Banxso to launch regulated trading platform in South Africa
“Our ultimate aim is to make investing as fun as it can be profitable without eating into profits by taking commissions at every step and disappearing when they need support.”
Banxso has announced the upcoming launch of its new South African exchange scheduled for April 1st, 2022. The trading platform is operated by Zenfin Financial Services, which holds an FSCA license, n. 37699.
Marking the first of four international launches around the world, Banxso.com is aimed at younger, more digital-savvy South African millennials with broad investment portfolio needs.
The trading platform offers investors a fresh new approach to online investing, including access to trade stocks, commodities, indices, forex, CFDs, and cryptocurrencies under one Banxso account – with the added bonus of no commission fees on trades.
Trading for young investors
M. Bucks, Director at the Banxso Group, commented: “We’re really excited. We have a very busy year ahead of us with four international launches. The beginning is the most important part of this work; we have invested thousands of hours into making sure that this launch goes smoothly.”
“Our ultimate aim is to make investing as fun as it can be profitable without eating into profits by taking commissions at every step and disappearing when they need support. As our slogan says, we’re not your grandfather’s bank. We’re here to help our investors build a secure future with a secure account that covers all their investment needs.”
The Banxso Group plans to launch three further trading websites in 2022, which are expected to be fully regulated within this year and operating in key markets, including EU member states (regulated by CySEC), the United Kingdom (regulated by the FCA), and the Arab Emirates (regulated by the DFSA).
Zenfin Financial Services also holds licenses in Seychelles, Mauritius and Saint Vincent & Grenadines.
South Africa is one of the favorite jurisdictions in the continent for trading platforms as the market is quite large, the financial watchdog is reputable, and the financial system there is developed.
Earlier in August 2021, XTB acquired an FSCA license in South Africa and is now authorized as a Financial Service Provider locally. The broker plans to launch its operation there in the second half of 2022.
XTB’s subsidiary in South Africa has been in the licensing process for more than two years. The license allows XTB to provide its range of FX and CFDs products to retail and professional clients not only from South Africa but also to expand the offering to other African countries.
X Global Markets has also recently shown interest in the jurisdiction, having acquired a 45% stake in local broker 98 Degrees Alternative Risk, an OTC derivative provider and therefore is permitted, under regular features of its business, to originate, issue, sell or make a market in OTC derivatives.
Other leading FX brokers have been granted permission to operate in South Africa as the country becomes a magnet hub for forex companies and executives as many see it as a friendly regulatory environment. In 2021 alone, Pepperstone, Evest, ETX Capital, XTB and Eurotrade have secured their respective licenses in South Africa.
