Remember when India was at 1000 USD price of BTC when rest of world was below? This was allright but it was due to lack of banks working with exchanges and small volumes.
The Taiwan people have totally different situation.
If you follow my articles you already know of big spread between BitFinex and oter exchanges, sometimes worth over 100 USD per BTC.
Here is whats different than with India situation. BFX is top volume USD exchange, and allows deposits and withdrawals currently ONLY from Taiwan banks. They have some issue with other corresponding banks and only direct wires from and to Taiwan work.
So the process is simple:
Buy BTC at any other exchange, sell on BFX for 100USD+ of pure profit, withdrawal FIAT by wire transfer.
Rinse and repeat.
The reason why BFX isnt collapsing, price of BTC keeps raising and still has volumes despite huge withdrawals are the people from Taiwan (and those having access to accounts) who keep arbitraging the free money between exchanges.
Look only for BTC/FIAT markets, LTC is another story (wrote of it yesterday).
Other Way to Profit On This
More risky way. Get account on BitFinex transfer BTC/ETH there, sell and wait. If they fix bank issues - you also made the 100USD profit. But with bigger risk (what if before they fix they die, or they wont fix etc). Taiwan arbitrage people dont have to wait longer than withdrawal of FIAT takes hence why method is popular now.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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Wow, you'll make a lot of people rich.
i hope people using the tops will pass me a beer ;)
Guess not so useful for me in Singapore. Maybe... hmmm summon @deanliu here so he can see if can make a quick bucks.
DO not forget to PM support after making account to make sure whats up. This week Taiwan works - we dont know next week ;)
I just checked. Now poloniex, bitfinex, bittrex all have similar BTC/USD rates now ... but if I buy from Taiwan's exchange, Bitorex, they sell at roughly 1276 USD/BTC which is cheaper... but with all the hassles for opening up an account on those foreign exchange and get it approved for wiring money abroad... I think I will pass. As you said, who knows what might happen next week and my money may still be someshere under the pacific ocean... lol
Well you can of course find a counterparty who has accounts in the EU and USA (like me), find a place to escrow an amount for each side of a transfer. One buys on one exhange and the other receives and sells.
Can work it out a little further. Someone with OK liquidity in Taiwan, drop me a line.
Nice post brother @kingscrown
im trying to do my best here!
Appreciate all you do brother. Producing some quality content, hope you're doing well.
How about Hong Kong? Can I withdraw in HKD?
Sadly not. There was rumor it was possible but then people checked and its not.
Make account and ping support asking when HKD will be on again though. May be before USD
These tips are totally amazing!
i sure hope so :)
I think I want to live in Taiwan right away when you say you can make money that is risk free. Interesting post.
I like it.
Follow, upvote and resteem @kingscrown
Did you try that?
The bitcoin price is the same of bitfinex and poloniex.
this is due to USDT - which is the original reason of problems (read my other posts on USDT).
from poloniex you wont withdrawal USDT as FIAT right now, from BFX you will.
You must deposit dollars by wire not bitcoin deposit or it does not matter?
What matters is you can withdrawal FIAT only to Taiwan bank. What you deposits doesnt matter
Good for you, I don't live there.
Wow! Great info. I just started reading your blog and you are now the first person I'm following!
This needs to be higher, OP is clueless when it comes to arbitrage.
I want to apply
Have you checked this out by the way, just discovered kit recently, amazing track record of bitcoin and altcoin trading by a kind of a hedge fund, totally legit and very profitable: https://ethtrade.org/agent316773
I also want to apply!
Absolutely not possible. Finex trades BTC/USDT. The T stands for Tether and the only reason the price of BTC on Finex is so high is because Tether is becoming inflated. Do NOT buy BTC on Finex right now, the exchange is having huge issues and USDT may become worthless in the coming months.
Im glad I followed you @kingscrown this is gold.
Skrt
Anchorage,AK
))
Great information!
Great wealth finder.
Nice post.
Followed, upvoted and resteemed :)
Informative post.
Dude.
Also, expect these arbitrage opportunities with fiat currencies to only get better and crazier in the months to come. Brexit, French elections, EU stuff, USD/RMB "currency manipulation," etc.
"It's great to be alive."
Great post @kingscrown
like a korea last year