Best Banxa Brokers 2024

Banxa is a cryptocurrency payment gateway that aims to meet the increasing demands of the market for faster digital currency payments with lower fees. The platform is an on-ramp financial system that warrants its popularity through reliability and trustworthiness. This 2024 review will explore the company’s details, platform features, advantages, disadvantages and more. We have also produced a list of the best brokers that accept Banxa deposits.

Best Banxa Brokers

We've compiled a list of the top 2 brokers that support Banxa payments, based on our hands-on tests:

Banxa Brokers Comparison

Banxa Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit logo
$5 CFDs, Multipliers, Forex, Stocks, Indices, Commodities Deriv Trader, MT5 1:1000 Visit
OKX logo
10 USDT Spot, futures, perpetual swaps, options AlgoTrader - Visit

#1 -

Why We Chose is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.

" will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock. "

- DayTrading Review Team
  • Instruments: CFDs, Multipliers, Forex, Stocks, Indices, Commodities
  • Regulator: MFSA, LFSA, VFSC, BFSC
  • Platforms: Deriv Trader, MT5
  • Minimum Deposit: $5
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:1000

#2 - OKX

Why We Chose OKX

OKX is a respected cryptocurrency firm, established in 2017, that offers a large suite of products, from mining pools to NFTs. Traders can access over 400 crypto tokens via OTC trading and derivatives. With an excellent web platform, developer tools and dynamic charts, OKX is a popular choice for technical traders.

"OKX is a top pick for crypto traders looking for emerging coins and crypto projects to invest in. Traders can also make use of the broker's copy trading service and automated bots."

- DayTrading Review Team
  • Instruments: Spot, futures, perpetual swaps, options
  • Regulator: VARA
  • Platforms: AlgoTrader
  • Minimum Deposit: 10 USDT
  • Minimum Trade: Variable

What Is Banxa?

Banxa is a financial payment platform that is used to connect traders with exchanges and wallets. Founded in 2014 by Domenic Carosa, the company aims to provide people around the world with a gateway to cryptocurrencies, facilitating entry-level coin swaps whereby traders can purchase cryptocurrencies such as Bitcoin (BTC), Ripple (XRP) and Tether (USDT) using fiat currencies. The head office location is in Melbourne, Australia, with additional offices in Amsterdam, Netherlands and Vilnius, Lithuania.

Banxa was the first exchange payment system to become a publicly listed company and is currently listed on exchanges and marketplaces such as TSX (ticker is BNXA.V) and OTCQX, though not NASDAQ.

Since its launch, Banxa has grown rapidly, with transparency and regulation at the forefront of the company’s image and now boasts a market cap of $139 million and partnerships with many other financial platforms and wallets like Ascend, Bybit, Edge, Okex and Phemex. The company operates globally with a list of supported countries including Germany, the UK, the USA (including New York), Nigeria and the Philippines.Is Banxa safe on Kucoin for united states (US) customers


The exact fees charged per transaction when you use Banxa will vary depending on the payment method, where you are based and the exchange or wallet you are using. For example, if you make a payment on Kucoin, there are zero fees applied. The company has previously run a promotional offer whereby users received a 10% discount on cryptocurrency purchases, so keep an eye out for any future promos you can benefit from.

Payment Methods

Several available deposit methods can be used for payments in fiat currency. Visa, Mastercard and Apple Pay are all allowed across the world, though Banxa charges a 1.99% fee. Additionally, POLi and cash payments at AusPost, which are both only available in Australia, incur a 2% charge. Other methods such as SEPA in Europe, Interac in Canada, OSKO and Pay ID in Australia, bank transfer in the UK and iDEAL in the Netherland are all fee-free.


The maximum Banxa transactions for most payment methods are a daily limit of $15,000 and a monthly limit of $60,000, however, some payment methods and partner platforms have their own specific limits. For example, on the cryptocurrency wallet Edge, there is a daily transfer limit of $50,000 when using a POLi bank transfer. Additionally, an Interac e-transfer in Canada has a maximum limit of CAD 3,000. For the complete list of transaction limits, contact the Banxa support team. The minimum order limit is just $30.


The exact transaction processing time when using Banxa depends on several factors such as the account verification, payment method used and network congestion. Traders that have only verified their email account can expect longer wait times compared to those who have completed the Banxa know-your-customer (KYC) process. Fully verified traders can expect anywhere from five minutes to three hours for completed deposit time.

Visa, Mastercard, Apple Pay, bank transfers, Interac and iDEAL are payment options that are accepted instantly. Cash deposits at AusPost branches can take around 45 minutes, with SEPA, OSKO and POLi taking one to three business days. Finally, as Banxa processes its transactions using the Ethereum network, cryptocurrency transactions may take longer than usual during busy periods.


It is understandable to ask whether Banxa is legitimate or not as there are many financial platforms across the globe that you cannot trust. However, the gateway is a reputable and secure method of transferring funds from fiat to crypto and vice versa. When you register and login to your account, you will need to complete the KYC process to access all the features and the highest transaction limits. This involves submitting personal information such as a phone number, home address, government-issued ID and a selfie of you holding the submitted ID, as well as verifying your wallet address.

When making a transaction, you must complete verification with a two-factor authentication (2FA) process by entering a PIN that is sent to your mobile for the order to be placed. Additionally, Banxa undergoes annual audits to ensure that the security measures are maintained and regulations in the countries of operation are complied with.


There are several avenues for traders to access support and advice if there are any problems. Firstly, there is a dedicated support page on the Banxa website with answers to FAQs and common issues like a payment declined, order cancelled, order delay, acquire refund information or if you wish to delete your account. If you have more complicated problems, for example, if the gateway is down and not working, you receive an error code 227 or 5030, your account is on hold or if you have any general complaints, then the live chat support or email ticket may be best. Finally, you could also seek advice online via the webinar events or day trading communities on YouTube.

You should keep up to date on any news and announcements so following the Banxa message board and social media channels on Twitter and LinkedIn is recommended.

How To Deposit Using Banxa

Purchasing cryptocurrencies through Banxa to then fund a trading account is a simple process and works as follows:


Banxa has only recently announced that they are introducing a selling feature that will allow users to withdraw their cryptocurrency in the form of fiat currency. As it is a new feature, it is rather limited as only withdrawals in AUD, EURO and GBP are supported.Banxa holdings news and kucoin integration not working

Pros Of Banxa For Traders

Cons Of Banxa For Traders

Banxa Competitors

Below are examples of some alternative fiat to crypto gateways.

Is Banxa Good For Day Trading?

Banxa is a reliable method of making fiat to crypto payments for trading purposes. The company has plans for further growth via more partnerships with exchanges and wallets. As Banxa is an entry-level payment method, budding traders looking forward to making large revenue from cryptocurrency trading are best suited to this option.


Is Banxa Safe To Use With My Trading Account?

Banxa is partnered with many reputable exchanges and wallets, including Binance and Kucoin, suggesting it is reliable and trustworthy. Websites like TrustPilot can be used to see real customer reviews before you commit any capital. It is a good idea to follow the KYC and 2FA requirements for added security. You should also ensure any correspondence has the correct Banxa logo and links, so you avoid phishing attacks.

How Long Will My Broker Take To Process A Banxa Deposit?

Transaction times can be anywhere from five minutes up to three hours on average when using Banxa on Binance and Kucoin, for example, as long as you have registered an account with a completed KYC. Verification time can take up to 12 hours according to the website’s support pages, however, there are comments from the community on Reddit that have stated longer wait times.

Which Brokers Accept Banxa Payments?

Banxa is becoming more widely used among crypto brokers and exchanges. Some top firms that accept Banxa payments include OKX and You can check our list of top brokers with Banxa to find the most suitable option for you.