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What Currency to Use for Sports Arbitrage Trading?
One of key issues you need to resolve before you start arbitrage trading, besides deciding on how much start capital and time to invest and which arbitrage software or service to take, is which currency to use for trading. The best practice is to open all accounts (online wallets, bookmakers accounts, etc) in the same currency. Balancing with more currencies can create unnecessary risk because you can easily forget to recalculate individual bet amount in a different currency. In addition, keeping all accounts in the same currency can completely eliminate the costs of currency exchanges.
The most supported currencies are USD, EUR and GBP. USD are still the most supported currency at online bookmakers, followed by EUR and then GBP. If your domestic currency is one of the above, you should definitely open all accounts in it, thus avoiding any currency exchange costs. Other traders whose domestic currency are not USD, EUR or GBP should exchange all of trading capital at once to avoid the need for multiple transactions. While arbing, traders should use online wallets to hold funds and transfer them between bookmaker accounts. You should transfer your profits from e-wallets to your bank account once a month. This way, you eliminate or significantly reduce withdrawal costs from online bookmakers and limit the number of currency exchanges.
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William Hill - UK bookmaker that provides genuine high street experience
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