Topic: Buying and selling quickly (Read 596 times)
The problem about that is the -withdrawal and deposit methods and fees associated with the process- I remember I though about that regarding Bitstamp and BTC-E but the fees/methods require allot of effort for each exchange (and the price could change in the intervals between them).
After looking at a few exchanges, their prices seem to differ by about $40 or so, sometimes more. Would it be at all worth it to buy 1 BTC from one exchange then sell on another immediately?
I am afraid that it is not that simple. You can move Bitcoins from one exchange to another pretty much quickly (may be in a few hours), but to move cash from one exchange to another you will have to wait for days.
After looking at a few exchanges, their prices seem to differ by about $40 or so, sometimes more. Would it be at all worth it to buy 1 BTC from one exchange then sell on another immediately?
I realize there are fees etc, but how much would they impact?
I realize there are fees etc, but how much would they impact?
arb traders are welcomed in our exchange LakeBTC.com
After looking at a few exchanges, their prices seem to differ by about $40 or so, sometimes more. Would it be at all worth it to buy 1 BTC from one exchange then sell on another immediately?
I realize there are fees etc, but how much would they impact?
I realize there are fees etc, but how much would they impact?
There are fees required to get the local currency into one exchange. Then there are fees required to perform the purchase of the bitcoins at the exchange. Then there are fees required to perform the sale of the bitcoins at the second exchange. Then there are fees required to transfer the local currency out of the second exchange.
Once you've paid all those fees, you also have to deal with the exchange rate changing during the hour or so that it takes you to transfer the bitcoins from one exchange to the other, which could result in you selling the bitcoins for less than you bought them.
Is it possible to make a profit this way? Sometimes, but there is a significant risk that you will lose money instead. You'll have to add up all the fees, and see if the risk is worth it to you.
After looking at a few exchanges, their prices seem to differ by about $40 or so, sometimes more. Would it be at all worth it to buy 1 BTC from one exchange then sell on another immediately?
I realize there are fees etc, but how much would they impact?
I realize there are fees etc, but how much would they impact?
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