Banxa is an Australian fintech company founded in 2014 with offices in the US, Netherlands, and Lithuania. Banxa lets users buy and sell cryptocurrencies. They can use different payment methods like credit cards, bank transfers, and other local payment options.
Banxa is a payment service provider. It acts as a bridge between fiat currencies and digital assets. This helps users transact easily. Banxa offers products such as On & Off Ramps, NFT Checkout, OpenRamp and Token Listings.
No dedicated chat support or helpline exists to contact Banxa directly. The Banxa support team directs users to submit their queries and wait for a call back.
Is Banxa a scam or legit?
We do not consider Banxa to be legitimate. This is because it is not regulated by a major authority such as FCA, SEC, ASIC, FINMA. Learn regulated vs unregulated brokers: which is safe for your money.
Conclusion
The Financial Conduct Authority – FCA, considers investing in Banxa to be highly risky due to the potential for losses. We also worry that Banxa lacks regulation by a strict, top-tier regulatory authority with a top-tier level. Having said that, we do not recommend traders to open an account with Banxa.
Pro Tip
Trusting brokers not regulated by top-tier regulators carries numerous risks. The lack of oversight increases the likelihood of fraud, poor execution, and lack of recourse in disputes. Explore our research and reviews of our trusted forex brokers before you begin your trading journey. Also discover more investment options such as stocks, crypto, and finance.
