OVEX

D

dpicota

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Hi everyone,

I would just like to find out if anyone here has any experience with OVEX. I can't seem to find any information regarding them that does not seem sponsored in some way or another. They have a few post's on MyBroadband, and moneyweb, but they all seem to be sponsored articles. So if anyone can maybe share any sort of experience they have had with them, it would be highly appreciated.
 
while we're on the topic, interested in anyone's experience with Shiftly as well, last time around it didn't seem like anyone's used them although they also offer arbitrage like Ovex:

Shiftly? Anyone used it?

Saw it mentioned in one of the thread. Think it was in the MTI one :D Looked it up and looks a little too good to be true? Anyone that has actually used the platform and can provide feedback? https://shiftly.co.za/
mybroadband.co.za mybroadband.co.za
 
NarrowBandFtw said:
while we're on the topic, interested in anyone's experience with Shiftly as well, last time around it didn't seem like anyone's used them although they also offer arbitrage like Ovex:

Shiftly? Anyone used it?

Saw it mentioned in one of the thread. Think it was in the MTI one :D Looked it up and looks a little too good to be true? Anyone that has actually used the platform and can provide feedback? https://shiftly.co.za/
mybroadband.co.za mybroadband.co.za
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Lack of FSP number remains an issue and now the website seems dead. Proper risky. Ovex is a better option albeit returns also were a little suspect and no reviews to speak off.

All in all, better to risk* R50k rather than a whole R100k
 
NarrowBandFtw said:
that would go for both Ovex and Shiftly and every crypto exchange in ZA though right? FSP doesn't cover them at all, at least not yet


? works fine for me: https://shiftly.co.za/


true, or better to learn from someone else who risked their money before you risk any of your own :cool:
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I'm giving them my money to trade for me in some respect. A guarantee would be nice. I did go through the OVEX signup etc. I think I saw a FSP number or something albeit it might have been for Mercantile Bank who they partner with.

When I meant said dead, I meant this section
02aefc7b8a68837249cc54637c3c122a.jpg



Lastly, after some PMs seems easier to do it yourself. Won't always be perfect after fees but you can make a plan albeit you do need some Programming knowledge.
On SAGamer I asked the same question specific to Shiftly and was told it was okay but new fees were persuading people to look elsewhere. I'll try find the post.
 
I see VALR is also offering this service and would say they are more trustworthy than OVEX?
I don't exactly see people commenting that they have lost money, but with that in mind, I also do not see people vouching for them either.

So I am on the fence with this, it's more of a question that am I willing to lose my investment, with the chance that it might be true, or just stay away.
 
dpicota said:
I see VALR is also offering this service and would say they are more trustworthy than OVEX?
I don't exactly see people commenting that they have lost money, but with that in mind, I also do not see people vouching for them either.

So I am on the fence with this, it's more of a question that am I willing to lose my investment, with the chance that it might be true, or just stay away.
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Different. They have a savings account but you could lose your entire holding there as well. Read the ToS
 
Hey everyone,

I know the thread is titled Ovex, however seeing as Shiftly is mentioned I'm posting here. I'm Carel, one of the co-founders of Shiftly.

Pho3nix said:
Lack of FSP number remains an issue and now the website seems dead. Proper risky. Ovex is a better option albeit returns also were a little suspect and no reviews to speak off.

All in all, better to risk* R50k rather than a whole R100k
Click to expand...

No crypto service provider (including the exchanges) in SA has an FSP number as it's not currently possible to apply for one. It will become mandatory to register as a Financial Services Provider once the final declaration on crypto assets is published by the FSCA.

Our partner FX intermediaries and banks who handle the forex leg of the transaction are registered financial service providers.

Our website is up and running (the stats take a few seconds to load):

1619805744441.png

We welcome our new clients to do a test trade of R50k, however the banks charge a fixed fee of R500 to send your funds abroad, making trade sizes smaller than R100k less viable.

Feel free to ask me anything relating to our service.
 
cdev said:
Feel free to ask me anything relating to our service.
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Hi Carel, think I've seen you post before, if you like you can chat to mods about getting your account flagged as an official representative of Shiftly fyi

I have been wondering one thing about your service though ... so the upper limit is each individual's annual foreign investment allowance right?

can Shiftly take a smaller deposit and just run the arbitrage loop a couple of times until that limit is hit before paying out? I'm thinking of people who have say 100-200k to invest so you can do it 5-10 times before hitting the 1mil limit, it would presumably be faster and cheaper for Shiftly to loop the funds 5-10 times rather than pay it back to the client each time and have them re-deposit it 5-10 times?
 
NarrowBandFtw said:
Hi Carel, think I've seen you post before, if you like you can chat to mods about getting your account flagged as an official representative of Shiftly fyi
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Hey @NarrowBandFtw, thanks for this - I'm not too active on myBB but will definitely look into this.

NarrowBandFtw said:
I have been wondering one thing about your service though ... so the upper limit is each individual's annual foreign investment allowance right?
Click to expand...
Correct, South African residents may send R1m abroad under their SDA (Single Discretionary Allowance) and a further R10m under their Foreign Investment Allowance (subject to a tax clearance certificate from SARS) per calendar year.

NarrowBandFtw said:
can Shiftly take a smaller deposit and just run the arbitrage loop a couple of times until that limit is hit before paying out? I'm thinking of people who have say 100-200k to invest so you can do it 5-10 times before hitting the 1mil limit, it would presumably be faster and cheaper for Shiftly to loop the funds 5-10 times rather than pay it back to the client each time and have them re-deposit it 5-10 times?
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This is possible yes. After each trade we return the clients capital and profit to their FX bank account (which is opened in the name of the client as part of our sign up process). Once the funds reflect the client may initiate their next trade and repeat this process until the limit(s) are reached or until they would like to withdraw.

We don't sign a mandate on the clients FX account so the client remains in control. All client funds are returned to the clients FX or personal bank account after each trade so we don't custody any client funds for longer than the trade duration.

Edit: I'd prefer to not hijack this thread any further. Happy to create or reply in a dedicated thread if there's demand for it.
 
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cdev said:
Hey @NarrowBandFtw, thanks for this - I'm not too active on myBB but will definitely look into this.


Correct, South African residents may send R1m abroad under their SDA (Single Discretionary Allowance) and a further R10m under their Foreign Investment Allowance (subject to a tax clearance certificate from SARS) per calendar year.


This is possible yes. After each trade we return the clients capital and profit to their FX bank account (which is opened in the name of the client as part of our sign up process). Once the funds reflect the client may initiate their next trade and repeat this process until the limit(s) are reached or until they would like to withdraw.

We don't sign a mandate on the clients FX account so the client remains in control. All client funds are returned to the clients FX or personal bank account after each trade so we don't custody any client funds for longer than the trade duration.

Edit: I'd prefer to not hijack this thread any further. Happy to create or reply in a dedicated thread if there's demand for it.
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Thanks for the feedback. I think it would be more ideal if you created a dedicated thread for questions.

On my end, how exactly do your fees work and what's changed specific to that over the last year?

Why would I go with Shiftly over Ovex ?
 
cdev said:
Hey @NarrowBandFtw, thanks for this - I'm not too active on myBB but will definitely look into this.


Correct, South African residents may send R1m abroad under their SDA (Single Discretionary Allowance) and a further R10m under their Foreign Investment Allowance (subject to a tax clearance certificate from SARS) per calendar year.


This is possible yes. After each trade we return the clients capital and profit to their FX bank account (which is opened in the name of the client as part of our sign up process). Once the funds reflect the client may initiate their next trade and repeat this process until the limit(s) are reached or until they would like to withdraw.

We don't sign a mandate on the clients FX account so the client remains in control. All client funds are returned to the clients FX or personal bank account after each trade so we don't custody any client funds for longer than the trade duration.

Edit: I'd prefer to not hijack this thread any further. Happy to create or reply in a dedicated thread if there's demand for it.
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Hi Carel,

Thanks for the input. I'm not really sold to only OVEX, but am interested in the arbitrage service as a whole. I have also contacted VALR as well, have not yet looked at Shiftly, as I saw someone said your website was down? I am already cautious in terms of just investing money, and VALR seems to have a better reputation in South Africa as a whole than either OVEX or Shiftly. This is my personal opinion of course.
 
Would it be worth to form a club of R10k each for the min R100k shiftly or R50k Ovex? Spreading your risk.
 
nican said:
Would it be worth to form a club of R10k each for the min R100k shiftly or R50k Ovex? Spreading your risk.
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No. It has to be your money or the banks money no one else barring your spouse. The reserve bank is super sticky with this, accounts will be frozen if you can prove the source of funds are yours.
 
I think the biggest question here is once they have utilised an individual's Single Discretionary Allowance (SDA) of R1 million, how do they keep rolling the Foreign Investment of Allowance (R10 million)? For the SDA not tax clearance is required but the for the FIA you have to apply for tax clearance.

To me the biggest hurdle is each time they roll your R100 000 or R50 000 using your FIA they need to request a new Tax Clearance Certificate from SARS. They can only apply for it for the amount you have available of R100 000 and not the full R10 million. They will have to prove to SARS that the funds went out and were repatriated to apply again. This tax clearance can take anywhere from 3 - 5 days and sometimes longer.

It would be great if they could clarify this as the average Joe would not know about it. This is a major sticking point and is not covered in any of the articles/publicity they have been receiving or their website.

@cdev maybe you can clarify for those of us on the fence?
 
EnT@nGleD said:
I think the biggest question here is once they have utilised an individual's Single Discretionary Allowance (SDA) of R1 million, how do they keep rolling the Foreign Investment of Allowance (R10 million)? For the SDA not tax clearance is required but the for the FIA you have to apply for tax clearance.

To me the biggest hurdle is each time they roll your R100 000 or R50 000 using your FIA they need to request a new Tax Clearance Certificate from SARS. They can only apply for it for the amount you have available of R100 000 and not the full R10 million. They will have to prove to SARS that the funds went out and were repatriated to apply again. This tax clearance can take anywhere from 3 - 5 days and sometimes longer.

It would be great if they could clarify this as the average Joe would not know about it. This is a major sticking point and is not covered in any of the articles/publicity they have been receiving or their website.

@cdev maybe you can clarify for those of us on the fence?
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Multiple fia applications need to be made and your are at Sars mercy with regards to timing. All this is why arb exists in the first place all this red tape. The more you have to work with the quicker and efficient the whole process is.

The unfortunate reality for arbitrage is you need money to make money. But there is definitely money to be made
 
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My point is then the whole process is not as automated as they make it out to be...

If you are lucky your FIA will be approved in 5 days. If you are unlucky it can take much longer. Try explain this process to SARS and how your money exits and returns is likely to make the process much longer...
 
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