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BanxTrading Review – is it scam or safe?

BanxTrading Review  – is www.banxtrading.eu scam or safe?

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 Trading accounts and conditions

BanxTrading appears to be an introducing broker of the UK-regulated forex, CFD and spread betting brokerage LCG. As such BanxTrading is supposed to be offering the same trading conditions of the latter, namely:

 

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Classic None 0.01 lot 1:500 1.6 pips

There is also a free demo account for testing purposes.

 

BanxTrading says it offers over 50 forex pairs, as well as CFDs on indices, shares and commodities.

 

 

The Company. Security of Funds

 

Company Country Regulation
BANX Trading GmbH Germany No

 

BanxTrading is owned by the Germany-based company BANX Trading GmbH. It however, is not regulated by the local watchdog BaFIN. Being an introducing broker of a regulated company, apparently BanxTrading is riding on the regulation of LCG, which as we already pointed out, is regulated by UK's FCA. The broker itself says so on its site: “Our Partner LCG operates his international business from London with a background of almost two decades in online trading. We are authorised and regulated by the Financial Conduct Authority (FCA) and listed on the London Stock Exchange (LSE). For maximum security reasons LCG hold all of the client funds in segregated Tier 1 bank accounts.” According to BanxTrading's site, the client funds are covered by the UK Financial Services Compensation Scheme, which covers customer funds of up to GBP 50,000.

 

As a general rule it is better to deal with regulated brokers and, frankly, we do not see any reason not to trade directly with LCG. Even though it is based in London, the broker can operate throughout Europe, thanks to the MiFID passporting rules. Naturally, whenever the UK leaves the EU, the situation might change, but for the time being LCG can operate across the entire Union. Our guess is that the reason for choosing BanxTrading over the LCG is the German-language server.

 

The company BANX Trading GmbH also has another brokering company – BanxBroker, which is an introducing broker for the US brokerage Interactive Brokers. It offers trading in CFDs on stocks and indices, as well as in futures, options, stocks, ETFs, etc, but not in forex.

 

 

Trading platform

 

BanxTrading offers access to the same trading platforms as LCG – MetaTrader 4 and the LCG Trader, which is the cTrader, branded under a white label partnership with the platform developer Spotware.

 

The LCG Trader provides access to ECN with over 5000 instruments across seven asset classes the broker offers. The platform provides low latency, deep liquidity, fast execution and optimized prices.

 

The well-familiar MT4 is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.

 

 

Methods of payment

 

BanxTrading accepts payments through credit cards and the online payment system Skrill. The payment should be made in the name of LCG in a client account in Barclay's bank.

 

 

Conclusion

 

Despite being unregulated, it seems BanxTrading means serious business. As an introducing broker of a regulated trading venue it is sticking to the same requirements and generally is nothing much than intermediary. Like we already said, unless you live in Germany and prefer service in German, you might as well trade directly with LCG.

 

Pros Cons
MT4 & cTrader Unregulated
LCG partner  
High leverage  

 

  

 

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Traders` reviews for BanxTrading

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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