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BankrollMob Forum » Off-Topic » Making cash with exchange rate.

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  2-May-12, 14:40   #1
Making cash with exchange rate. 0 
Marclor 
Joined: Feb '08
Location: Canada
Age: 27 (M)
Posts: 79
Hi. I have tried to do some research about this but english is not my native language so I've not been able to find anything about it. Is it illegal/punishible by poker or casino rooms, to make large deposits when CAN money here is worth more than US money and then cashout when the US money is worth more than the CAN$ ?? If this is 100% legal do you have a website that gives accurate exchange rates? Thank you.

And also... CAN$ has kept going over and under US$ for the last 2-3 years every couple weeks or months. So if I can just make a little money there, even if it wouldnt be a lot, would still be free money.


     
  2-May-12, 15:03   #2
  0 
SuperNoob 

Joined: May '09
Location: India
Age: 30 (M)
Posts: 4873
very risky unless u are genius at predicting fluctuations and they charge around 2% conversion fee which will eat your potential profit.
and wud be suspicious if u keep on only depositing and withdrawing, most sites will block your account for that
not worth it imo

     
  2-May-12, 15:45   #3
  0 
Marclor 
Joined: Feb '08
Location: Canada
Age: 27 (M)
Posts: 79
Thanks thats what I thought at first too... But $CAN has been swinging back and forth between .90 $US and 1.15$US .... thats huge and it has been fairly constant for the past couple of years.

I'd like having more thoughts about this from different people please!

     
  2-May-12, 16:00   #4
  0 
AlexSimion 
Joined: Mar '12
Location: Romania
Age: 27 (M)
Posts: 640
There's no point in risking this on a poker platform , you can easily make this on a regular exchange rate company , like u said , buy some CAN when it's worth more than the US dollar , and when the US dollar goes back up , sell the CAN , u can easily do this at your local exchange rate .

     
  2-May-12, 16:57   #5
  0 
Mober 
Joined: Mar '09
Location: Greece
Age: 39 (F)
Posts: 10016
There are many respectable sites for trading FX no need to use a poker site for this if you like to
gamble it.

If they see that you are using them they may charge you more than usual or force you to a
playthrough.
Better read the small print and enquire with their support before you try something like this.

     
  2-May-12, 17:04   #6
  0 
Serpang 
Joined: Jan '10
Location: Indonesia
Age: 53 (M)
Posts: 1477
Are you give up try making money from poker ? lol Big Smile Big Smile Big Smile ( Like me ? ) I don't hope so. If your idea working, how many profit you get ? Just try hard play poker, fun and train your skill hope one day your lucky day come and make more profit Big Smile Big Smile . Good luck

     
  2-May-12, 18:08   #7
  0 
SuperNoob 

Joined: May '09
Location: India
Age: 30 (M)
Posts: 4873
just to add, withdrawal at most poker sites are not instant and i think they'll use the current rate at time at which the transaction gets approved (and they'll choose it acc to their convenience) rather than the time when u request it

     
  2-May-12, 23:26   #8
  0 
damosk 
Joined: Feb '11
Location: United Kingdom
Age: 52 (M)
Posts: 4852
You will find there are terms and conditions and anything that looks like an attempt to achieve an advantage due to exchange rates will be blocked. Some sites retain the right to revert any exchanges back to the exchange rate at the time of your last deposit so that the exchange is neutral to you and them. Nice try though, but probably not the best way of trying to make money as most pokersites will have worked that one out and be using exchange rates to get money from you, not giving it to you.

     
  3-May-12, 09:45   #9
  0 
smokim 
Joined: Apr '11
Location: Canada
Age: 29 (M)
Posts: 79
You make more profit trading that in forex, leveraged account so more profit but higher risk but faster profits instead of waiting months you can make profit in a day.

     
  3-May-12, 10:17   #10
  0 
jessthehuman 

Joined: Apr '09
Location: Australia
Age: 32 (M)
Posts: 6441
as others have said - there's plenty of forex trading sites already.. no reason to do on a poker site - you'll probably just get slugged with higher exchange fees and also it will look a bit suspicious if you don't actually play with the money.

     
  3-May-12, 14:06   #11
  0 
noonlion 

Joined: Mar '12
Location: United Kingdom
Age: 32 (M)
Posts: 1277
George Foros (sp?) made millions and millions dabbling in this ind of stuff.

You need a large bank balance to see big profit.

     
  3-May-12, 16:15   #12
  0 
pochui 

Joined: May '08
Location: Lithuania
Age: 32 (M)
Posts: 8628
i really do not understand what are you thinking about- if you want to play currencies go for forex, if you intend to make profit from deposit/withdrawal stuff with poker room think for a sec- you make a deposit with can, wait for profitable situation to withdraw in usd- but poker room doesn't care a sh.. about currency rates- they always exchange them at your request and rate is poorer than you would get at forex. another thing is think how much you would need to deposit to make significant profit? there is no leverage here...and that take to another point- why the hell can't you do same operation at your local bank...why poker room? Confused

Edited by pochui (Thursday, May 03, 2012 @ 16:20 GMT)


     
  4-May-12, 12:51   #13
  0 
mreid123 
Joined: Oct '10
Location: Canada
Age: 26 (M)
Posts: 204
i dont think the exhange will give u more money i tink its a bunch of bs lolz i never heard of it untell now ma\bey ur right lolz idk but i think that u have to earn it the right way and exchangeing it dont give u free money lmao

     
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