ScamTest
Banx — a broker with advantages and disadvantages. Our judgment varies. Banx has a maximum range of financial products, but has no broker license. There is no question: The package can be seen. In addition to Forex trading are stocks, bonds, ETFs, CFDs or futures contracts on extremely favorable terms to choose from. Immediately noticeable: The occurrence of Banx brimming with confidence. As ready logo bull with his head down and to attack with its horns. The job appears as aggressive as clearly formulated. to promote the competition with low prices off, is obviously the goal. can be dangerous it quality and reliability suffer or the broker for other providers — our Banx review is not intimidated by the loud demeanor and checked for heart and kidney!
The advantages of Banx:
- Professional Forex trading through Interactive Brokers (from 0.4 pips spread at Majors)
- Very wide range of financial products
- act at more than 100 stock exchanges in 24 countries
- Kostenlose Handelssoftware Trader Work Station 4
- Cheap: Xetra Xetra equities and ETFs from 3,90 Euro
- 1-click trading possible
The disadvantages of Banx:
- No own broker or bank license
- No webinars, seminars or other training
- Fee from the second transfer per month to the reference account
- Filed with spelling errors
1. Without own license: Banx put to the test!
The most important question first: Is Banx trustworthy? The German broker headquartered in Dusseldorf. The establishment of the company is not so long ago: In 2014, the discount broker opens its doors — a young provider who wishes to establish itself quickly in the market through an assertive marketing strategy. About your own broker or bank license Banx terrible features. A cause for concern? Rather no!
No license, but trustworthy!
Banx not act in a vacuum, but as an intermediary to reputable partners such as NFS (Netfonds Financial Service), which is in turn regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and is active as a broker since of 2004.
- Banx conveyed to reputable partners such as NFS (Netfonds Financial Service)
- Banx is Introducing Broker for Interactive Brokers (IB)
- IB: supervision by British authorities as Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)
- Deposit insurance up to 30 million US dollars per account
- Secure management of the client’s capital
- Segregated accounts: The client funds are managed separately from the company capital
- No negative customer reports, no legal charges previously
The good news: Banx does not have its own bank or broker license but accuse Banx fraud, would be wrong. Our Banx experiences show that it is a reputable broker, whose partners like NFS are controlled by various authorities as BaFin. Banx is Introducing Broker of the leading online broker IB, which is controlled and regulated by the SEC and CFTC. A deposit insurance to 30 million US dollars and segregated client accounts underline this view.
The bad news: The taint of missing license adheres unfortunately anyway.
2. Something for everyone: great selection at Banx
Acting with 1.2 million financial products: This full-bodied Promise is the broker on its website. Besides the fact that such a mass is oversized entirely of financial products for the average broker — and probably to overlook for anyone — corresponds to the slogan actually reality. Banx offers almost everything that might covet the Boker Heart.
The financial products:
- Forex
- shares
- Bonds, funds, ETFs
- Futures, Options
- CFDs (Marketmaker: Goldman Sachs)
- currency
- Gold
Not only of the bid, the venues are not limited. Banx offers trading on all major stock exchanges of the world:
- Access to the global foreign exchange market
- Xetra and floor trading Germany: Frankfurt, Stuttgart
- Eurex and many European markets (Austria, Switzerland, Belgium, France, Netherlands, UK, Spain, Sweden, Italy)
- Non-European exchanges in North America, Mexico, Australia, Hong Kong, Japan, Singapore
- 100 goods and futures exchanges in 20 countries
3. Almost Winner: Condition Banx
The costs are very low, unbeatable at first sight even in comparison with other brokers. This impression into perspective, if you research a little deeper. But first, can not find fault at the charges:
- Forex: Commission from 4,00 Euro per order
- Xetra transaction: 3.90 Euros or 0.14 percent of the transaction volume (a maximum of 99 Euro)
- Börse Frankfurt and Stuttgart: Order from 4,90 Euro
- Austria: 0.12 percent, at least 3.90 euros
- Switzerland: 0.12, at least 15, — Euro
- Italy, Spain, Belgium: 0.12 percent, at least 5, — Euro per cent
- Japan: 0.12 percent, at least 500, — JPY
- Australia: 0.12 percent, at least 10.00 AUD
- Index CFDs: 0.01 to 0.02 percent per trade
Compared with other suppliers such as direct banks, these conditions are not to beat. This challenge Banx is drawn into the field. During the execution of orders from 3,90 Euro can actually took first place in the competition for the best price, Banx is not in other categories but in the leading group. The disadvantages are called quickly:
- Banx demanded fees from the second transfer per month to the reference account of 8, — EUR
- You will be charged if you want to get the real time quotes
- The German withholding tax is not automatically ageführt because IB is a British broker. The supposed advantage can quickly lead at the end of a rude awakening!
Small minus: Banx can indeed impress with surprisingly favorable terms, but it often comes off in other Bereichne. Compared with the competition, this results in only an advantage at first glance.The bottom line Banx is indeed serious competition, but not the lone runner!
4. No cost, great performance: The Trader Workstation 4.0
The central trading software Banx is the Trader Workstation 4.0, which should be familiar to many traders. The prestigious and powerful software is recognized as one of the best of its kind. The system is equipped with 40 order types and different tools. Many brokers offer the Trader Workstation 4.0 to their customers as a platform. This choice does not go wrong! The software is available in different versions:
- To download for PC (Windows, Linux) or Mac (Trader Workstation)
- As web-based version, without downloading (WebTrader)
- For iPhone, Android or other smart phones (Mobile Trader)
A plus for Banx: Even Linux users can thereby be — which is not always the case! Banx allows the Trader Workstation 4.0 trade both from a PC or Mac, and mobile. Trader Workstation 4.0 is a powerful platform that 40 order types, many tools and some may provide more. A good choice!
5. In 3 steps to open an account: Child’s play
As is common in the industry, opening an account is a breeze. Banx offers two account types: the cash or margin account. The difference is in the details. The cash account is a bank account without a credit line.allows the margin account, as the name suggests, the margin trading, ie trading with leverage. The associated risk is Banx account by the minimum age is 21 years. A cash deposit can be opened already with the age of majority at 18 years. For both depots: The opening proceeds in three steps!
- Fill in the online form with personal information and send it.
- Start Postident or video identification procedure.
- obtain access, activate account and deposit the minimum deposit.
Cost of a deposit transfer must not be taken into account. This is not a special grace of Banx, but corresponds to the current legal situation.
Nothing is easier than the account opening: choose between cash and margin account, fill out the online form, enabling identification and pay the minimum deposit to the custodian — let’s go ! For a possible depot transmission no additional costs have to be scheduled.
6. Practice, practice, practice: The Demo Account
Not only to play the piano or skating to be learned before it works. The trade on the stock exchange should be practiced. Finally it comes to real money. So rather once begin with a virtual account and collect a first impression! Banx offers a demo account that is provided free of charge.And not just beginners, even Unsafe have this option better cards, to form an opinion on the broker.
- Uncomplicated request for the demo account
- Access my email
- Plus Download Trader Workstation 4.0
- Disadvantage for beginners: Difficult to understand intuitively the platform
Our strategy and Learning Section provides valuable insight into the first steps in trading
If we keep: For beginners and insecure a demo account at Banx is easy to have. one should practice in any case, before one puts his money at risk. The disadvantage of the demo account plus demo Trader Workstation 4.0 is that there is no instruction not easy to understand.
7. If you have questions: Good service, bad training offer
In ancient tradition, we start with the positives. Banx has good customer service — not excellent, but without significant drawbacks. Call for service staff from Monday to Friday 9:00 to 19:00 reachable, the advice is friendly and competent. In addition, the team via live chat or e-mail is accessible.With a response can be expected within a maximum of 24 hours. If you want to arrange a telephone appointment can do so via the callback service.
The service and support is clearly the weak point of the Discount Brokers. Apart from a good telephone service makes Banx attention primarily by an inadequate educational opportunities in coming. A manual that is probably rarely read and a list of FAQs are the only possibilities for further development as Banx customer. Pity!
8. Deposits and withdrawals: Our 3 tips for trading
On the Banx Depot can money paid by bank transfer or securities from an existing bank deposit transfer. The transfer is free of charge and will be recognized by Citigroup in Frankfurt. Also a deposit in US dollars, Swiss francs and British pounds is possible. Payments will be made within two business days. . Deposits and withdrawals can be done via an online form on a personal level to get the most out of the money, which lies on the depot, we have three useful tips for the trade at Banx:
Tip 1: Not all marketing promises believe!
You probably know yourself — but just at such aggressive advertising strategy as Banx she goes, one should always keep in mind exaggeration. The cost is quite cheap, but you can buy some disadvantages, such as our Banx has shown experience.
Tip 2: The risk not lose sight!
Although Banx with its high leverages advertises: Be careful particularly in leveraged products!They are very risky and can lead to a total loss. Use stop loss and do not expose to high leverage!
Tip 3: securities at Banx act!
Since the costs are lowest at Banx in this area, it is advisable to act German securities. An unrivaled offer! Proceeds run by bank transfer in euros, US dollars, Swiss francs or British pounds. Payments will be made within two working days to the personal account. Our advice: Do not be confused by the aggressive marketing strategy, but stay true to your mind! Do not expose to high leverage and you risk no total loss. And of course: In Banx you can trade at the best conditions German securities.
9. Doubt or confidence: Mixed Feelings
The fundamental question of Seriosiät of Banx can be answered affirmatively. The broker is under the liability umbrella of NFS. But then there are also softer criteria than the regulatory or deposit insurance. This includes, for example, the cost transparency: How honest is the broker for its customers? ? Falling costs for order execution, portfolio management or other services that are not directly visible at first glance
Our advice:
- Not only suspect but read the Terms and Conditions!
- Additional costs for real-time prices or remittances note!
- Marketing German = obfuscation
Although the fundamental integrity is not in question, but the image of a broker to catch customers can not be scared away completely from the head yet. It is to be hoped that this is just about the ambition of the beginner.