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Buying Coins on Bitrex and selling in Poloniex or Allcoin?

Discussion in 'CryptoCurrency' started by artur core, Jul 10, 2017.

  1. artur core

    artur core Registered Member

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    Hey,

    checked some coins today and i m asking myself if its possible to buy for example Coin A at Allcoin for 0.00005 and Transfer it to Poloniex to sell it for 0.000075?
    Do i have to check something beside the amount and fees?

    Thanks in advance.
    Artur
     
  2. ridersark

    ridersark Regular Member

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    The transfer times will kill your profits. So think before you step into arbitrage.
     
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  3. JaxPozzy

    JaxPozzy Junior Member

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    This 100%
     
  4. demienles

    demienles Jr. VIP Jr. VIP Premium Member

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    This type of arbitrage does not exist anymore. Scammers use this method to try and get people to invest in their ponzi scheme.
     
  5. artur core

    artur core Registered Member

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    Hmm the transfertime and exchange moments make me think of eve online where you can buy hilarious cheap stuff on one side of the galaxy and have to ship it to the other.
    And of course, the "cheap" sell order and the expensive buy order is from the same person ;) So they cancel it right after you buy their stuff.
     
  6. Cryptojunky

    Cryptojunky BANNED BANNED

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    i guess it would work on altcoins with low volume
     
  7. AlumniAce

    AlumniAce Regular Member

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    If it was that easy people would already be doing that... bittrex first has to approve of your transfer, same for poloniex they have to approve the incoming transfer... some people have stories of poloniex keeping a transfer on pending for months
     
  8. Raybanana

    Raybanana Junior Member

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    Yes. Too much risk for low profit. Transfers can go stuck, price can change rapidly. Seems just like an usual gamble on cryptocurrency.
     
  9. Entriquit

    Entriquit Registered Member

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    As others have said, just make sure you watch out for transaction fees when trying to carry out triangular arbitrage. Otherwise, it is definitely possible, I have read of people that purchase from Canadian markets, then sell to Japanese markets where the value is slightly higher.