Recently I did a little experiment to see whether money could be made doing Bitcoin Arbitrage. I purchased Bitcoin from Coinbase and then transferred it to Coinspot and then sold it on Coinspot. Here are my findings:
Coinbase seemed to sell Bitcoin cheaper than most. I was trading in AUD. I picked up $1000 worth of Bitcoin at a price of ~$13,030 AUD. The fee that coin base charged was just under 4%. When I received my BTC, it was worth approximately $959 AUD.
I transferred from Coinbase to Coinspot. This took just over 1 hour.
I received the BTC in my Coinspot wallet as ~$1069 AUD.
I sold my BTC on Coinspot and incurred an approximate $22 fee on Coinspot.
After all fees, I was left with $47 profit, which is just under 5% gain in less than 90 minutes.
What I have to say is that the transfer from Coinbase to Coinspot was very long. If BTC holds its price or increases then perfect opportunity for Arbitrage, if it decreases then that is the risk you are taking. I have found that the BTC price in AUD between Coinbase and Coinspot is generally between 12-13% during my investigation.
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