With our arbitrage release, we see users asking a lot of questions about its basic functioning. Here is what you can do to get the grasp of it:
If you are a visual person you can check out our graphical Arbitrage FAQ.
Or read below about the journey step-by-step. This digest will review arbitrage functionality and how you can make a profit.
Part 1, the basics
In order to use arbitrage you need to check that the following steps have been done in your arbidex account: https://arbidex.io/login
1. Registered and created an account.
2. Completed KYC verification. Navigate to the verification tab in your account. Fill in personal information and submit 3 photographs.
Your passport, a selfie holding a passport and a second document, id card or driver’s license. Verification takes 1-2 business days. If there are delays, this means we are verifying manually, this is a standard procedure and nothing to worry about.
After verification has been complete, you will receive an e-mail from us.
3. Enabled 2FA. Download and install Google Authenticator application from Appstore or Google Playstore.
Navigate to the security tab in your Arbidex account. Click on the Switch On button under the QR code. Launch Google Authenticator application and scan the QR code.
4. Verified your phone number. Under the security tab write your phone number and click on the get code button. You will receive a code which you need to confirm.
You can always reach out to our Support Team at [email protected] if you are stuck.
Part 2, adding funds to your account
After your account is ready you need to add funds to your Arbidex accounts. There are two types of funds that you need to add.
1. Arbidex Tokens. They are a “switch” that will allow you to use arbitrage functions. Without them you cannot do anything.
You can purchase ABX tokens from one of the exchanges listed here.
2. After adding ABX tokens to your personal wallet, you need to transfer them to your Arbidex ABX wallet. In your Arbidex account, under balances, click on the “+” sign to find your ABX deposit address. This is the address you will need to use to transfer ABX tokens from your personal wallet to Arbidex wallet.
The minimum amount of ABX tokens required to start working in arbitrage is 1000 ABX tokens. There are several grades that will improve your arbitrage. You can check the grades at the bottom of the account page in your Arbidex account.
3. After you have added ABX tokens to your account, you can add BTC and ETH to your account. You can use the same steps as in step #2.
4. To summarize, you can check this guide.
Part 3, adding funds to arbitrage
1. In your main account, under balances, for BTC or ETH click on the right arrow. Check the amount and click on send.
Don’t forget that your commission fee and limit depends on your grade. You can read more about it here.
2. This is it. Your money is now in arbitrage, generating weekly profit. You can read more about how the profit is calculated here.
3. There is a detailed guide for how the profit is calculated here.
4. You can also check this graphical guide to arbitrage.
You can always contact Arbidex Support Team if you have additional questions: [email protected]