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Andy_79

Bithumb

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Since Bithumb in General has a way higher Price for XRP, I wanted to ask you if anyone is using this platform. Are there any Limits in Terms of sending Money back to normal bank accounts again, once one has cashed in?

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I sent 1000XRP a while ago, and they've been stone walling me (America).  I don't think they want to let people in from outside S Korea.  I could be wrong, but it's been weeks, and they still haven't credited my account.  I have multiple tickets in, and they ask for the same information then close the ticket without actually doing anything.

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I have send ripple in and out of bithumb without trouble.  You have to receive SMS for each withdraw and it works fine with my north american phone number. 

That said, I haven't found way to benefit from the price difference.  You can buy cheap ripple elsewhere and transfer to bithumb to sell.  You did a theoretical profit but now you are stuck with KRW which you cannot withdraw (you can only withdraw to a korean bank, no wire transfer that I am aware of).  The only way to make profit would be to sell and wait for the spread between bithumb and the other exchange reduces so you can buy back the ripple and transfer them out.

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You can't do it with currency (USD or KRW). You would have to find coins that have a discrepancy in opposite directions. For example, let's say that the value of XRP is $4.00 on Bithumb and $2.00 on Bittrex, and the value of BTC is $10k on Bithumb and $20k on Bittrex:

move 1 XRP coin to Bithumb

trade for BTC (and receive 0.0004)

move 0.0004 BTC to Bittrex

trade for XRP (and receive 8 XRP, so you make a profit of 7 XRP)

repeat as long as the arbitrage conditions are satisfied

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