Shiftly? Anyone used it?

Hi guys, I'm one of the co-founders.

Arbitrage is the simultaneous buying and selling of an asset in different markets in order to take advantage of differing prices for the same asset. Shiftly has built a service that automates this for South African residents.

You're welcome to verify our returns by converting e.g. the Bitcoin price on an offshore exchange to Rand and comparing that to the price on one of the local South African exchanges. You'll notice a price difference of around 5% at present before taking any fees into account. The stats on our website are net of all fees.

This might sound too good to be true, so here's the caveat. South Africans may only send a limited amount of money offshore per calendar year (R11m in total), so your total trading volume and thus potential profit is capped.

We do not hold any client funds for longer than the trade duration (around 24h on weekdays and 72h over weekends). The reason for the minimum amount is due to fixed fees that clients incur when sending funds abroad.

Happy to answer any questions you might have.

--
Carel

@Pho3nix, it's of concern to me that our company's name is mentioned in an MTI thread. Could you please send me a link to the post?
 
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Daruk said:
Why the minimum investment of R100k?
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As mentioned in my previous reply, there is a fixed fee per trade. The bank charges R450 per outward transfer. See below example of the impact of this on a R100,000 vs R10,000 trade size:

R450/R100,000 = 0.45%
R450/R10,000 = 4.5%

Ignoring all other fees, at 5% arbitrage the R100,000 trade would net 4.55% and the R10,000 trade would net 0.5% return. The latter is thus not feasible.

Daruk said:
And are these statements true?
- "ZERO SLIPPAGE
We calculate volume-weighted averages to ensure the expected price and actual trade price are the same"
- "LOW-RISK
We maintain float so you have zero exposure to digital asset price fluctuations."
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Yes, else they would not be on our website.

Daruk said:
What about the potential for DDOS and general international internet issues?
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All companies are exposed to these risks, we've put adequate measures in place to avoid any service interruption.
 
I have looked at Shiftly quite closely on behalf of a pal. I believe they are legit.

The opportunity they are taking advantage of will not be there forever - no harm in making hay while the sun shines.
The disadvantage is consumption of your offshore allowances.
There is always risk - in this case it appears well managed (This does not mean there is no risk).

If you have R1m lying around, exposing R100,000 (10%) of it to Shiftly a few times is likely to turn a decent risk-adjusted profit.
If you have R100,000 lying around, and you expose the full amount to Shiftly I would say you are possibly taking an overly concentrated risk.
 
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Daruk said:
So what do you think of the claim: "zero exposure to digital asset price fluctuations."?
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I think they could short to cover their longs and/or simply carry that risk themselves. They wouldn't have to hold crazy reserves to do so.

If someone came along with an amount so big that they were not comfortable covering the volatility risk - they can turn it away or amend their terms.

There will be losses and gains on volatility, bit these should neutralise each other towards a slight additional profit to Shiftly.
 
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I’m just a little shy as no information regarding the platform. Even a simple video with a high level explanation would help. R100k is a lot of money without a FSP number as well

Edit : FSP not FSCA
 
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Daruk said:
What are allowances at the mo?
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1m annual discretionary . A further 10m with SARS clearance.

I think the whole transaction (all legs) are carefully planned out before someone hits the green button.

I believe they should have a FSP number but at present I believe they do not have one. It is possible that they are piggy-backing on the forex dealer FSP.
 
Pho3nix said:
I’m just a little shy as no information regarding the platform. Even a simple video with a high level explanation would help. R100k is a lot of money without a FCSA number as well
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Being shy is being wise.

Better to investigate.
 
cdev said:
This might sound too good to be true, so here's the caveat. South Africans may only send a limited amount of money offshore per calendar year (R11m in total), so your total trading volume and thus potential profit is capped.
Click to expand...
I knew there was a catch somewhere. Now I got it.
 
cdev said:
Hi guys, I'm one of the co-founders.

Arbitrage is the simultaneous buying and selling of an asset in different markets in order to take advantage of differing prices for the same asset. Shiftly has built a service that automates this for South African residents.

You're welcome to verify our returns by converting e.g. the Bitcoin price on an offshore exchange to Rand and comparing that to the price on one of the local South African exchanges. You'll notice a price difference of around 5% at present before taking any fees into account. The stats on our website are net of all fees.

This might sound too good to be true, so here's the caveat. South Africans may only send a limited amount of money offshore per calendar year (R11m in total), so your total trading volume and thus potential profit is capped.

We do not hold any client funds for longer than the trade duration (around 24h on weekdays and 72h over weekends). The reason for the minimum amount is due to fixed fees that clients incur when sending funds abroad.

Happy to answer any questions you might have.

--
Carel

@Pho3nix, it's of concern to me that our company's name is mentioned in an MTI thread. Could you please send me a link to the post?
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Hi Carel .
Is there any way possible , that mti could be using the same sort of Format , to generate legitimate income From this sort of arrangement ? I'm no crypto genius :nothing more than a concerned member of the public. It seems though that your investment system is far more clean-cut than most.
With 90 000- 150 000 investors :Wouldnt the trading pool negate the individual fixed fee per trade.
Thanks in advance .
 
Def-e-nition said:
Hi Carel .
Is there any way possible , that mti could be using the same sort of Format , to generate legitimate income From this sort of arrangement ? I'm no crypto genius :nothing more than a concerned member of the public. It seems though that your investment system is far more clean-cut than most.
With 90 000- 150 000 investors :Wouldnt the trading pool negate the individual fixed fee per trade.
Thanks in advance .
Click to expand...
nope, arbitrage and "trading bot" are no way the same thing. You also need fiat etc to even attempt this. MTI is def not arbing. also wont work for any of their entire foreign base.
 
Snyper564 said:
nope, arbitrage and "trading bot" are no way the same thing. You also need fiat etc to even attempt this. MTI is def not arbing. also wont work for any of their entire foreign base.
Click to expand...
Thanks big guy. Was just wondering if they werent perhaps , veiling Trading on another platform , by disguizing it as "the trading bot " .just wanted to rule out any possible option that they are indeed, trading .We'd look like fools if they were ..
 
Def-e-nition said:
Thanks big guy. Was just wondering if they werent perhaps , veiling Trading on another platform , by disguizing it as "the trading bot " .just wanted to rule out any possible option that they are indeed, trading .We'd look like fools if they were ..
Click to expand...
I had a similar concern a while back. The critical aspect of Shiftly is the conversion ZAR to hard currency. MTI doesn't touch that leg.

I have tried very hard to find an honest angle on MTI (because if it was legit it would be wonderful), but it simply doesn't add up.

Shiftly I can work out and others could repeat and I am not asked to "have faith".
 
To compare MTI to company utilising arbitrage is laughable
 
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