Pho3nix
The Legend
Aim for R10k and up or the fees will eat into profit.
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Aim for R10k and up or the fees will eat into profit.
SaiyanZ
Executive Member
How long does it take to transfer from another exchange's wallet to Luno? The price moves around so fast at times that if it takes longer than 10 minutes to transfer and sell then you're essentially day trading instead of doing arbitrage.
Pho3nix
The Legend
Eth seems to also be worth doing this on. Not as much as BTC but decently enough.
This is what I'm interested in.
Pho3nix
The Legend
When ever you send money outside the country you sign a disclaimer saying you know about the limit. Your bank can probably provide you with your statement, which they in turn provide to SARB.
Also trying to find out what’s the process regarding profits. Albeit because they aren’t coming back the same way, guessing the extra money “might” be coming back as income VS profit but I’ll let you guys get a tax guy and let us know.
@Cius maybe you can help?
See my post in this thread: https://mybroadband.co.za/vb/showthread.php/929036-Sending-USD-to-US
"If it sounds too good to be true, it probably is."
*SynergyX*
Expert Member
- Joined
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did they give you any reason for denying it?
Pho3nix
The Legend
He needs to go to his bank and his bank must do the paperwork for him.
Pho3nix
The Legend
How so? Making a profit currently.. well when Lykke is working but a profit none the less and with relatively small amounts.
Edit : Just read and responded in the other thread
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*SynergyX*
Expert Member
- Joined
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have you got the FIA already?
Anyone manage to get a foreign tax clearance for this.Already reached my 1 mill cap
How are you still able to arbitrage? Local exchanges seems pretty close to international exchanges at the moment. In terms of crypto value.
Kraken to altcoin. Have a script setup that monitors and notifies when over 6%.
Been doing good for two - three weeks, but reached my cap now.
jman
Expert Member
How are you buying on Kraken? Do they accept cards, or have you set up an offshore account?
Used FNB for forex transfers SWIFT. You'll have to declare the transfer and the profits will fall under your income tax. Best to declare all of it.
Sometimes there is opportunity to move from SA exchange in crypto to Kraken. You can then just move in a different crypto back to SA to profit. These are rare but to come up like a day or two in the week. The altcointrader volumes does not always work nice for this, but sometimes you get lucky.
Sometimes there is opportunity to move from SA exchange in crypto to Kraken. You can then just move in a different crypto back to SA to profit. These are rare but to come up like a day or two in the week. The altcointrader volumes does not always work nice for this, but sometimes you get lucky.
Does both altcoin and kraken have API's so that your script can monitor both sides?
Yes both have API's.
Altcoin's is very easy to work with. You still have to go and verify the volume on altcoin manually. But at least it indicates which currency to look at and when.
I'll setup a git with some code over the weekend if you're interested.
Altcoin's is very easy to work with. You still have to go and verify the volume on altcoin manually. But at least it indicates which currency to look at and when.
I'll setup a git with some code over the weekend if you're interested.
