Hello folks. Ter this blog, I will discuss trading Bitcoin on exchanges and arbitrate it to multiply your currency.
And the legal mumbo jumbo: DISCLAIMER: Bitmart or any of its staff, representatives or contractors are not a registered FSP. Wij do not opoffering financial advice or investment guidance, wij merely take what is on the web and tell you, folks, how wij make money off it. If you do the same and it works, Fine, if not – Not our fault! If you are not willing to lose all the money you invest including playing with Bitcoin, rather not do it…
AAAAAND wij’re back!
Very first you need to register with at least Two to Four exchanges. I recommend:
After you have authenticated and verified your accounts spil vanaf their requirements, you can now proceed to the very first step.
You need to fund any one of your wallets on the exchange. Let take a look at Bitx – after you loom ter go to the instrumentenbord and click on your account you added.
Once you have selected the account it will give you a summary screen that looks pretty much like this. Click the fund account option on the next screen.
After you click the fund account option it will give you bankgebouw details and a unique reference that is linked to your wallet which you voorwaarde use when funding your Bitx account for the funds to be allocated by the instant EFT function on their system. There will be Standard Bankgebouw and FNB details depending on which canap you bankgebouw with. Simply use the corresponding canap details of your handelsbank. If you handelsbank with ABSA, choose any one of the two but know you will have to wait 24 to 48 hours for funds to reflect.
When loading the beneficiary ensure you use the Precies reference of the Bitx account provided.
After you have made the payment you can terugwedstrijd to Bitx and the funds should reflect te your Bitx ZAR account linked to your profile, available for trading.
Clicking on the payment will give more information regarding that specific payment you made into your Bitx account.
Ok now that you have some funds te your account ter South African Rands its time to commence trading. Go ahead and buy one or two Bitcoins or buy Bitcoins for around 50% of your available balance ter Zoom. You want to always have Rands and Bitcoins available to play with at the same time to offset the buy and sell orders spil they toebijten. To buy Bitcoins, click on the exchange option on the left-hand side menukaart.
After selecting the exchange option you can see the exchange running live with a Buy &, Sell section where you buy and sell Bitcoin.
Now what you typically want to do is the following: Waterput te a sell order for say 0.1 Bitcoin at R7050 and a buy order for R6820 ter this case. This means you will buy Bitcoin at the lower rate and sell it at a higher rate. This way you will make puny increments of profit enlargening your overall Bitcoin wallet balance after both trades were successful. Here you can see some history te my trades to give you a good indication. You will notice each trade I made wasgoed offset with another trade but at a different amount making my wallet balance more each time. You can do this with larger denominations of Bitcoin when your wallet balance grows.
Another way of making money swift is to see which one of the three exchanges are presently selling Bitcoin at the cheapest price and then buy it there and stir the Bitcoin to the exchange that is buying Bitcoin at the best prices and waterput it up for sale there. That way you can make instant sums of money. The only down side is you need to withdraw your funds form the exchange where you made the sale and stir it to the cheaper exchange again to repeat the process and this takes time, so puny amounts is not worth it. See the comparison below.
Sometimes the exchanges are out of sync with each other by more than R400 andI’veestapel had instances where Bitcoin wasgoed selling on Bitx for R6095 and people were placing buy orders on Altcointrader for R6790. If you buy Ten Bitcoin on Bitx and stir it to Altcointrader and sell it there you have instantly made R6950 ter a matter of minutes.
Thank you for reading my blog and feel free to share it and refer your friends to my blog – hope it helps and go make some Bitcoins!
An update to this blog wasgoed made 01/03/2016 with a better example of how to arbitrate inbetween exchanges.
Buy Bitcoins on the www.bitx.co.za exchange,
Ok so now I bought a round Two.Four BTC @ R7250 on Bitx, and moved it to my Altcoin Trader wallet. The limit is 1 BTC vanaf transfer that’s why I broke it up into three.
Ok now once on Altcoin I sell for R7950.99 and make R700 vanaf bitcoin!