Frequently Asked Questions

General

No, the entire process is automated and requires no input from you.

The minimum trade size is R100,000. The bank charges a fixed fee on each forex transfer which makes smaller amounts less feasible.

We’ve optimised every aspect of the process to ensure that you make the maximum profit. Refer to our 30 day stats to see what other clients have made.

It typically takes one business day from when you transfer your trading amount until we return it along with your profits.

We charge a service fee. In the unlikely event that you make a loss we do not charge any fees.

You’re welcome to trade until you’ve exhausted your single discretionary and foreign capital allowances for the year.

Fees

The service fee we charge is equal to 20% (including VAT) of the profit generated after all other fees have been taken into account. If no profit is generated we do not charge a service fee. Please see below for a complete breakdown of all fees involved:

Forex Transaction Fee: R500 (charged by the bank for sending your funds abroad)
Forex Conversion Fee: 0.3% (
charged by the bank for converting your Rands to US Dollars)
Service Fee: 20% (charged by Shiftly for arbitraging your funds)
Withdrawal Fee: R4.61 (charged by Shiftly for transferring your funds back to you) 

Exchange Control

The South African Reserve Bank overseas all foreign exchange related transactions in South Africa. They impose limits on the amount of money an individual can transfer abroad amongst other things.

It is an allowance of R1 million per calendar year which a South African resident over the age of 18 years may use to transfer money abroad. Refer to the section on single discretionary allowances in the Currency and Exchanges guidelines for individuals published by the South African Reserve Bank for more information.

It is an allowance of R10 million per calendar year which a South African resident over the age of 18 years may use to invest abroad, subject to obtaining a tax clearance certificate from SARS. Refer to the section on foreign capital allowances in the Currency and Exchanges guidelines for individuals published by the South African Reserve Bank for more information.

Risks

It is considered to be very low risk. We have taken every precaution to minimise loss of trading capital.

Events beyond our control could result in a loss of trading capital. Be sure to read our Terms & Conditions for more information

Legal

Yes, please consult the South African Reserve Bank’s Position Paper on Virtual Currencies for more information.

© 2021 Shiftly (Pty) Ltd

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©2021 Shiftly (Pty) Ltd

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