Most exchanges that we can use in the uk are way over priced. Does anyone take advantage and use arbitrage or is it not worth the hassles registering, verifying, working out costs, doing the transactions, transferring wallet to wallet all for a couple of £.
Arbitrage always looks tempting and sounds promising, but the practical aspects that you mention of actually doing it and the potential risk involved put me off.
If you are looking for ways of trading bitcoins as a price speculation, rather than buying to hodl or use, then derivatives have leverage, are hassle and tax free on profits but wide spreads.