Are you into dollar - crypto arbitrage?

[sincerem]

Arbitrage trading isn't new to crypto traders, and it's going nowhere provided that, crypto stands for years to come.

In order to earn money doing arbitrage trading with dollar, depends on the rate at which your country's banks sell dollar to you. Here in my country, the banks makes use of the black market exchange with foreign sites that offers crypto purchase via credit/debit card. But the only down-time here in my country when it comes to making reasonable profit via dollar - crypto arbitrage, is the fact that you can't buy at unlimited rate, it has limit.

Some bank cards has limit of $100 to be used for product purchases via foreign sites that is secured with 3D security or whatever. While some has a $300 monthly limit to purchase items/products in foreign stores/sites. But if you have more than one card, it means more income for you, provided you have capital to do arbitrage trading, by buying USD and exchanging to any cryptocurrency and selling at exchange sites like, Binance, Huobi exchange, crypto.com etc.

Remember, you need to get the necessary documents in order to pass each site that is offering dollar or crypto services using the bank card(s), in order to make use of their site to make profit through arbitrage dollar - crypto trading.

 

[moonchild]

Hello @sincerem I'm really interested in this, I've been hearing about it for a while, and I have some spare cash at hand that I want to try it with.

Correct me if I'm wrong, I'll open a binance and use my debit card to deposit $100 using the bank rate right?

Then I'll sell to exchangers at the black market rate right?

What are the limitations apart from the $100 spending limit which I think can be bypassed if you can get like five people's card.

What is the worst case scenario? Is it scalable like can I go ahead and get more cards to maximize profits.

I await your response thank you for bringing it up.

 

[sincerem]

Hello @sincerem I'm really interested in this, I've been hearing about it for a while, and I have some spare cash at hand that I want to try it with.

Correct me if I'm wrong, I'll open a binance and use my debit card to deposit $100 using the bank rate right?

Then I'll sell to exchangers at the black market rate right?

What are the limitations apart from the $100 spending limit which I think can be bypassed if you can get like five people's card.

What is the worst case scenario? Is it scalable like can I go ahead and get more cards to maximize profits.

I await your response thank you for bringing it up.

You don't need anyone's card to start arbitrage dollar trading. You can simply get as much for yourself, by going to different banks and getting registered with them, and getting their visa/mastered cards with online access of foreign stores/sites. With those cards you can simply buy crypto from wallet sites that accepts naira for Dollar or even Euros or GBP fiat currency etc. You can buy from Binance using your bank card as well. But remember every site offering dollar exchange for crypto is selective of bank card, that's why you need much of the cards for arbitrage trading. Get verified in different exchange/wallet sites that offers purchase of crypto using bank cards. E.g are CEX.IO, paybis, trustwallet, blockchain.com, Binance etc. Or simply register account via Skrill, Neteller, Adv cash, Pyypl, Dukascopy etc. And start buying dollar from them and exchanging to Binance and other exchanges for fiat currency. Remember it works here in my country, I really don't know how other countries do it.

 

[moonchild]

@sincerem I live in Nigeria too, thanks for the detailed information, I'll open accounts with those apps and verify

I made some research yesterday on YouTube and I tell you it's an eye opener, the guy used Dukascopy and bought euro with his debit cards and then transferred the money to binance where he change it to busd which I think it's the binance USD, then he went to p2p and he decided to change it.

The whole profits came down to 12k from 146EUR after subtractions, which I think it's a decent amount for that amount of work, if one do this even three times a month then at least it's a viable side hustle.

 

[sincerem]

@sincerem I live in Nigeria too, thanks for the detailed information, I'll open accounts with those apps and verify

I made some research yesterday on YouTube and I tell you it's an eye opener, the guy used Dukascopy and bought euro with his debit cards and then transferred the money to binance where he change it to busd which I think it's the binance USD, then he went to p2p and he decided to change it.

The whole profits came down to 12k from 146EUR after subtractions, which I think it's a decent amount for that amount of work, if one do this even three times a month then at least it's a viable side hustle.

Yeah, if you do that with different cards for at least 4 times a month which crosses above $200 each from your cards, you'll earn more than 50k bucks when converted to our own Naira. I've learned alot, abd verified many accounts, but I never gotten that card that will activate the purchase of cryptos via the exchanges and platforms offering dollar or Euros purchase. I wouldn't stop mate, I'll be pushing it up until it works fore. That's where hard work pays off. Nothing is sweeter than when you're earning such kind of amount passively every month dearie. I love such, that's why I'm pushing up to get those valid cards to buy from the verified platforms I have with me.

 

[moonchild]

@sincerem that's the way to go bro, I tell you, I'm tired of controlled surfaces, as an adult we need to be willing to take calculative risks that will put us ahead, because from my own assessment as a Nigerian, you have to work double hard to escape the rat race.

If one can be able to make 50k out of this only a month, it's really a good income and it's not really stressful and can be done within minutes your money is in your bank, very straightforward, I'm planning on starting with dukascopy and see how it will turn out.

 

[sincerem]

@sincerem that's the way to go bro, I tell you, I'm tired of controlled surfaces, as an adult we need to be willing to take calculative risks that will put us ahead, because from my own assessment as a Nigerian, you have to work double hard to escape the rat race.

If one can be able to make 50k out of this only a month, it's really a good income and it's not really stressful and can be done within minutes your money is in your bank, very straightforward, I'm planning on starting with dukascopy and see how it will turn out.

Remember, you need your intl passport to complete dukascopy verification process, without the intl passport you can't complete it. I'll simply refer you to use Pyypl instead, if you don't have intl passport. But if you have intl passport then, their is no problem at all. That one is better buddy, that's the only one they prefer. You can simply use Dukascopy to do P2P trading arbitrage as well, by paying with different payment gateways through dukascopy to Binance merchants and given your own rate and earning profit at the end of the day.

 

[Deleted member 28127]

I have read a lot of articles about arbitrage trading but however the process is not clear enough. From what I understand it is low risk method in order to risk the little amount of money on forex not more than that. So to resume all this you have to be more clearer as I read Huobi is a service of Probit the two services are integrated themselves. Duskascopy to Binance there is some exchangers at Binance that accept Duskascopy for Binance funds throught P2P transactions at Binance exchange platform which is the most safest way to exchange online whitout being scammed.

 

[Victorial]

I hope you guys have not forgotten that buying with your debit or credit cards in Nigeria is illegal. I meant that once you account is known to buy crypto coins, then it will be blocked by the central bank of Nigeria. I do not know how you intend to bypass this to get the crypto coins and exchange them later. The safest approach for me is to know the peer to peer exchanges and see how much they offer. If there is a huge gap in their prices, then you can make a profit.

Or is it a different thing?

 

[sincerem]

I hope you guys have not forgotten that buying with your debit or credit cards in Nigeria is illegal. I meant that once you account is known to buy crypto coins, then it will be blocked by the central bank of Nigeria. I do not know how you intend to bypass this to get the crypto coins and exchange them later. The safest approach for me is to know the peer to peer exchanges and see how much they offer. If there is a huge gap in their prices, then you can make a profit.

Or is it a different thing?

Not so dearie, their is nothing stating that buying crypto with debit cards here in Nigeria is a crime, not at all. But their is limit to what you can purchase with your card when it comes to dealing with foreign sites that offer Dollar exchange for Naira. Some cards have limit of $100, whereas some here in Nigeria have limit of $300 and even up to $1,000 to spend a month on those 3D foreign sites. Many are simply earning with this method, you can test run it on your own, by watching YouTube videos about dollar arbitrage with naira cards, you'll get exactly what I'm saying dearie.

 

[Victorial]

Not so dearie, their is nothing stating that buying crypto with debit cards here in Nigeria is a crime, not at all. But their is limit to what you can purchase with your card when it comes to dealing with foreign sites that offer Dollar exchange for Naira. Some cards have limit of $100, whereas some here in Nigeria have limit of $300 and even up to $1,000 to spend a month on those 3D foreign sites. Many are simply earning with this method, you can test run it on your own, by watching YouTube videos about dollar arbitrage with naira cards, you'll get exactly what I'm saying dearie.

Alright. Thank you. I used to shop online with my cards with the foreign sites to pay for a subscription and the likes. So I am sure that my card is eligible for these transactions. Just last month, it was even increased to $200 and I was so surprised. So are you saying that I can add my debit cards to Binance and my account will not be blocked or any other exchange wallets?

So why is there need for peer to peer trading since we can actually buy with our debit cards? I am still confused a little

 

[sincerem]

Alright. Thank you. I used to shop online with my cards with the foreign sites to pay for a subscription and the likes. So I am sure that my card is eligible for these transactions. Just last month, it was even increased to $200 and I was so surprised. So are you saying that I can add my debit cards to Binance and my account will not be blocked or any other exchange wallets?

So why is there need for peer to peer trading since we can actually buy with our debit cards? I am still confused a little

Those who are mostly using P2P trading are the ones selling their coins, or buying plenty amount of coins and not just buying $200 value of cryptocurrency. Remember too, at Binance Exchange, you need to buy Euros, and not all cards will offer such services. That's why many aren't buying with their Nigerian card via Binance. But Virtual cards buy at Binance exchange, but you need to fund your virtual card using Euros currency. You can try other wallet/exchange sites like trustwallet, Cex.io, Huobi, paybis, etc, with your Nigerian card.

 

[Mode]

I know of a bank card that the spending limit is $3k.

 

[sincerem]

I know of a bank card that the spending limit is $3k.

Can you mention that here, I'm very keen to learn about that bank card whose limit is $3k. Which can offer profit up to $300 per trade you made buying dollar or any other well-known fiat currency using the Naira debit/credit card.