Customer: I deposited a total of R2 400 000.00 into Banxso Trading accounts during October 2023. Numerous trades were conducted with losses and profits with the guidance of Banxso personnel. When calculating the losses and profits from the trades it showed a profit of R463 857.06. With most of the online trades SWAPS were reflected with most of the trades. I ended up with a zero balance on the 1st of December 2023. Do I have any merits to retrieve any money as I do not believe that I should have lost all this money
Lawyer’s Assistant: I understand that you are concerned about the losses you incurred while trading with Banxso Trading. Can you please provide more information about the nature of the trades and the guidance provided by Banxso personnel?
Customer: During the end of September 2023, I investigated the trading of shares on the Internet as my shares at Discovery did not achieve my expectation to beat the inflation rate. On Friday 2023/09/22 I made a deposit of R5000.00 to Banxso Trading Platform on Internet whereon I received an E-mail requested that I complete a form with my particulars and giving consent to the processing thereof as required by the Protection of Personal Information Act of 2013. Banxso is situated at 117 On Strand, De Waterkant, Cape Town, 8001.
On Tuesday 2023/09/26 Adam Basson from Banxso phoned inquiring what my knowledge was regarding trading platforms to establish what training I should get. My knowledge at that stage was limited and the arrangement was that I would be given guidance in trading and receive some training. Training was given about once a week by an employee named ”Diago” and another trainer called ”Qaasen” from about the second week of October 2023. Adam discussed the interest that I could receive, namely 8.7% calculated per week, on money that I invest in the company. An application for an interest-bearing account was sent to me via E-mail that I had to sign using Acrobat to insert my particulars and signature on the form with account nr(###) ###-####
On Thursday 2023/09/28 Adam Basson phoned me and explained to me that I needed more money in the account, to enable to trading in lots that is expensive, for instance “gold”. He told me that I should increase my account with R100 000.00. I deposited R97 000.00 out of my cheque account which was immediately available.
On 2023/09/29 Adam Basson requested more funds to qualify for a bonus application which will be added to my account. I deposited an amount of R22 000.00. A Bonus of R30 287.00 was deposited into my trading account. Adam contacted me the very same day and told me that there is an opportunity arising that the gold price will fall and that I should trade in the “sell” position. He guided me through the process as I had no knowledge how the setup works to determine the “Stop loss” and “Trade Profit” margins. With the trade margins he told me he will check and referred to “Moonberg” guidelines to determine the margins to be set.
On 2023/10/03 Adam contacted me and advised me to close the trade as there is a profit to be made. A profit of R94 526.43 convinced me that there is money to made in the trading of shares. He further advised me to trade in Palladium in the “Buy” position and guided me through the process and the trade was done at 14:33.
I checked the trading platform later and I saw that I was losing money as the market was dropping. I contacted Adam about it and said he will phone after 30 minutes. I got worried and closed the trade at 15:36:37 with a loss of R8 434.51 just as his call came through. He advised me that the trend would change and he guided me to reopen the trade. The trade was reopened at 15:38:57.
At 16:00 I contacted him again by E-mail as a I received a “Stop out account” message on my phone as the money allocated in my trading account is being depleted.
The account closed with a loss of R170 545.31 at 16:04:30. Thereafter on the same day Adam contacted me that all has not been lost and that I could recover the money lost through various smaller trades. He guided me on his recommendation in trading in USDJPY, USDCAD and USDCHF. On these trades I lost R637.40 and R 6 977.56 on USDJPY and USDCAD respectively. A profit of R32 089.14 was made on USDCHF on 2023/10/09 at 20:45 as it reached the “Trade Profit” margin.
Adam contacted me on 2023/10/10 and guided me on his recommendation on a trade in EURUSD on which I made a profit of R6 345.57 three days later.
On 2023/10/12 Adam contacted me and guided me on his recommendation through trades in EURUSD, EURJPY and Crude Oil. I lost R9 499.10 on EURUSD and R6 620.37 on Crude Oil. A profit of R18 669.48 was made on EURJPY on 2023/10/13. A profit of R2 550.01 was made on these trades.
On 2023/10/16 Adam guided me o
Lawyer’s Assistant: Were there any specific terms or agreements in place regarding the risks involved in the trades or any guarantees made by Banxso Trading?
Customer: Verbal agreement that they will give me training which happened about once a week from the second week for 15 minutes to half an hour. Risks mentioned that not all trades would end up with profits. No guarantees.
Lawyer’s Assistant: Is there anything else the Lawyer should know before I connect you? Rest assured that they’ll be able to help you.
Customer: No
I deposited a total of R2 400 000.00 into Banxso Trading accounts during October 2023. Numerous trades were conducted
By staff
