We are winding down and closing The OVEX Automated Arbitrage Service. Here is what you need to know...
Why is OVEX closing down its Automated Arbitrage Service?
Although cryptocurrency arbitrage remains a profitable low-risk trade, it constituted a modest portion of our business in its entirety and an outsized portion of our operations.
We are dedicated towards becoming the one and only destination for high-volume and retail cryptocurrency investors in South Africa and the world over. To achieve this end, we have decided to nurture our core business offerings; that being: Cryptocurrency Trading, Cryptocurrency Interest Accounts and Payment solutions.
What is the deadline for applications to the Automated Arbitrage Service before Termination?
Any accounts that are not actively trading by the 31st of January 2022 will have to forgo their application. This means your OVEX arbitrage account is fully funded, approved and trading. We will work tirelessly to activate as many of our arb clients as possible so please bear with us during this time. Unfortunately, we cannot make any exceptions. The service is first come first serve.
When will my Auto Arb Account stop trading?
We will cease all Automated Arbitrage related trades by the 14th of February 2022.
What happens to my invested capital?
On the 14th of February 2022 all rounds will be deactivated and your funds will be unlocked. Your funds remain in secure custody in your OVEX wallet. You will always have swift access to your funds and can withdraw or move your funds into any other OVEX products at any point in time.
Can I still access all my past cryptocurrency arbitrage profits?
All profits from past, present, and future trades are still accessible and available for withdrawal.
Will the OVEX Tax Practitioners still assist with my FIA applications?
Unfortunately, our tax practitioners will no longer assist with new FIA applications. Any applications still under review by the 31st of January will be completed. You can assess any unused FIA on your OVEX Arbitrage Dashboard.
Now that OVEX no longer offers an Automated Arbitrage Service, what are my alternatives?
The good news is – you can still engage in cryptocurrency arbitrage with many Arbitrage Service providers vetted by OVEX. The list of these will be available upon request in due course.
Will I still be able to access my trade and allowance usage information as well as Arbitrage statements?
You will still be able to access an arbitrage statement showing all historical trades and profit until the 14th of February 2022. After then, we will be taking the arbitrage tab off our website. Please try and download all statements and information that you need before then.
Will OVEX be able to share all of my KYC information with my new arbitrage service provider so I do not have to go through the whole onboarding process again?
There will be a mechanism in place where this is possible but you will need to give your express consent for this to occur. Contact your new arbitrage partner for more details on this.
I use OVEX to trade arbitrage in my own capacity and on behalf of clients. Is this no longer possible?
Manual arbitrageurs (whom use OVEX's trading desk to execute their arb strategy) are not impacted whatsoever by the closing of our auto arb product.