How to use PayPal for arbitrage in Nigeria in 2022, PayPal arbitrage in Nigeria

 The ability to arbitrage is usually enabled by a discrepancy in trading volumes between two markets. The rationale for this is simple: prices are often lower in a market with substantial trade volumes and reasonable liquidity of a particular coin. Meanwhile, in a market where a particular coin's availability is limited, it will be more expensive. Traders can possibly profit from the differential by purchasing from the former and immediately selling on the latter.


How to do PayPal arbitrage in Nigeria in 2022

There are multiple strategies arbitrage traders can use to make a profit, including the following:

  • Simple arbitrage. Buying and selling the same coin immediately on separate exchanges.
  • Triangular arbitrage. This process involves taking advantage of the price differences between three currencies. For example, buy BTC in USD, sell it to make EUR, and then exchange those EUR back to USD.
  • Convergence arbitrage. This approach involves buying a coin on one exchange where it is undervalued and short-selling the same coin on another exchange where it is overvalued. When the two separate prices meet at a middle point, you can profit from the amount of convergence.

Now to do this, 
  • You need two PayPal accounts (One Nigerian PayPal and another foreign business PayPal).
  • A wise(formerly transfer-wise) account, click this link to create one HERE.
  • Or Payoneer account
  • A binance Account

Now the business is for you to send money from your Nigeria PayPal to your Foreign paypal and then withdraw to your wise account and then sell on binance p2p.

Step 1:
No need to deposit in your Nigerian paypal, just click send,so choose how much you want to send and choose the card it will be debited from, input the email of the paypal account you are sending it to and boom you will receive the cash in your foreign paypal immediately  but you can't withdraw immediately. 
After Nigerians were banned from paypal they limited the services, so there is no family and friends option on the Nigerian paypal, so when ever you, they assume you are paying for goods and services, so there is a paypal policy to help prevent customers from being scammed and for quality assurance purposes that any payment for goods and services will take 48 hours before the vendor can withdraw incase you did not receive the right amounts of goods you ordered.
so after 48 hours, you will go to your Nigerian paypal and confirm payment, before then the money will be showing in your foreign paypal but you can't withdraw it, after you confirm payment, you can now withdraw.
Step 2:
to verify your foreign paypal account, you need to add a card or a bank account and your nigerian details wont work, thats why you need a wise account, you will add your wise account details, be it UK or US, depending on the one you created and confirm it.
so when ever you send money to your foreign paypal, you can withdraw to your wise account, withdrawal is free, sometimes it is instant, some times it takes hours.

PLEASE NOTE THE FOLLOWING: 

  • Always use the same currency to avoid losses due to PayPal conversion rates and fees .
  • You would be charged $5 as fees for every $100. 
  • Withdrawal from Paypal to bank is free.
  • Nigerian PayPal cannot receive but I recommend a UK PayPal as you can verify it easily unlike the US paypal, but if you prefer the US PayPal Account, you can open it with the directives here else if you want a UK paypal, See it HERE. 
  • When ever you send money from Nigeria, you would have to wait 48 hours to confirm payment before the money can be accessed on your Foreign paypal account.
If you have any questions, ask in the comment box and I will attend to you

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3 Comments

  1. How can I create the Nigeria and foreign PayPal account

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    Replies
    1. check this post for details, https://www.ominiwise.com.ng/2022/09/how-to-create-uk-paypal-account-in.html, Nigerian paypal is not hard

      Delete
  2. What will be the limitation? And are we still bane from using it.

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