Do not invest with them, impossible to get your money

Item: 10x Investments
Rating: 1
Author: Tamsin O

I have been trying to withdraw my funds from 10x for weeks. First, it was no, you have to complete 10 litres of paperwork. I have to then print and download all the forms because they are signature password locked (10x says no they aren't but Adobe says otherwise). Then I have to scan them all in and send them back. I do this. I send the forms to three different email addresses. The wait is 5-10 working days. Which is also flat out ridiculous. Then I call again 10 days later. Oh, no we never got your emails. I send them again - this time 10 times to each email. No, we still don't have your emails and we can't release your funds until we get the forms. So, their system is probably blocking my email as spam because of the forms that they are demanding I send. I can't get my money because they demand the forms but their system won't let me email the forms. I can't get hold of anyone who can help me and frankly am considering legal action. I have lost my temper now with them and I am vaguely sorry for shouting at the support staff but frankly being told I am probably using the wrong email (I am not) or that they 'don't know' why they are not getting my emails is not good enough. Appalling. If you're going to force people into ancient and ****py paperwork for your audits, make sure your system works.

Helpful (0)

Replies (1)

10x Investments's replyOfficial

06 Dec 2024, 11:44

Dear Tamsin,

Thank you for reaching out and sharing your concerns regarding the redemption process. We would like to provide clarity on the situation and outline the steps required to move forward effectively:

Submission Details: Could you please confirm:
- The email address(es) to which you sent the forms.
- The date(s) the emails were sent.
- The email address you used to send them.
  This information will help us locate your submission and identify any technical issues that may have occurred.
Redemption Process:
- Instruction for Processing: To redeem your investment, we require a completed and signed redemption form along with proof of your bank account. These documents are critical in ensuring all transactions are legitimate and properly authorised by you.
- Paper Trail for Transparency: The redemption form serves as a legal document, creating a clear and traceable paper trail for auditing or regulatory purposes.
- Alignment with Application Process: This process mirrors the steps required when you initially app**** for your TFSA. It ensures compliance with fund rules and governance standards, protecting your investment.
Clarification on Forms:
We'd like to clarify that the redemption form is only three pages long, not the extensive "litres of paperwork" as referenced. Additionally, proof of your bank account is a standard requirement in line with industry practices to ensure security and compliance.
Reason for Delay:
The delay in processing your redemption request was initially due to your reluctance to complete the required forms. These forms are essential to ensure compliance with industry standards and mitigate any risk to your funds.
Conduct Toward Our Team:
While we understand the frustration this process may have caused, we must kindly request that all communication with our staff remain respectful. Swearing at our team is unacceptable and makes it more challenging to work collaboratively toward resolving your concerns.

Once we receive your completed documents, I will personally ensure they are reviewed and processed as quickly as possible.

Thank you for your cooperation as we work to resolve this matter. Please don’t hesitate to reply with the requested information or let me know if there’s any further assistance we can provide.

Kind Regards,
The 10X Team

10x Investments's reply06 Dec 2024, 11:44

Official

Dear Tamsin,

Thank you for reaching out and sharing your concerns regarding the redemption process. We would like to provide clarity on the situation and outline the steps required to move forward effectively:

Submission Details: Could you please confirm:
- The email address(es) to which you sent the forms.
- The date(s) the emails were sent.
- The email address you used to send them.
  This information will help us locate your submission and identify any technical issues that may have occurred.
Redemption Process:
- Instruction for Processing: To redeem your investment, we require a completed and signed redemption form along with proof of your bank account. These documents are critical in ensuring all transactions are legitimate and properly authorised by you.
- Paper Trail for Transparency: The redemption form serves as a legal document, creating a clear and traceable paper trail for auditing or regulatory purposes.
- Alignment with Application Process: This process mirrors the steps required when you initially app**** for your TFSA. It ensures compliance with fund rules and governance standards, protecting your investment.
Clarification on Forms:
We'd like to clarify that the redemption form is only three pages long, not the extensive "litres of paperwork" as referenced. Additionally, proof of your bank account is a standard requirement in line with industry practices to ensure security and compliance.
Reason for Delay:
The delay in processing your redemption request was initially due to your reluctance to complete the required forms. These forms are essential to ensure compliance with industry standards and mitigate any risk to your funds.
Conduct Toward Our Team:
While we understand the frustration this process may have caused, we must kindly request that all communication with our staff remain respectful. Swearing at our team is unacceptable and makes it more challenging to work collaboratively toward resolving your concerns.

Once we receive your completed documents, I will personally ensure they are reviewed and processed as quickly as possible.