XRP is hot right now, STEEM as well. Did you miss the boat, is it too late? Lots of discrepancy between exchanges.
Post you best practice and tips about arbitraging. Is it still worth to do it now that most of of the market is saturated with bots? Did you manage to make some money and if so, how did you do it? What are the pitfalls to avoid? Any good open source bots our there that not many know of yet?
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Bruh arbitrage is way too complicated for my tiny lizard brain
Use ltc or doge to transfer shit between exchanges
Yeah that's what I was thinking of. Use currencies that take the less time to transfer. I'm using Stellar personally, worked well so far. Doge is also a very good choice I concur.
In your opinion, which exchanges are the less a pain in the butt with KYC but still highly reliable?
Which exchange that support Doge and LTC would you recommend?
How much volume do you move for it to be worth it? Withdrawal fees can be pretty high (I have a very small amount of an alt that I wanted to send elsewhere, and for a $80 transaction they wanted to charge about $30 of fees.)
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>Anonymous (ID: w2YnwkaI) 01/02/18(Tue)01:52:48 No.5749840▶
100K per day let's say.
I made the maths for low volume and like you have said, it's not worth it. That's why I so concerned with exchanges and their reputation. I don't want to leave a lot on any of them. Most exchanges that support alts are dodgy as fuck.
I make about $500/day moving $5k worth of crypto back and forth from exchanges.
I'm not going to spoonfeed anyone. Just know that getting started is the most difficult thing, but once you have a system going it's a cake walk.
A few tips: Open accounts on multiple exchanges right now and try to get verified on most of them.
Use CMC to find the best pairs. Take advantage of them before they dry up.
Pardon me for being clueless about what CMC means. I made a lot in the past 4 years and recently also with XRP. What does CMC means? I'm on 6 exchanges right now, verified with reasonably good withdrawal daily limits. That was the first step. Now I'm ready to take advantage of it. Won't last long of course and the window is closing fast.
Are you using bots or do you make all you trades manually?
>CMC
>coinmarketcap.com
Not sure how to "find the best pairs" on there though.
Thanks for the info.
Are you using bots or just manually trading? Once the bots take over, well... It's over. But now it's still possible to make good trades.
Do you daytrade exclusively? How do you manage cash out?
I don't cash out much, except to cash out my gains from time to time. But most of what I trade is crypto. Like I've said, I'm new to actually trading. I've been investing for a couple of years and got very good returns (virtual of course). But now I have a lot of what I would call play money and I'd like to maximize it while the gravy train still goes on.
With all my accounts, I think I could probably cash out in a couple of months. not many have actually done it, as I sure you are aware. You might have done it or course. I don't mean that in a cynical way. Just that it's new territories for many of us.
Any of you using Bots?
I have found a couple of them but mostly for lending. Poloniex for example. Is it worth spending some time to create bots or it it too late? Before you ask, yes I could program my own bots. Just not sure if it would be a waste of time right now and worth the time I would have to invest to learn about it.
Any of you have first hand XP with Gekko or Zenbot for example?
Usually you want to look for large dollar price discrepancies between different exchanges on a certain trading pair. Make sure the volume is decent enough for you to get liquidated. With arbitrage you want to trade your coins as fast as possible to minimize risk.
No bots, though I might start looking into bots and APIs just out of interest.
Arbitrage trading is the least risky thing I'm doing at the moment, so I try to do it as much as possible. I send half of my earnings to gdax and trade for USD, and the rest goes to decent long-term investments (be it crypto, stocks, etc.)
Btw I use this site to get a glance at the market (you probably already know about it).
Do you know of a better site?
>Make sure the volume is decent enough for you to get liquidated
That's the biggest issue. A couple of months ago it was really easy to do. Gatehub / XRP and Poloniex for example. I made a small fortune back then. Risky but worth it (Polo was really sketchy back then). But I feel that now I am competing with bots. That's why I am looking at this option. The market is still young, but won't last long. In a couple of months, it will become almost impossible to day trade. The window of easy money is closing fast. Thanks for the tips btw. Very appreciated.
>No bots, though I might start looking into bots and APIs just out of interest.
My advice is that you should. In a couple of months, things will get crazy. That's why arbitrage is not really worth it anymore with the stock market. Bots rule and control it all. A human is no match.
Well not entirely, but in 95% of the cases.
There's a pair of exchanges where I can buy £750 worth of ETH, transfer it, and it instantly becomes £820 after fees.
Feels gud.
Good for you! Now I need to find it. ;)