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November 09, 2013, 07:09:19 PM |
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Hi everyone. Im a bitcoiner in the UK and am pondering over this info from bitcoinaverage.com
At the time of writing, the average GBP price of 1BTC is £249.03 ignoring gox.
The average dollar price converted to GBP is £219.75.
Does this not create a chance for arbitrage?
Looking furthur, the $ price on BTC-E is $341.90 (roughly £213.72), if I could get money into BTC-E I could buy at this price,
Then sell on LocalBitcoins for £238.15 to an "immediate" buyer (£24.42 profit in an ideal world with no fees).
Whats the lowest cost/highest speed way I can get £££ from a UK bank to BTC-E? or is there a better way to do this? or is there a reason not to do this?
I understand there are risks due to rate fluctuations whilst moving the money around.
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