So a while back I was pondering an idea of how I can profit from bitcoins using arbitrage trading. I did some research, and found a way to make a little bit of money almost consistently with an average risk.

I registered myself at a foreign bitcoin exchange. They requested a photo of my ID document, proof of address and a selfie. After two rejections, they approved. This meant that I could send the bitcoin foreign exchange fiat currency, i.e. US$, from my South African Standard Bank account.

I sent the bitcoin foreign exchange R15k from my Standard Bank account, converted into US$. After about 4 days, US$1100 reflected at my bitcoin foreign exchange. I bought bitcoins utilizing all the US$1100. After a few minutes the transaction was approved at the bitcoin foreign exchange. I immediately sent bitcoins to my Luno account (Luno is a South African based bitcoin trading exchange) from the bitcoin foreign exchange. After over an hour, Luno received the bitcoins. I then sold all the bitcoins for Rands at Luno. I then transferred all the monies, including the profit, to my Standard Bank account with the intention to repeat the process again.

I made a profit of about R513, after all the expenses and costs. That's a 3.3% profit, which is good enough for me since one day I can, let's say, use R50k and make a R1.6k profit a week and R6.6k a month (the whole process of sending fiat money overseas, converting it into bitcoins & withdrawing to my bank takes about 5 days). That's the best case scenario though, I'm aware I can lose a lot of money, but I'm willing to risk R15k.

I tried repeating the transaction last week, I couldn't because of Standard Bank's EAP monthly limit. My limit is R15k, and if I wanted to send another R15k then my EAP limit must be increased to R30k, which means my account must have a balance of R30k before they can change the limit.

My question is, is there a business or type of business whereby I can transfer money overseas multiple times per month? Say, R15k a week or four times a month (R60k a month)? Or more? Is there a type of business whereby there's no limit to the number of times and the amounts of money that can be transferred overseas? The problem of doing it myself is that the SARB allows citizens a discretionary amount of R1 million annually to be sent overseas without approval. They also allow up to R10 million annually, but only if you get permission from SARB and have a tax clearance certificate from SARS.

I know I can try Absa bank or FNB as they don't have this EAP limit Standard bank has. My issue with that is I will still face the same problem of a limit of R1 million if this thing works, or even R10 million if it gets to that . So is there perhaps a business, maybe an import/export type of business, that I can try? If it's imports then I could be importing bitcoins (digital assets)? I'm just putting it out there.

Thanks