In this video, I’ll read this article from Moneyweb that they wrote about profiting from Bitcoin Arbitrage.
If you’d like to follow along and do the same thing without the “help” of an external company that does this on your behalf, you can definitely do so.
Let me show you how. First!
Step One. Open an account at Kraken.
You’ll ofcourse need to convert the ZAR in your bank account into USD or EUR (in my case I’m transferring to the EUR account on Kraken, most people use the USD to transact though)
Your bank will handle this conversion, and there are some specialist Forex banks that will give you a better rate.
After the funds clear in your Kraken account, buy BTC with the USD (or EUR in my case) using a Market Order.
Withdraw the Bitcoin in Kraken that you bought in Step One to the South African exchange that you opened in Step Two.
Sell the bitcoin for ZAR using a Market Order.
Withdraw the ZAR back into your bank account and calculate your profit and rate of return.
Rinse and repeat.
As a South African citizen, you can trade this way, sending up to R1million to your Kraken account.
If you’d like to more, you’ll have to apply for a Tax Clearance Status using your SARS e-filing account.
If you’d like me and my team to help you make money from arbitrage trading bitcoin, then please leave a message using one of the methods on this page and we will get in touch to give you more information.