Trading Crypto (3 Viewers)

[Jd81]

Hey boys,
I've started a new job and I have soooo much free time on my hands.
about 90 hrs a week where I'm doing absolutely nothing but watching tv or listening to pod casts.
I'm trying to learn about crypto and trading and a common theme that comes up for short term coins is to look at numerous crypto platforms and buy coins at a low then sell them for a high on another platform within a short time frame.
I've looked into this and it seems too good to be true.
Example: today sol was 136.13 on binance and 205.56 on coinspot.
Wats stopping me from buying
100 sol on binance at 136.13 then selling them on coinspot for 205.56.
That's roughly $69 profit for 15mins work.
I know it doesn't sound like much but if I replicate this a few times a day it adds up.
Am I missing something? I know I'd need to pay some sort of finance fee and tax but am I missing something else?
Sorry if this sounds dumb, this is my first time looking into this type of stuff.

 

[fish479]

Hey mate,

So I have been involved in trading and investing (2 very differant things) for just under 10 years.

I’ve done everything from crypto/forex/stocks/commoditites.

What you’re talking about is arbitrage. It won’t work because by the time you get the coins over to the new exchange and taking into consideration the fees your edge is gone.

There are a huge number of algos backed by big firms with massive computing power trying to do exactly this. They are quicker, smarter and more powerful than you.

I’d you could do it a make a quick easy profit, everyone would do it, and if everyone did it the edge would be gone.

Sorry to burst your bubble 😂 I went down the same path as you thinking I could make money.

 

[Kekmeister]

You're talking about arbitrage. Generally the market is so efficient there is a reason for the premium on one exchange over another. This was a possibility when it was binsnce and kucoin like 7 years ago but at this point it's too late because the market gets more efficient as time goes by.

I've not looked into this one but how would you get the money in binance? Usdt? Does coinspot sell Usdt or would you incur fees every time having to buy from your bank? What's the net minus fees bc iirc coinspot has selling fees as well.

 

[fish479]

Oh just looking your prices you posted. I would say you’re looking at AUD and USD. Which is why there a big difference.

 

[blade]

binance has sol in usd, coinspot has sol in aus, unfortunately there is no arbitrage opportunity here. 10 years ago in crypto, such inefficiencies may have existed, today HFT trading firms fill them with algos

 

[Jd81]

Hey mate,

So I have been involved in trading and investing (2 very differant things) for just under 10 years.

I’ve done everything from crypto/forex/stocks/commoditites.

What you’re talking about is arbitrage. It won’t work because by the time you get the coins over to the new exchange and taking into consideration the fees your edge is gone.

There are a huge number of algos backed by big firms with massive computing power trying to do exactly this. They are quicker, smarter and more powerful than you.

I’d you could do it a make a quick easy profit, everyone would do it, and if everyone did it the edge would be gone.

Sorry to burst your bubble 😂 I went down the same path as you thinking I could make money.

Thanx for the reply, if it's too good to be true it likely is!
And going off your other message I think your right, 1 was aud and the other was usd.

 

[Jd81]

binance has sol in usd, coinspot has sol in aus, unfortunately there is no arbitrage opportunity here. 10 years ago in crypto, such inefficiencies may have existed, today HFT trading firms fill them with algos

I just realised this.😂😔😑

 

[Jd81]

Appreciate your reply's boys.
Back to the drawing board

 

[fish479]

If you have plenty of time and want to look at earning more money.

Learn about investing in stocks, and I mean investing not trading.

Learn the basics and what an ETF is, how the market works, listen to podcasts. Ausbiz has The Call which covers 10 stocks a day, that’s not bad to give you idea.
The motley fool podcast is good - I wouldn’t pay for there services however.
Learn to read balance sheets, how to do a DCF etc.

Once you learn the basics you could spend your free time researching companies to invest in.

 

[Kekmeister]

I'll stop annoying you after this shill but trust me in a few years besides meme coins and only fans managers, 2024/5 will be known for tiktok stores in terms of new money.