Dont do it! unless you want to lose your hard earned money

I came across an advert on one of the social platforms in April 2024, promoting an AI-supported trading platform endorsed by a well-known figure. The platform promised high returns with a minimum investment of R4700. Despite my initial skepticism, I decided to give it a try. After completing a short questionnaire, I was contacted by several representatives from Banxso, which was not the company I had originally seen advertised, but I proceeded anyway.

The representatives were friendly, and I was assigned a success manager who seemed knowledgeable and supportive. He took the time to explain the basics of trading and guided me through opening small currency trades, which initially performed well. He encouraged patience with losing trades, advising me to let them run for several days without mentioning the potential swap costs. As the days went on, he urged me to increase my trade amounts.

After about a week of trading daily with him, I received a call advising me to close out some profitable trades. However, a few hours later, I saw that the remaining trades were losing value rapidly. I realized that if I had left all the trades open, the profits and losses might have balanced out. With R110 000 in my account, I watched in distress as my losses climbed to R30 000 over the course of a few hours. In an attempt to prevent further loss, I decided to close all the trades.

The following morning, my success manager called, expressing disappointment that I had closed the trades, insisting that I could have regained a profitable position if I had left them open. He pressured me to deposit an additional R200 000 to recover the R30 000 lost. I asked if we could use the remaining R80 000 in my account instead, but he insisted that it wasn’t enough. Desperate to recover my losses, I attempted to make the deposit, but the transaction failed due to an error.

After contacting my bank, I was informed that the error was on Banxso’s side, which ultimately prevented the transfer from going through. My success manager urged me to try again, but at this point, I decided not to proceed with the deposit. All I wanted was to withdraw my remaining R80 000. After a few days I entered into on trade for a day which my success manager advised me to enter into in an attempt to recover the lost money but closed it before the day while I try to verify my accounts so that I was finally able to withdraw my funds from the platform.

While I was fortunate to recover most of my money, the experience was extremely stressful. I ended up losing R30 000, but I console myself that it wasn’t more. The entire process took a toll on my mental well-being and left me feeling anxious and disheartened.