advantage compared to brokerage accounts held at German banks.

Banx Experience: Customer Service, Contact & Support

Banx support is available from Monday to Friday between 9am and 7pm for questions and problems and can be reached by phone and email. The time frame in which Banx Support can be reached is more in line with normal office hours than with the requirements of the markets, which is due to the fact that Banx is neither a broker nor a bank, but merely an intermediary.

As our Banx test shows, emails are answered as quickly as possible. The Banx experience shows that the live chat function proves to be particularly practical, with which you can contact Banx support in a completely uncomplicated way. There is also an extensive FAQ section that can clarify the most important questions in advance.

  • Phone: +49 211 971 77 850
  • E-mail: service@banxbroker.de
  • Live chat
  • Contact form
  • FAQs

The Banx App

In the meantime, it is part of a quality online broker that a mobile trading offer is also available and customers can also keep an eye on their trading activities while on the move and thus enjoy flexibility.

You can also enjoy this convenience at Banx and trade on the move. For this purpose, the broker provides an innovative Banx app for Android, iOS, Blackberry and Windows devices.

The Banx app makes for a positive aspect in this Banx review, as it allows traders to no longer miss a moment for an optimal entry or exit point. As our Banx review shows, the mobile offering has handy features such as the API interface and smart routing, so you can enjoy easy and efficient CFD and stock trading.

In addition, the Banx app can be used to access real-time market data, view orders, delete or modify them, access account information and execution reports, and view portfolios.

Banx deposit transfer

If you want to transfer your Banx custody account, you can do this as follows: As an investor, you first have to choose a new provider for your custody account. In this case, we recommend our securities account test winner eToro. As soon as you have registered with another custodian and opened a custody account, you can then apply to Banx for a custody account transfer. This runs smoothly. There are no additional costs for a custody account change.

It is important that all open positions are closed and any credit is debited in advance.

Recommended broker

Alternatively, our recommendation: trade with our test winner eToro

5

  • Forex & CFD Trading with numerous currency pairs
  • Social Trading + Copy Portfolio Function
  • Fully regulated and licensed
  • Trading Strategies in the Academy
  • Reliable payouts

Trade now with eToro

Your capital is at risk! 75% of private investors’ accounts lose money trading CFDs with this provider! Your capital is at risk! 75 % of private investor accounts lose money trading CFDs with this provider!

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider!

Banx voucher code

On the internet, you can currently find several websites that offer an alleged voucher code for the Banx broker. However, these are only further links and partly only a free demo account, which is available to interested parties anyway. In general, there are currently no offers or bonuses at Banx.

Partly, voucher codes are also advertised with the favourable purchase of shares from 3.90 €. However, these are in fact the normal conditions of the broker. If you have questions about possible bonuses, you can contact the customer service.

What is the best alternative to Banx?

Since Banx is relatively expensive and the custody account management is also only free of charge to a limited extent, there are alternatives that could be considered throughout. In addition, Banx also does not offer cryptocurrencies, which is definitely a big disadvantage. A very good alternative is our test winner eToro. According to our Banx experience, this is the best alternative for saving, investing and trading.

At eToro, opening and managing a custody account is completely free of charge. In addition, the provider also charges 0% fees when buying shares and ETFs. At eToro there is also a very large selection of trading options – you can easily diversify and expand your portfolio. The provider offers shares, foreign exchange, cryptocurrencies, CFDs, ETFs and commodities.

In addition, there are several payment options, including PayPal, which makes it easier for many customers. eToro is also known for its social trading function. Here you can copy the portfolios of other successful traders.

The multi-asset platform is ideal for all those who want to execute multiple orders or invest in multiple assets. As a trader, you often overlook the order fees. At DEGIRO, trading securities can be quite expensive – this is not the case at eToro. In addition, eToro is a fully regulated and licensed broker.

Banx Broker vs Lynx Broker and eToro in detail

Register now

CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 79% of retail investor accounts lose money when trading CFDs from this provider.

Recommended broker

Register now

CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 67% of retail investor accounts lose money when trading CFDs from this provider.

Recommended broker

Register now

CFDs are complex instruments and come with the high risk of losing money quickly because of the leverage effect. 64% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Select broker

Evaluation

3.85.04.2

Mobile App Rating

6/109/106/10

Account

Min. Trade

0€25€2,52€

Lever

1:301:301:40

Margin trading

Number of shares

100.0002.000+30.000+

Number of ETFs

250+1503500

Fees

Costs per trade

€3.90€0€5.90

Cost per month

€0€0€0

ETFs

3,90€0€2€

Fund

14,95$from 0.098€

CFDs

5€from 0.09from 0.5 pips

Savings plans

Crypto

from 0.45

Bonds

5€from 0.095$

Trading fees

Fixed feesSpreadsFixed fees

Withdrawal fees

0€5€0€

Inactivity fees

1€10€1$

Deposit fees

0€0€0€

CFD position overnight

var.

Payment options

Sepa bank transfer

Credit card

Giropay

Neteller

Paypal

Skrill

Instant bank transfer

Banx experience: The conclusion

At Banx, you can access a huge range of around 1.2 million financial products. The financial products offered include forex, shares, futures, options, bonds, funds, ETFs, CFDs, foreign exchange and gold – everything a broker’s heart could desire. Like the offer itself, the trading venues are not limited. Customers of the Banx broker can trade on all major stock exchanges in the world.

There is also a Banx app that allows you to trade stocks, futures, options and forex worldwide on over 100 exchanges in 20 countries while on the move. Even though Banx does not have its own banking or broker licence, there is no need to fear Banx fraud because, as our Banx experience shows, Banx acts as a reputable broker whose partners are controlled by various financial authorities such as BaFin.

Other aspects that highlight the provider’s security are the deposit insurance of up to 30 million USD, as well as the customer funds managed in separate accounts. As this Banx review shows, you can definitely have a great Banx experience.

Unfortunately, Banx customers do not have access to any further training, which is why we recommend our test winner eToro as a Banx alternative for trading newcomers, as this online broker offers its customers a comprehensive range of further training and information.

Recommended broker

Alternatively, our recommendation: trade with our test winner eToro

5

  • Forex & CFD Trading with numerous currency pairs
  • Social Trading + Copy Portfolio Function
  • Fully regulated and licensed
  • Trading Strategies in the Academy
  • Reliable payouts

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider! Your capital is at risk! 75 % of private investor accounts lose money trading CFDs with this provider!

Trade now with eToro

Your capital is at risk! 75% of private investor accounts lose money trading CFDs with this provider!

Banx Experience: FAQs

What is Banx?

The provider is a CFD broker. Contracts for difference are traded here. Trading with shares or forex is also possible.

Is it worth opening an account with Banx?

In our test, Banx narrowly passed. All the desired Contracts for Difference are available and the customers seem to be satisfied with the platform.

How much money should I invest?

The amount of one’s own investment should depend on both one’s own liquidity and one’s own risk appetite. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed. CFD trading is also always subject to the risk of losing the money invested.

How long does it take to cash out at Banx?

Here, the platform is convincing. Withdrawals are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected withdrawal method.

What are the requirements for me to trade successfully at Banx?

You should always know what you are investing in. Beginners in particular should therefore first read up on CFD trading thoroughly and understand how the leverage effect works with CFDs. Here at Kryptoszene.de, all the information is provided. If you have the necessary know-how and a good feeling for the markets, nothing will stand in the way of early profits.

All trading is risky. No guarantee of profit .Any content on our website is for information purposes only and does not constitute a recommendation to buy or sell. This applies to assets, products, services or other investments. The opinions communicated on this site do not constitute investment advice and independent financial advice should always be sought where possible. This website is available to you free of charge, but we may receive commissions from the companies we feature on this website.

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Sebastian cobbler

Sebastian Schuster specialises in cryptocurrencies and share price analysis. He became involved in financial marketing at an early age and then decided to turn his hobby into a profession by studying Banking and Financing. Besides his main job as an analyst at an influential financial consulting firm, he regularly writes for Kryptoszene.de and analyses charts of stocks and cryptocurrencies.

View all posts by Sebastian Schuster

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