I noticed cryptocurrencies are usually at a premium in Chinese exchanges at any given time, like ETH right now is sitting at $385USD while it is around $345 in US exchanges, that's a whopping 11% difference! So, as much as I'd like to just go ahead and experiment this, I have long lost my US/Canadian bank accounts so I can't get verified unless I can find some friends to do this for me. The idea is simple, not even using an arbitrage bot or anything, but simply deposit in US exchanges, buy some ETH/BTC and send them back to my local wallet. Then deposit these ETH/BTC into a Chinese exchange and convert that to cash. So essentially converting USD to CNY at a 11% premium (minus fees from the exchanges), is this theoretically possible? Am I missing anything here?
I was literally just thinking the same thing, except with BITSHARES because of the super fast confirmation times and cheap fees..there is currently a 2-5cent different in price across chinese exchanges compared to poloniex. Surely this can be taken advantage of.
EDIT: As we speak there is quite large differance in price between LTC on Bittrrex and Poloniex. My portfolio is too small to take full advantage of this but I plan to explore it fully over the coming weeks.
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This is actually very easy to test out if I can get an account setup in the US. Please do post back if you have done a successful test run! I will do the same if I can figure out a way to get myself an account.
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Follow me, I will blog about my progress and tactics I come across. Sharing idea's and getting a general consensus will help us greatly in future trades.
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Just did!
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