MyStocks.Africa’s Non-responsive on Due Diligence inquiries
I completed MyStocks.Africa’s KYC process and provided the personal information required to open an account. I had some challenges with the KYC process, but customer service was very responsive usually responding within the same day or within 24 hours to both email and WhatsApp voicenotes and text messages.
Before funding the account, I contacted customer service to ask several basic due-diligence questions about how my investments would be handled.
I contacted them five separate times through WhatsApp and email. My WhatsApp messages were read, my voice notes were listened to, and my emails were opened. They will not respond with an acknowledgement nor answers to my questions.
I asked for clarification about:
• the licensed broker that would actually execute my Ghana Stock Exchange trades;
• the custodian or Depository Participant that would hold the securities;
• what independent documentation I would receive to verify ownership of shares;
• documentation supporting the regulatory relationship they state exists between MyStocks Technologies and TanFox;
• the complete fees involved in depositing, trading, converting currencies, and withdrawing money;
• whether shares can be transferred to another broker without selling them;
• how certain U.S. regulatory and investor-protection references on their website apply to customers investing in African markets;
• whether U.S. citizens residing in Ghana can use the platform and what compliance requirements apply; and
• who is legally responsible and what recourse an investor has if there is a problem with execution, settlement, custody, or recovery of assets.
I did not receive answers.
These questions became especially important to me after reading MyStocks.Africa’s own disclosures stating that trades are executed by third-party licensed brokers and that assets are held through licensed custodians or brokers.
My concern is simple: I was willing to consider using the service, and I completed their KYC process. But I am not comfortable depositing money with a financial platform that will not answer reasonable questions about who handles my trades, who holds my securities, how I independently verify ownership, what I will pay, and what happens if something goes wrong.
This may be a customer-service problem rather than anything more serious, but after five attempts to obtain answers, the lack of communication has significantly reduced my confidence in the platform.
I would be happy to update this review if MyStocks.Africa responds and provides clear answers to these questions.