Banxso announces 8.7% interest rate on deposits in South Africa
“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”
Banxso has announced the launch of an 8.7% interest rate on deposits for its brokerage clients in South Africa in a move that addresses the high-interest rates climate which can channel users to deposit their money on the broker.
The combines the benefits of liquid interest rates with the ability to invest across various channels. This dual investment model allows clients to earn interest while simultaneously trading, offering unparalleled flexibility in managing investments.
“Both worlds – earning competitive interest and having the freedom to trade”
Manuel De Andrade, COO of Banxso, said: “Banxso is dedicated to empowering our clients with more control over their financial future. Our unique offering signifies a shift towards more dynamic and flexible financial planning, where our clients don’t have to compromise on their investment strategy. With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”
Banxso distinguishes itself by allowing clients to access their funds anytime, removing the typical constraints of fixed-term investments. This liquidity ensures that clients can quickly adapt to market changes. The platform’s unique feature of enabling investments in both passive interest earning and active trading without requiring clients to choose one over the other is particularly noteworthy.
This novel approach eliminates the traditional dilemma of choosing between high-interest rates on savings and the dynamic opportunities of the trading market. By blending competitive interest rates with flexible trading options, Banxso not only serves as an investment platform but also as a partner in financial advancement.
Banxso secured regulatory licenses in Australia, Mauritius, Vanuatu
Banxso last week partnered with Trading Central to integrate its live trading signals and make institutional-grade research accessible to retail investors.
This partnership came on the heels of Banxso’s successful acquisition of licenses in Australia, Mauritius, and Vanuatu, marking a significant expansion in their global operations. These licenses are pivotal in Banxso’s strategy to broaden its reach and provide comprehensive financial products and services across various regions.
Banxso has recently faced criticism in South Africa due to a deepfake ad scam that channeled victims to the FX broker’s platform, without the firm’s knowledge these users were being wronged. After millions of rands being lost, Banxso promised compensation to investors.
In response to this incident, Banxso gave an interview to Chris Steyn from BizNews, which addressed the issue. In an enlightening interview, Lara Huges-Thom, Chief Legal Officer (CLO) of Banxso South Africa (Banxso PTY), discussed Banxso’s response to this crisis was multi-faceted, indicating both the challenges and the necessary steps needed to combat such digital deceit.
