Arbitrage bot operating between South African and foreign crypto exchanges and enabling users to generate profit from cryptocurrency price discrepancies
Develop a sophisticated trading bot with an intuitive UI that would operate between local and foreign exchanges and spot arbitrage spreads
Enable users from South Africa to profit from differences in BTC prices between markets and carry out risk-free transactions
Ensure support for BTC, USD, and ZAR
the amount of trading volume generated by South Africa in Q1 2021
*The country has been ranked as one of the top P2P Bitcoin trading nations on the African continent
user accounts and 50+ cryptocurrencies registered in VALR
*The most popular crypto exchange in South Africa
daily crypto asset trading values in South Africa*
*as of January 2021
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To register in the system, the user has to open a foreign exchange bank account in their own name, configure Binance’s and VALR’s APIs, and set up a withdrawal account in VALR to which they will withdraw their funds. The bot is now ready to work.
To log in, the user is required to enter their email and password and undergo two-factor authentication via Google Authenticator (if it is enabled).
The minimum sum needed to execute a trade is 250,000 ZAR (in USD equivalent), though this can be changed in the admin panel.
The sophisticated backend mechanisms allow the bot to quickly check orders from the two exchanges against each other for potential profitability.
The system creates the matching orders required for the arbitrage operation. Afterwards, the bot sends the commission (25% from the arbitrage transaction profit) to the customer’s commission wallet address. The rest of the BTC goes to the user’s VALR account.
Once the purchase has been made, the bot sends ZAR to the foreign exchange bank account (only the amounts of ZAR that are part of the arbitrage transaction).
Upon successful completion of the transaction, the user can top up their Binance balance to repeat the bot flow. Or, they may choose not to do so — hence, the bot won’t be able to perform another transaction.
Thanks to the exquisite algorithms that lie at its core, the bot manages to spot arbitrage opportunities in the blink of an eye and carry out a trade at lightning speed.
The user can just sit back, relax, and generate profit with a couple of taps on the screen.