Why look for large gaps in price which can result in risk dealing with strangers?
Instead, create account on major exchanges, look for smaller profit, then just rinse and repeat.
http://www.arbitrage.expert makes it super easy to identify arbitrage and execute within minutes.
I don`t like rolling lots of money through unknown and sometime illiquid exchanges. Most of the times it is very easy to get the money in. Problems mostly start when trying to whithdraw. Also I like +10% premium because when trading for small % the risk is very high because of volatility and transaction times. As I am not a full time trader and have other things that occupy my attention I prefer building real human relationships and doing bigger transaction and be safe volatilitywise. Of course there is always a risk when dealing with other people and sharing profit margin. But there are security steps like escrow or alternating day by day who sends first. It is still worth the risk if you can participate on the big +30% premiums like the korean markets. I will definetly give your approach a try. If anyone has a experience to share involving another human arbitragin feel free to chime in.
Well, you gotta do your own homework prior to getting involved with an unfamiliar exchange.
1. Check for pair liquidity you're about to trade.
2. compare bids and asks
3. check for withdrawal and deposit fees
4. select a non fiat pair with at least 2% spread (0.5 - 1% is usually being spent on fees) and just rinse and repeat until the spread is gone.
Btw...this is all public info... I personally dealt with at least 7-10 different exchanges with overall volume of at least 5m daily, and frankly can't share a single bad fact for the exception of quionex... where the deposit took over 10 days to get my account and the support was inattentive.
There are a lot more odds of getting fucked by a human rather then an exchange. take less risk by aiming small.