Originally Posted by
jabir
I posted on this some pages back; take it slowly, if you want to day trade that's fair enough and best of best to you, as long as you are aware of what's actually going on; a daily profit of around 15 or maybe more % (depending on your trading volume, because it's as exponential as the zero on a roulette wheel!) will allow you to break even, and this is after you cover trading/transfer fees, spreads and withdrawal fees etc.
Most prices on the bx trading list are 10-15% above other exchanges, occasionally up to 20%. Check it out, go to the bx trade list and compare each coin against the average on other sites. This effectively means all cash deposits that you use to buy coins on bx are subject to that 10-15% premium; say you deposit 100k, your cash balance will show 100k but the actual value of that cash is 85-90k.
This is the reason I offered to buy peer-to-peer, for cash; avoids the extortion and both sides benefit...but it was met with silence, which says either that others don't see what's happening or they are happy enough to pay through the nose for the privilege of turning a profit.
Now, I understand what you say about trading only on bx, but no offence and let's take the illusion of your own example.
Put in 50k and you have 50k cash balance. Buy 1 ETH at 50k (less trading fee). Cash balance zero, coin balance (just less, but say) 1 ETH.
Assuming no price movement, if you transfer and sell that ETH at another exchange you will get around 42k for it, because that's the real price. But if you try to sell it straight back to bx, from whom you have just bought it for 50k, here's the catch, they won't give you 50k for it, not 48k or even 45k, because the real price is 42k; instead, you will see a green 'order successful' popup which may encourage you to believe you have sold it, but actually all they've done is, as the popup says, successfully created a sell order for you. Now you wait.
If the real ETH price doesn't reach 50k you wait forever. If the real ETH price does rise from 42k to 50k (by which time bx will be listing it at 60k), then your bx sell order at 50k kicks in and you have your money back (less spreads and fees etc).
In fact the best way to explain all of the above is to consider this: If bx has ETH at 50k and everyone else at 42k, why not simply buy a truckload on binance at 42k and transfer for sale to bx at 50k? Arbitrage, except it's an illusion.
And bx with its sister firms have a complete monopoly over those in Thailand using THB, which is why in an unregulated market they can get away with this.
Not finished yet! If when reading the above you thought to yourself 'no I've never seen that green 'successful order' (or order created) popup', and indeed it doesn't pop up when you try to sell your 50k bx ETH that's worth 42k, it probably means you placed your sell instruction as a Market Order (market price, real price, 42k), not a Limit Order (50k). Now you get a 'completed sale' popup instead of a 'successful order' popup, because the sale is completed but at 42k, not 50k, which is easy enough not to notice in a trading frenzy.
