Listen here.Another BizNews tribe member has suffered a huge online trading platform loss. In this interview with Chris Steyn, Tommy Salem describes how he ended up on the FXSI platform after clicking on a clip showing AfriForum’s Kallie Kriel before losing R450 000 in two months. It was money Tommy could ill afford to lose: “I had a stroke. So I was at home for a year and I was busy with the therapy and that didn't work out and the company then decided to put me on permanent incapacity leave. ..That was money I received from my insurance and my incapacity benefit…it's painful to lose so much money…” In its response to BizNews, FXSI stated: “The complaint was received on 28 July 2026, acknowledged, and remains under formal investigation…As the matter is ongoing, it would be inappropriate to comment publicly on the allegations or speculate on the outcome.”.Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..Edited transcript of the interview.Chris Steyn (00:01.516)Another BizNews tribe member has suffered a huge online trading platform loss. With me is Tommy Salem. Welcome, Tommy.TOMMY SALEM (00:13.636)Morning, Chris.Chris Steyn (00:17.902)Tommy, which online trading platform did you pick?TOMMY SALEM (00:24.372)It is actually by default that I chose the FXSI platform because I wanted to start trading after I knew I was going to lose my job and I wanted to look at some alternatives to make money. So when I was watching TV on YouTube there was a clip from AfriForum and Kallie Kriel talking about this…it spoke about a way to be able to make more money on trading. And when I clicked on that content it took me to FXSI and well I then didn't connect the two together. I just thought maybe because AfriForum and Kallie Kriel are people that I know and I probably just took it that probably they use this as a platform to get more clients. And so yes. So that's how I ended up getting to the FXSI.Chris Steyn (02:40.301)Tommy, I know you have a speech impediment from a stroke, so please take your time. There's no rush to tell your story. So how much did you invest, Tommy?TOMMY SALEM (02:53.366)Over all together was four hundred and fifty thousand, but it came in different orders or requests that I had to work with the FXSI broker. So it started. I had to register. I had to pay three thousand five hundred to register. I spoke to a lady, Eva Brown, and she explained the process. She explained that they are FSA compliant and they have many clients working on this company and this is a big platform for South Africans. So I paid the three thousand five hundred rand and two days after that I was called by a gentleman who said he would be taking care of me during this process. I explained to him that I have no experience in Forex or in working in the markets and trading and so forth. But then he promised that I don't need to know anything in terms of trading. They are doing everything to assist me and…TOMMY SALEM (04:54.288)…from there on you will be liaising with me, sometimes many times a day, to give me guidelines in terms of how we should work in the market. So, yeah, after that they wanted, I think on the first of May they wanted me to deposit twenty thousand Rand to start. So I paid the twenty twenty thousand rand and I started the trading. Then after that I think it was on the twelfth or the eleventh, I'm not a hundred percent sure, but they asked for more money. Twenty-two thousand Rand on the eleventh again and twenty and then twenty-two thousand Rand on the twelfth. And if I look at my book, on the thirteenth again they asked for another thirty thousand Rand and they matched it with the same amount. So I had to create the trade on different plates or on different commodities and…What actually happened is that one it was…TOMMY SALEM (06:51.454)…about a week after that, the gentleman called me and said that the markets crashed and we've lost all our money. But he promised that I will be able to get back in the market and make my money - and even more. So they wanted more money.So I'm not sure when the date was, but I I deposited another hundred and fifty thousand rand. And he said that it will make me more money and I will be able to deal with…we were going to deal with NASDAQ. And I deposited the money and he then…their office called me to fill in certain documents because at this stage now my portfolio was going to over two hundred and fifty thousand. So I had to send bank statements and I had to sign a document because I'm over two hundred and fifty thousand Rand in terms of my portfolio.TOMMY SALEM (08:49.918)Yeah, so we started to trade again there and…TOMMY SALEM (08:56.373)…about a week after that I was seeing that the money was declining. And I asked him: Why? Because I started now also looking at the market myself, trying to understand how it works. And because he was always pushing me very fast when we were busy doing the trades; he would quickly mention the commodity that we have to trade in and he'll give me the volumes and all those things. And most of the times I didn't have time to go and look what's happening in the market. And at this stage when we did this exercise with n NASDAQ, I went to go and look and I realised that it wasn't a good time to actually go to NASDAQ because it was actually losing, but I've already then registered no, we've already then registered a trade on NASDAQ.So the same thing happened. All the trades that I was on were all on red and that was not making money. And I again confronted him to say what's happening. And he said well that we just have to stay in this market as it is, because it will change. And I read further and I realised that he did not explain to me there is a certain…TOMMY SALEM (10:44.209)…process within the trade when you're trading that you can do stop-loss when you come to a certain point. Now I ask him if we stay in this trade, so I will lose all my money because there's no stop, there's no loss-stops in. And he said we can do that, but at that time I had already lost a lot of money. And he said to me, but the company is also gonna give me additional money to put in my portfolio, which what I saw on the screen it had. They did put some money in there. It was a hundred and fifty thousand Rand of the hundred and fifth or fifty thousand that I paid in.But as I said, in a week, that money, I was in minuses. And I asked him to explain to me why are we now in minuses again, and I've got more money in the bundle, the money that the credit that I received from you. How is that possible? And he said, well, the markets did not perform as like they expected, but he's got a new plan for me because he realised that I have a challenge in terms of how to navigate in the market . I said okay let me hear what is what is your plan andHe said he'll call me the next day. He just needs to talk to the financial department. The next day he called me and he said the plan is that the company will give me four hundred and fifty thousand Rand if I pay up three hundred thousand Rand and they will put me on a single trade which I don't have to maintain actually, and that will automatically then generate…TOMMY SALEM (13:09.158)money. This is when I realised that another three hundred thousand and after I've spent four hundred and fifty thousand Rand…and I was not sure whether they're actually really trading because I asked can you give me an an explanation how you how you utilize my money in the markets because I'll see although I can see on the on the screen, but it could be a fake screen that I'm looking at. So just explain to me really how are you utilizing my money and how do I lose my money? Because if I make my sums, there should be still money left even if I close all the positions. Then he says no but actually what happened because I put in the loss…well I closed up, I requested the stop-loss on the trades. So what actually happened when I went to that point, they then canceled that trade, I have to pay for that so I lost all the money again. So I did not then put the three hundred thousand Rand up.I sent them the letter that I've sent to you as well to say this is the situation. And II don't think they are authentic in how they're dealing and they are aware that I was a novice. I was expecting them to guide me through the process, but within less than two months I've lost four hundred and fifty thousand rand. Yeah.Chris Steyn (15:07.097)Tommy, the money you invested, what was it from? Was it savings or pension?TOMMY SALEM (15:15.319)Yeah, well from the first of June, I was, as I said, I had a stroke. So I was at home for a year and I was busy with the therapy and that didn't work out and the company then decided to put me on incapacity permanent incapacity leave. So from the first of July I was incapacitated. That was money I received from my insurance and my incapacity benefit.Chris Steyn (15:54.04)When did you realise this platform is also being accused by others of scamming them?TOMMY SALEM (16:06.295)This was after I've paid four hundred and fifty thousand, then I started really to…the day before they are supposed to ask me for the three hundred thousand, I actually started looking on YouTube at all the media that I could see and I found your your BizNews as well there and I've seen that there was two people already complained on your platform. And there was also some information from…TOMMY SALEM (16:57.444)…I think from an American company that said that FXSI cannot trade with Forex. And so yeah when I really realised it was really late for me in terms of the four hundred thousand I've already lost, but I realised there that if I put another three hundred thousand and up on I will be then definitely be losing that as well.Chris Steyn (17:44.493)So it was your disability money that you've lost.TOMMY SALEM (17:49.705)Yes, yes.Chris Steyn (17:52.631)Tommy, have you laid a formal complaint with the FSCA yet?TOMMY SALEM (17:57.685)I've written a letter to them, but there's been no response yet. Well it's now two weeks. I did send a long letter to them, and explained this situation.Chris Steyn (18:17.227)And what response have you had from the online trading company with regards to your complaint?TOMMY SALEM (18:24.138)Well they sent me emails first where they wanted to have a discussion, but then came back and said they tried to get hold of me and they couldn't reach me on my phone. So they sent me an email and said they will investigate this issue. And I must give them twenty-one days. So I think that this was last week, seven days ago. So they said they asked twenty-one days and they would investigate and they would get to me with a proper report, what transpired what happened, and how I've lost all this money in such a short period. Yeah, and that's basically it.Chris Steyn (19:28.609)In the meantime, what would you say to people out there? What advice would you give to people when it comes to online trading?TOMMY SALEM (19:52.568)You know, it's painful to lose so much money. I could have used it for other plans, for other things that I actually wanted to do. But what I will tell people is that it is a a very dangerous place to play - especially if you are not schooled in this type of things - even if they promised you that they would be assisting you and all the sweet language that they use to make you believe because everything looked very authentic…The guys I spoke to were very professional. so I did not do my research before that. I would suggest that you first do proper research and make sure that you talk to the right people before you invest at all on online because as I said, this type of environment is really very fluent and it's easy to lose money. Chris Steyn (21:28.311)You've probably realised by now that they don't have anything to do with Kallie Kriel and AfriForum.TOMMY SALEM (21:34.716)Yes, yeah, I also found that out, that it was just a clip that they used to you know, when you click, then it took you directly to them. And I did ask them and they were not sure how to explain to me how that happened, but they said they work with a thousand people. But they could not explain to me really how what is the link between AfriForum and themselves, yes.Chris Steyn (22:19.085)Thank you. That was Tommy Salem speaking to BizNews after he suffered a huge loss on an online trading platform. Thank you, Tommy, TOMMY SALEM (22:33.415)Thank you, Chris.Chris Steyn While the interview with Tommy was being conducted, this response came in from FXSI, reading:“Thank you for affording FXSI (Zivalea (Pty) Ltd), an Authorised Financial Services Provider (FSP No. 54231) regulated by the Financial Sector Conduct Authority (FSCA), the opportunity to comment. The Company conducts its business in accordance with the Financial Advisory and Intermediary Services Act, 2002 (FAIS), the General Code of Conduct, and its Complaints Resolution Procedure, ensuring all complaints are assessed fairly, objectively, and in line with the Treating Customers Fairly (TCF) principles.The complaint was received on 28 July 2026, acknowledged, and remains under formal investigation. The review includes all relevant records, trading activity, communications, and supporting documentation. As the matter is ongoing, it would be inappropriate to comment publicly on the allegations or speculate on the outcome. FXSI will cooperate fully with any request from the FSCA or any other competent regulatory authority.In accordance with its legal obligations relating to client confidentiality and the integrity of its complaints process, FXSI is currently unable to comment further until the investigation has been concluded and a formal outcome has been communicated to Mr. Tommy John Salem. Should Mr. Salem remain dissatisfied with the outcome, he is entitled to refer his complaint to the FAIS Ombud for independent consideration in accordance with the Financial Advisory and Intermediary Services Act, 2002 (FAIS).”