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In Korea - would like to invest in Ripple etc / Help

  • 29-01-2018 11:59am
    #1
    SeantheMan
    Registered Users, Registered Users 2 Posts: 6,912 ✭✭✭


    Hi guys,

    I would like to possibly invest in some bitcoin , maybe Ripple or some others.
    However people have told me that it's quite hard here in Korea...and that regulations are coming in.

    I asked a few friends and have been told different things.
    e.g.
    - You NEED TO go through the country you live in's exchange (like Korbit)
    - Using a VPN could lead to a possible ban from an exchange etc

    I've never invested in Bitcoin, so I'd also be asking you guys for

    - the site you recommend to BUY it from that has good rates (my friend say Korea charges up to a 30% premium)
    - What site to use for setting up a wallet and how about getting a desktop wallet


    I'd really appreciate the help.
    I'd like to get started, but being here seems like there are a lot of barriers to entry atm (from what I have heard - I don't wanna pay 30%)


Comments

  • #2
    pro_gnostic_8
    Registered Users, Registered Users 2 Posts: 1,223 ✭✭✭pro_gnostic_8


    If you have a Korean bank account, then, you are in a truly sweet spot !
    I envy you.
    Buy Bitcoin on Bitstamp.net; sell same on Bithumb or Coinone. Make 20% on the arbitrage. Rinse and repeat. Buy Lambo.


  • #3
    Dohnjoe
    Registered Users, Registered Users 2 Posts: 18,230 ✭✭✭✭Dohnjoe


    pro_gnostic_8 wrote: »
    If you have a Korean bank account, then, you are in a truly sweet spot !
    I envy you.
    Buy Bitcoin on Bitstamp.net; sell same on Bithumb or Coinone. Make 20% on the arbitrage. Rinse and repeat. Buy Lambo.

    Reminder: it's highly risky to do this. Due to the big discrepancies in prices, Korean banks are onto this - if they look at your movements, they'll quickly cop on to the arbitrage


  • #4
    pro_gnostic_8
    Registered Users, Registered Users 2 Posts: 1,223 ✭✭✭pro_gnostic_8


    Do it properly and you stay under the radar of the Korean banks.


  • #5
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,498 ✭✭✭BrokenArrows


    Dohnjoe wrote: »
    Reminder: it's highly risky to do this. Due to the big discrepancies in prices, Korean banks are onto this - if they look at your movements, they'll quickly cop on to the arbitrage

    Why is it a problem with the banks to do this?


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