RM
Robert M
1 reviews | Active since Aug 2019
11 Dec 2023, 16:34
Un happy after 2 days!
I looked for a trading platform with AI to guide me in making decisions. No sooner had I registered with them, I got a call from a very friendly account manager called Fayaz. He put me in contact with success manager. I had deposited R 11000 to get the hang of trading and wanted to learn more. Long story short, I was asked to deposit at least R 100000 which I did, explaining that that was all I could afford so had to be careful. He put me into a short position on Silver. As he left the call, he told me to watch out for his call price which was 4336. so being shoved into the deal so quickly made me double check on my position a bit later only to see that the position was short, but 4336 was above my purchase price! so I called them and left two urgent messages after holding for a long time, sent three emails with URGENT written all over them. when I got no response, I decided that since his close was at 4336 I should sell and get into a long position. well as I did that the market tanked. when It did, some time later I got the call asking why Id changed my position. I told him. He apologized and said he meant 3336!!! so he requested that I deposit another 25k NOW to save the position. So, I did. the next day it carried on falling. I suggested taking a loss and getting out. He said no I should deposit more funds to keep it open. (I also noticed a R 6800 swap fee that I had no idea was chargeable). just before the position was about to close out i Managed to get hold of him again after leaving urgent messages. He said OK, you've kept your side of the bargain, I'll make a plan to keep the trade open. Ill call you at 5 pm. he called me after 6 pm, and put down the phone, then I looked and saw 130k had gone down the drain! no assistance as he promised. I haven't spoken to him since. now I get a retentions officer. He has promised me assistance, as long as I deposit ANOTHER 50k. now that I'm gun shy after that loss how do you think I'm going to react? All in all, IF ONLY I could have contacted that success agent, he would have left me in the short position and it would be a different story now, But I couldn't get ANY assistance from anyone, until it was too late. Oh, and also don't pull funds out of your credit card, that is very bad advice and should actually be reported to the FSCA. it is simply wreck less advice. When I said I was short of funds he said use the credit card!! no ways. They are registered so The FSCA needs to be aware of these guys asking people to use credit to invest!
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Replies (7)0
Replies (7)
BANXSO's replyOfficial
11 Dec 2023, 16:48Dear Robert, Apologies for the challenges you faced. We're actively addressing the issues raised and investigating thoroughly for a prompt resolution. Your trust is crucial, and we're committed to improving communication and service. Our team is working to respond comprehensively to your messages. We appreciate your patience, and your satisfaction is our top priority. Feel free to reach out with any additional details. Thanks for understanding. Sincerely,Banxso Team
BANXSO's reply11 Dec 2023, 16:48
Official
Dear Robert, Apologies for the challenges you faced. We're actively addressing the issues raised and investigating thoroughly for a prompt resolution. Your trust is crucial, and we're committed to improving communication and service. Our team is working to respond comprehensively to your messages. We appreciate your patience, and your satisfaction is our top priority. Feel free to reach out with any additional details. Thanks for understanding. Sincerely,Banxso Team
RM
Robert M's updateReviewer Update
11 Dec 2023, 16:571. If I had regular contact this could have been avoided.
2. You should never ask people to use credit to invest. It s clear there is a big commission on putting money into the markets which is driving these guys to be so agressive to get funds.
I appreciate the recovery manager, but hell, after that asking me to deposit a further 50k is tactless!
I specifically said on at least two occasions that I was a NEW investor in this market and knew very little, so he should have been aware of that and availed himself to my calls.
My overall feeling is that if I had open communications to me this could have been avoided. I also feel that it is very difficult to contact you lot at Banxo. the phone just rings and puts you on hold for a long time. that is especially stressful when you are watching R 100000 going down the drain! And when I suggested pulling out at a loss I was told not to. rather deposit more cash! Now that leaves one between a rock and a hard place, especially when one has no spare available cash.
2. You should never ask people to use credit to invest. It s clear there is a big commission on putting money into the markets which is driving these guys to be so agressive to get funds.
I appreciate the recovery manager, but hell, after that asking me to deposit a further 50k is tactless!
I specifically said on at least two occasions that I was a NEW investor in this market and knew very little, so he should have been aware of that and availed himself to my calls.
My overall feeling is that if I had open communications to me this could have been avoided. I also feel that it is very difficult to contact you lot at Banxo. the phone just rings and puts you on hold for a long time. that is especially stressful when you are watching R 100000 going down the drain! And when I suggested pulling out at a loss I was told not to. rather deposit more cash! Now that leaves one between a rock and a hard place, especially when one has no spare available cash.
RM
Robert M's update11 Dec 2023, 16:57
Reviewer Update
1. If I had regular contact this could have been avoided.
2. You should never ask people to use credit to invest. It s clear there is a big commission on putting money into the markets which is driving these guys to be so agressive to get funds.
I appreciate the recovery manager, but hell, after that asking me to deposit a further 50k is tactless!
I specifically said on at least two occasions that I was a NEW investor in this market and knew very little, so he should have been aware of that and availed himself to my calls.
My overall feeling is that if I had open communications to me this could have been avoided. I also feel that it is very difficult to contact you lot at Banxo. the phone just rings and puts you on hold for a long time. that is especially stressful when you are watching R 100000 going down the drain! And when I suggested pulling out at a loss I was told not to. rather deposit more cash! Now that leaves one between a rock and a hard place, especially when one has no spare available cash.
2. You should never ask people to use credit to invest. It s clear there is a big commission on putting money into the markets which is driving these guys to be so agressive to get funds.
I appreciate the recovery manager, but hell, after that asking me to deposit a further 50k is tactless!
I specifically said on at least two occasions that I was a NEW investor in this market and knew very little, so he should have been aware of that and availed himself to my calls.
My overall feeling is that if I had open communications to me this could have been avoided. I also feel that it is very difficult to contact you lot at Banxo. the phone just rings and puts you on hold for a long time. that is especially stressful when you are watching R 100000 going down the drain! And when I suggested pulling out at a loss I was told not to. rather deposit more cash! Now that leaves one between a rock and a hard place, especially when one has no spare available cash.
BANXSO's replyOfficial
15 Mar 2024, 09:49Dear Robert Mitchell,
We truly hear your concerns and deeply regret the stress and dissatisfaction you've experienced. Your points are well-taken and underline critical areas for our immediate improvement, especially in ensuring accessible, responsible, and client-focused support. We are taking your feedback seriously and are committed to rectifying these issues to rebuild trust and ensure a better experience for all our clients. Your situation has spurred us into action to enhance our communication channels and review our advisory practices. Thank you for your candidness, and we hope to resolve these issues to your satisfaction.
Sincerely,
Banxso Team!
We truly hear your concerns and deeply regret the stress and dissatisfaction you've experienced. Your points are well-taken and underline critical areas for our immediate improvement, especially in ensuring accessible, responsible, and client-focused support. We are taking your feedback seriously and are committed to rectifying these issues to rebuild trust and ensure a better experience for all our clients. Your situation has spurred us into action to enhance our communication channels and review our advisory practices. Thank you for your candidness, and we hope to resolve these issues to your satisfaction.
Sincerely,
Banxso Team!
BANXSO's reply15 Mar 2024, 09:49
Official
Dear Robert Mitchell,
We truly hear your concerns and deeply regret the stress and dissatisfaction you've experienced. Your points are well-taken and underline critical areas for our immediate improvement, especially in ensuring accessible, responsible, and client-focused support. We are taking your feedback seriously and are committed to rectifying these issues to rebuild trust and ensure a better experience for all our clients. Your situation has spurred us into action to enhance our communication channels and review our advisory practices. Thank you for your candidness, and we hope to resolve these issues to your satisfaction.
Sincerely,
Banxso Team!
We truly hear your concerns and deeply regret the stress and dissatisfaction you've experienced. Your points are well-taken and underline critical areas for our immediate improvement, especially in ensuring accessible, responsible, and client-focused support. We are taking your feedback seriously and are committed to rectifying these issues to rebuild trust and ensure a better experience for all our clients. Your situation has spurred us into action to enhance our communication channels and review our advisory practices. Thank you for your candidness, and we hope to resolve these issues to your satisfaction.
Sincerely,
Banxso Team!
RM
Robert M's updateReviewer Update
15 Mar 2024, 10:12Mmm so it seems we have the same responses once again. I see that some people have had exactly the same problem that I have, trying to withdraw my left-over funds from that previous debacle. There is alot of DEEP regret! Bulls$$t! Ive been trying to withdraw funds since the 22nd of DECEMBER! They keep asking for the same forms over and over. Nearly three months later and I'm still battling to get my cash out. By the way, when I invested the money was used within a minute of being deposited! Lets see how the FSCA treat this one! FSCA and TCF are grossly ignored which should in fact suspend their operations.
I'll find out soon enough from some of the big financial publications.
I'll find out soon enough from some of the big financial publications.
RM
Robert M's update15 Mar 2024, 10:12
Reviewer Update
Mmm so it seems we have the same responses once again. I see that some people have had exactly the same problem that I have, trying to withdraw my left-over funds from that previous debacle. There is alot of DEEP regret! Bulls$$t! Ive been trying to withdraw funds since the 22nd of DECEMBER! They keep asking for the same forms over and over. Nearly three months later and I'm still battling to get my cash out. By the way, when I invested the money was used within a minute of being deposited! Lets see how the FSCA treat this one! FSCA and TCF are grossly ignored which should in fact suspend their operations.
I'll find out soon enough from some of the big financial publications.
I'll find out soon enough from some of the big financial publications.
BANXSO's replyOfficial
19 Mar 2024, 10:32Dear Robert Mitchell,
We truly apologize for the ongoing difficulties you've encountered and the frustration this has caused. Your situation is being escalated to ensure your withdrawal request is resolved without further delay. We are committed to rectifying this matter promptly and will be in direct contact to assist you. Thank you for your patience.
Best regards,
Banxso Team!
We truly apologize for the ongoing difficulties you've encountered and the frustration this has caused. Your situation is being escalated to ensure your withdrawal request is resolved without further delay. We are committed to rectifying this matter promptly and will be in direct contact to assist you. Thank you for your patience.
Best regards,
Banxso Team!
BANXSO's reply19 Mar 2024, 10:32
Official
Dear Robert Mitchell,
We truly apologize for the ongoing difficulties you've encountered and the frustration this has caused. Your situation is being escalated to ensure your withdrawal request is resolved without further delay. We are committed to rectifying this matter promptly and will be in direct contact to assist you. Thank you for your patience.
Best regards,
Banxso Team!
We truly apologize for the ongoing difficulties you've encountered and the frustration this has caused. Your situation is being escalated to ensure your withdrawal request is resolved without further delay. We are committed to rectifying this matter promptly and will be in direct contact to assist you. Thank you for your patience.
Best regards,
Banxso Team!
RM
Robert M's updateReviewer Update
25 Mar 2024, 17:44Ok Peeps, so ONCE AGAIN, all I'm trying to do is extract my cash out of these guys! Please read above and note that nobody has attempted to assist BUT thank you for TRULY apologizing. It however does not help if I don't get MY money back from you. Please also note that the interest should also be paid from request of first withdrawal. Further to that, the Mysterious overnight R 7000 that I was charged, without being notified, should also be added to that! It's now time to visit the OMBUD! I hate resorting to threats, but what else have I got?
RM
Robert M's update25 Mar 2024, 17:44
Reviewer Update
Ok Peeps, so ONCE AGAIN, all I'm trying to do is extract my cash out of these guys! Please read above and note that nobody has attempted to assist BUT thank you for TRULY apologizing. It however does not help if I don't get MY money back from you. Please also note that the interest should also be paid from request of first withdrawal. Further to that, the Mysterious overnight R 7000 that I was charged, without being notified, should also be added to that! It's now time to visit the OMBUD! I hate resorting to threats, but what else have I got?
BANXSO's replyOfficial
26 Mar 2024, 10:09Good day,Thank you for reaching out and sharing your concerns with us. We deeply value your feedback and appreciate the opportunity to address the issues you've experienced. We're genuinely sorry to hear that your experience with Banxso has not met your expectations. Our team strives to provide exceptional service and support to all our clients, and we regret any inconvenience or frustration you've encountered. Please accept our sincerest apologies as we take full responsibility for any dissatisfaction caused. Your feedback is crucial to us, and we take these concerns very seriously. Upon receiving your complaint, we immediately launched an investigation to understand the root cause and ensure such situations are promptly and effectively addressed. Our commitment to continuous improvement drives us to learn from each interaction. We are determined to resolve this matter to your satisfaction. Our team has already initiated corrective actions to prevent such issues from occurring in the future. We are committed to making the necessary improvements to serve you better. To assist you further and ensure a more personalized resolution, we invite you to share additional details or contact information through the following methods:
- Email: Reach out via email at complaints [at] banxso.com
- Facebook Page: Connect with us on our Facebook page at https://www.facebook.com/Banxsocom/
- Phone (Dedicated for Hello Peter visitors): Give us a call at ***_ 6_1_8_0
BANXSO's reply26 Mar 2024, 10:09
Official
Good day,Thank you for reaching out and sharing your concerns with us. We deeply value your feedback and appreciate the opportunity to address the issues you've experienced. We're genuinely sorry to hear that your experience with Banxso has not met your expectations. Our team strives to provide exceptional service and support to all our clients, and we regret any inconvenience or frustration you've encountered. Please accept our sincerest apologies as we take full responsibility for any dissatisfaction caused. Your feedback is crucial to us, and we take these concerns very seriously. Upon receiving your complaint, we immediately launched an investigation to understand the root cause and ensure such situations are promptly and effectively addressed. Our commitment to continuous improvement drives us to learn from each interaction. We are determined to resolve this matter to your satisfaction. Our team has already initiated corrective actions to prevent such issues from occurring in the future. We are committed to making the necessary improvements to serve you better. To assist you further and ensure a more personalized resolution, we invite you to share additional details or contact information through the following methods:
- Email: Reach out via email at complaints [at] banxso.com
- Facebook Page: Connect with us on our Facebook page at https://www.facebook.com/Banxsocom/
- Phone (Dedicated for Hello Peter visitors): Give us a call at ***_ 6_1_8_0