South African Exchanges

Stonerjoy

Active Member
Joined
Mar 5, 2019
Messages
63
Why is South Africans trading in a Bubble ? All Buy-in and Sell Prices has a nice Margin compared to what it should be.
I took the liberty of checking out all our so called Exchanges and found a basic Arbitrators Heaven for who ever behind them.
Its scam Trading 101

Lets take AltcoinTrader Exchange

No contact admin
No Order History , Trade history , Deposit history to download or even check yourself if ever you need it
Withdraw needs KYC but has a Maximum . OK so after that no withdraw
High withdraw for Crypto, not a deal breaker im sure
now for the real scam Trading

You Deposit and your Balance show
Same with Their accounts. You Deposit and it shows as their Accounts Balances
All Prices buy or sell is inflated no matter where in South Africa and no way to Arbitrate
Your money used against yourself. Crypto is a volatile risky business but in South Africa its much more Dangerous
Arbitration is how prices are basically kept on par between exchanges, but South Africa dont offer that
The owners definitely have a swift account on all major exchanges to buy coins sell to your bids thats always so high just to be infront of that fake buys they implement using your own money.
The buys and sells that you see is not necessarily random people but the Exchanges own Traders. I see prices already hanging over the cliff to plummet on say Bitfinex or Bittrex, Kraken where ever but here people is buying at that high of the wave.
LUNO prices are on par , maybe ICE3x little lower margins but still all inside a Bubble

I even saw a Exchange rate calculator on ICE3X that said .dont use googles exchange rate calculator as it uses dollars then rands lol wtf ? A exchange rate is what it is man.
Well anyway i used Altcoin Trader to take advantage of their great prices before withdrawing only to find the minimum lolz now im stuck with a few grand . I will have to wait to catch a Dump just right and hope that kitty bounce to make a transfer out without losing to much

Well in any case DONT Trade in South Africa its a setup ,Rather connect to Global Exchange accepting Swift Transfers . Trade between a few favorites and use South Africa to WithDraw in a timely fashion without causing SARS waves
I Traded for years on all the exchanges without having a Bank account connected just using the Stablecoins like USDT.
AltcoinTrader Exchange is Scammy as **** , Luno more professional but same inflated prices. ICE3x seems like it might open a Arbitration route but as of yet no way to move out of South Africa.
 

BitcoinZAR

Active Member
Joined
Feb 11, 2016
Messages
80
You can take advantage of price difference between the local exchanges, and also the international ones if you move crypto back and forth, or use Tether.
I pretty much ONLY do arbitrage trading as I am not trying to get out of bitcoin, but only increase my holdings through trading, therefore I only sell if I can buy back more at a lower rate, and do those two trades simultaneously.
 

3WA

Executive Member
Joined
Sep 25, 2012
Messages
8,887
TL; DR.

Have one South African to exchange for Canadian, Haitian, or similar.
 
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