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Headline : Pensioner Loses Everything On Banxso

Read more from the original article on here at allafrica.com.





Tags : #pensioner #loses #everything #banxso


No. of Paragraph 42

The investment platform under scrutiny since April has had its license suspended

Pensioner Norman (name changed) deposited hundreds of thousands of rand with an investment platform called Banxso. But Norman is worried he may never get his money back, after the Financial Sector Conduct Authority (FSCA) "provisionally withdrew" the company's licence on 16 October, following months of complaints by investors against Banxso.

Norman saw an advertisement earlier this year for the investment platform, and signed up to invest. One of Banxso's brokers contacted Norman and advised him to make an initial deposit of several thousand rand despite him having no trading experience.

Banxso, which describes itself as "not your grandfather's bank", offers access to forex, stocks, indices, cryptocurrencies and commodities. One product it offers is a "contract for difference" (CFD), which is an agreement between a buyer and a seller in terms of which the buyer will pay the seller the difference between the current value of an asset and its value when the contract was started. This is a way to invest in the movement of an asset (a share, for instance) without actually owning the asset.

Read more from the original article on here at allafrica.com.


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