See again below the test scenarios:
- First test run with ~750EUR from an EUR exchange (bitcoin.de) to a US-exchange (Bitfinex).com and then change my BTC in USD –> pretty unfavorable setup in terms of fees and costs
- The second test run ~3000EUR is done with two EUR exchanges (BTC-e and Bitcoin.de) – this second setup is in my case as a European the best possible and economic setup –> I split the invest in BTC and LTC
For my test run I used the following Bitcoin exchanges:
Results so far…
- First test run —> Money still stuck at Bitfinex.com (withdrawal was made on 05.05.2017) –> see announcement from Bitfinex
- Second test run –> BTC-E.com blocked my money some days and the arbitrage has therefore failed, after I was able to withdraw again I transferred the coins to Kraken and Bitcoin.de and sold the coins –> closed, money received
After nearly 1month, the first part of my money is still stuck at Bitfinex due to problems with their payment provider. The second test run was closed and I’m really happy that I used both Kraken and Bitcoin.de for this test run.
I held my BTCs as a speculation to a higher level then I bought them at and therefore was able to make a small profit on the portion of BTCs that I was holding. Unfortunately, at the same time, the second part which I converted into LTC dropped in value and I had to sell at a loss. Overall this will definitely gonna be a loser. But I will analyze both test runs altogether after receiving my funds from Bitfinex.
What I’m really happy about is the withdrawal time respectively the trading time(at Bitcoin.de transactions are resolved Peer to Peer) at Kraken which was within 1 business day and Bitcoin.de which was within 1-2 business days. So these two exchanges are definitely worth their while.
I will keep you posted for the analysis of this test runs.
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