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Exchange A price is $1000 Exchange B price is $1250 Makes sense to buy on A and sell on B for a nice profit. So I buy 3 coins on A and send them to Be, sell o
by celticninja 9y ago
Exchange A price is $1000
Exchange B price is $1250
Makes sense to buy on A and sell on B for a nice profit. So I buy 3 coins on A and send them to Be, sell on B and have a nice $750 profit. Now you need to get fiat from B to A and this is where you hit your bottleneck.
- pc86 9y agoAssuming you can legally operate on both A and B in your country, isn't it a matter of sending your $3750 from B to your bank then depositing $3750 from your bank to A? Obviously that step alone (fiat B => bank => fiat A => crypto A) could take well over a week before fiat in B is back to crypto in A. I know I'm missing something because a lot of people a lot smarter than me are in this space. I just don't know what it is I'm missing from the outside.
- mikulas_florek 9y agoDifference between exchanges is ~0% to 5%. Price can change 5% easily in an hour on a single exchange so if you take a day or more to transfer money from one exchange to another, it's very likely you would earn more just by holding BTC.
- celticninja 9y agoNot every exchange has perfect withdrawal to fiat methods. Wex.nz doesn't have the facility to move fiat to a bank account. Bitfinex you cannot withdraw USD others only allow EUR withdrawals etc.