Korean Arbitrage | Bitcointalksearch.org

Beerwizzard

full member

Activity: 924

Merit: 148

Quote from: chiggz on January 08, 2018, 11:11:43 PM

Its not easy as it sounds. Unless you got some workaround to solve the second step. I will give a similar example from my country India.

Since different exchanges are from different countries, the supply and demand price is based on that country. Thats why they are premium priced. People usually exchange within their currency. For example the price of Bitcoin is $18000 in India when its $15000 in Bitfinex. If you send BTC from Bitfinex to Koinex (India) You can convert the BTC only to fiat (INR). That is you have only BTC/INR, ETH/INR, BCH/INR Now if you try to buy some other coin with the INR you got form the BTC, it will also be higher priced like BTC. So you won't be making any profit sending it back and forth.

Also since more and more exchanges are bound to KYC compliance from their own country it will be another roadblock.

Is it possible to somehow withdraw the fiat after selling your coins, convert it to USD and then send it to another exchange (the same Bitfinex for example) via SWIFT bank transfer? It doesn't seem like India is so closed that you are not able to make international transfers. There is also a list with all free EU bank accounts that can be opened online. Some of them are not requiring EU citizenship. Even Okpay now offer free IBAN to verified users. If it will work on indian exchanges then there it will probably work in korea.

SunJAB

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Activity: 406

Merit: 10

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Quote from: ipbitrung01 on February 09, 2018, 09:51:42 AM

Quote from: ?? on ??

How to convert KRW to USD?

Korean market is extremely strict and difficult, the government is trying to make it difficult for their people to reduce the number of speculators bitcoin. They believe that the current bitcoin is very volatile and risky so we can see the bitcoin price in Korea is always higher than in other regions up to $ 2000 a huge number .

Korea is a very strong market for cryptocurrency, although its government has repeatedly had prohibitive policies in the past. I realize that after being banned the crypto market will recover more strongly so you can trust the crypton market. If you look at investing in this market as a place to save, then buy a lot of good altcoin and do not pay attention to it, several months to look back and the results will be great.

ipbitrung01

member

Activity: 238

Merit: 10

Quote from: ?? on ??

How to convert KRW to USD?

Korean market is extremely strict and difficult, the government is trying to make it difficult for their people to reduce the number of speculators bitcoin. They believe that the current bitcoin is very volatile and risky so we can see the bitcoin price in Korea is always higher than in other regions up to $ 2000 a huge number .

Miracleismyidol

member

Activity: 266

Merit: 10

Quote from: bitsnbits on January 08, 2018, 04:05:34 PM

Is there any good way to Arbitrage with the Korean exchanges?
1. Transfer coins (btc,ltc,eth,xrp) over to the Korean exchanges and sell at a higher price
2. send back money (convert from krw to usd)
3. re-buy from the other non-Korean exchanges (kraken, coinbase, etc..)?
Is anyone doing this?

Thanks

The digital money market in Korea is extremely complex. Although bitcoin is not silent in this country, all transactions in the country are tight and very high fees. I know the price of a bitcoin in Korea is higher than other regions $ 2000 a huge figure. The government says it does so to reduce the number of people in their country into bitcoins and illegal uses for money laundering.

strongwarrior238

member

Activity: 294

Merit: 10

Quote from: bitsnbits on January 08, 2018, 04:05:34 PM

Is there any good way to Arbitrage with the Korean exchanges?
1. Transfer coins (btc,ltc,eth,xrp) over to the Korean exchanges and sell at a higher price
2. send back money (convert from krw to usd)
3. re-buy from the other non-Korean exchanges (kraken, coinbase, etc..)?
Is anyone doing this?

Thanks

I think Korea is a market that we should not participate in. I know the price of a bitcoin in Korea is higher than the price in other areas up to 2000 $, in addition to the transaction fees in the floor of Korea is also extremely high. South Korea has recently issued tough laws regarding bitcoin trading and tightened control of electronic money transactions in the country, in order to minimize its speculation on bitcoins.

boakyei

member

Activity: 358

Merit: 11

It will be very hard to achieve since you must get somebody who resides in korea to help you achieve that. Most korea exchanges wont allow you to withdraw unless you are resident.

omonuyak

sr. member

Activity: 882

Merit: 269

I am not sure if this is possible because if you look at most of the arbitrage bots there don't support south Koreas exchangers.
I have even tried to buy some coins that I noticed that there are cheap but it does not work out as I noticed a lot of security. I believe since cryptocurrencies is decentralized very soon one can do business online with Korean.

carter937

newbie

Activity: 60

Merit: 0

Quote from: bitsnbits on January 08, 2018, 04:05:34 PM

Is there any good way to Arbitrage with the Korean exchanges?
1. Transfer coins (btc,ltc,eth,xrp) over to the Korean exchanges and sell at a higher price
2. send back money (convert from krw to usd)
3. re-buy from the other non-Korean exchanges (kraken, coinbase, etc..)?
Is anyone doing this?

Thanks

I believe that investing in Korean market is extremely difficult. The country is increasingly tightening the management and supervision of electronic money transactions, in addition to the price of bitcoin in Korea is much higher than in other countries so much, that number up to $ 2000. To minimize the Korean people involved in the bitcoin market this country has very tough policies on this market.

ladner

member

Activity: 121

Merit: 10

Quote from: bitsnbits on January 08, 2018, 04:05:34 PM

Is there any good way to Arbitrage with the Korean exchanges?
1. Transfer coins (btc,ltc,eth,xrp) over to the Korean exchanges and sell at a higher price
2. send back money (convert from krw to usd)
3. re-buy from the other non-Korean exchanges (kraken, coinbase, etc..)?
Is anyone doing this?

Thanks

I learned that Korean financial agencies in cooperation with the Korea Financial Intelligence Agency (KFIU) have set up a special task force to oversee the digital currency exchange in the country and to Ensuring that the cryptocurrency businesses will comply with current regulations, government agencies announced on January 25. It will partner with local cryptocurrency trading platforms to ensure that money laundering operations And fraudulent activities when using electronic money will not happen in the Korean market, according to KFIU.

chiggz

sr. member

Activity: 434

Merit: 252

Its not easy as it sounds. Unless you got some workaround to solve the second step. I will give a similar example from my country India.

Since different exchanges are from different countries, the supply and demand price is based on that country. Thats why they are premium priced. People usually exchange within their currency. For example the price of Bitcoin is $18000 in India when its $15000 in Bitfinex. If you send BTC from Bitfinex to Koinex (India) You can convert the BTC only to fiat (INR). That is you have only BTC/INR, ETH/INR, BCH/INR Now if you try to buy some other coin with the INR you got form the BTC, it will also be higher priced like BTC. So you won't be making any profit sending it back and forth.

Also since more and more exchanges are bound to KYC compliance from their own country it will be another roadblock.

rommelzkie

full member

Activity: 294

Merit: 125

You need to be a registered resident of south korea before you can make an arbitrage there. The korean crypto exchange requires you to submit korean cellphone number, korean identification and korean bank before you can withdraw the Korean Won (KRW) fiat currency. All of this requirement must be in the same person registered on their exchange. If you have a family residing there maybe you can do the arbitrage. however, all of the withdrawal request will be deposited to your family's bank account. This is the best possible solution in my view.

Strongkev

newbie

Activity: 5

Merit: 0

It works.
I've done it several times.
Are you in Korea?
Shoot me an email, [email protected]

Knightly

member

Activity: 132

Merit: 11

I've thought about this in the past but probably not worth it trying to exchange the different fiats etc. But if you figure it out and are successful, good job!

-Knightly

bitsnbits

jr. member

Activity: 32

Merit: 1

Not sure - that's the question

bitsnbits

jr. member

Activity: 32

Merit: 1

Is there any good way to Arbitrage with the Korean exchanges?
1. Transfer coins (btc,ltc,eth,xrp) over to the Korean exchanges and sell at a higher price
2. send back money (convert from krw to usd)
3. re-buy from the other non-Korean exchanges (kraken, coinbase, etc..)?
Is anyone doing this?

Thanks

Topic: Korean Arbitrage (Read 226 times)