Banxso Group plans to launch a new crypto exchange in South Africa, Banxso.com. The launch is scheduled for April 1st, 2022, and will be regulated by FSCA.
This crypto liquidity platform will allow end customers to purchase, sell and hold digital assets across various venues.
The platform will start by offering trading stocks, commodities, indices, forex, CFDs, and cryptocurrencies under one Banxso account. Into the bargain, traders will extensively enjoy zero commission fees on trades.
Banxso Group expects to bring in new functionalities and add further digital assets to the platform over time. This idea is to enable traders to adopt strategies that harness their trading skills.
Besides the aforementioned launch, Banxso Group prepares to bring forth three more crypto exchanges before the end of 2022. The expected four exchanges will be fully regulated by:
Banxso.com in South Africa, regulated by the FSCA
Banxso.eu in EU member states, regulated by CySEC
Banxso.co.uk in the United Kingdom, regulated by the FCA
Banxso.ae in the Arab Emirates, regulated by the DFSA
In a Statement, Banxso Group Director, Mohammed Bux, said, “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.”
In addition, the group is also licensed in Seychelles, Mauritius, and Saint Vincent & Grenadines.
“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,” Bux added.
Banxso is a young financial trading and service offering platform. Its entry to South Africa comes amid high demand to establish crypto exchanges to the country by other financial trading platforms.
Nevertheless, the company’s provision of a modern trading ecosystem has seen it as a hurricane to its competitors. Since the platform uses AI technology, the algorithm accounts for factors besides market conditions.
South Africa has more than 40 brokerages in operation engaging over 150,000 traders with an average deposit of about $740.
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