Arbitrage: BTC between GDAX and any Indian Exchange

[sand9999]

Can I buy Bitcoin in GDAX and sell it in any exchange in India? What are the legal issues (if there are any)? How to overcome them?


As of now:

GDAX: BTC: $7088

Koinex: BTC: 510000 INR

USD - INR: $1 = 65 INR

For 1 BTC: 7088 * 65 = INR 461500

That is a difference of almost 50000 INR ($760)

Almost 10% of sale price in Koinex.

This is outside the minor arbitrage range. Even if Koinex puts a fee (0.2%), this is still a big difference.

Am I missing something here?

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[DaMut]

if you want to do it,make sure you know about their rules.
every exchanges have their own rules and most of them will ask you to verify your document in order to do the trade and other stuff.
the best way and the easiest way to overcome the issues are by cooperating with other people who live in India.
first you buy Bitcoin on GDAX and transfer it to them(someone who is living in India) and encash it.
(make sure you are choosing a legit company/exchange,because i ever found a scam exchange with $1000 difference)

[sand9999]

Thanks Damut. I am not worried about the scams related to exchanges. These are widely well known exchanges.

What concerns me is the possible Money Laundering red flags that the government can bring in.

Think about it: This is a good way to move money (loads of it) from one country to the other (US to India). And make money doing that (quick a good amount).

I am not the only person in the world to have seen it. Why is no one doing it? Or are people doing it?

I doubt if people are doing it widely. Because in that case..the arbitrage will shrink, and it no longer remains the opportunity. Thats how arbitrage works!