I think i have ranted enough about arbitrage in the last few days, so we could all come to a conclusion, that arbitrage is present on the clunky, unregulated, low volume cryptocurrency exchanges, but taking advantage of it every day, is not as easy as on paper and defintely not for the faint of heart. Sure, you might hit the jackpot and catch a spike here or there, but making a decent buck our of it for the regular Joe seems to be as elusive as catching the pot of gold at the other end of the rainbow.
So, lets meet a startup company, that has currently a free website, to monitor price arbitrage opportunities and help you take advantage of them.
Arbitraj
Arbitraj is team of cryptoenthusiasts, whose members still work their dayjobs, but have devoted themselves to building their own app, that not only allows you to monitor the arb opportunities, but directly trade on them as well.
Initially, the team intended for their platform to be public, but they, like everyone else had to acknowledge the fact that the more people there are trading on an arb, the quicker the gap closes. As people buy on the exchange with the lower price, the demand drives the price up and viceversa on the one that has a higher price - hence the gap close quickens.
img credz: pixabay.com
According to the team, arbitrage opportunities on cryptos will be there even after a year and more, allowing faster, stonger and more experienced people to ravage the markets for decent profits.
Arbitraj team has been recently approached by various hedge funds, who are interested in cornering this side of the market. Luckily, as the Arbitraj team is working on their app, they have provided us with a simple and free website as well, along with a Chrome Extension.
So let's see what it's made of - heading to the Chrome Store right now.
Installing the app is easy, clickety-click and its done. The icon is grey on most sites, but will turn active, when there is a tradable instrument open on a supported cryptocurrency exchange.
The Chrome extension neatly pulls and presents data from around 60 exchanges, according to the team and presents it in the lower corner, quickly linking you to the correct market on the corresponding exchange as well. Should you have a logged in account and funds on these exchanges, taking advantage of the arb opportunity looks like an easy task.
I don't have funds on many exchanges, so here my testing stops. Overall, the extension is cool, a bit obtrusive, but could use a bit of modernization in terms of UI/UX, additinal calculators, info about fees, wallet links etc. As a word of warning, when checking the markets via Arbitraj website, they also warn you Always to check the status of wallets before entering any trades, so this neat little extension doesn't excuse you from doing your homework.
If you are a fast thinker, have funds at various exchanges, or just looking to get into arbitrage more, give this little extension a spin and let me know what you think. Perhaps this will be the start of a lucrative trading career for you ;)
Materials:
businessinsider.com
arbitraj.io
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