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

SeantheMan

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%)

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.

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

pro_gnostic_8

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

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?