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Currency Exchanging 101

Posted 06-14-2022, 08:23 PM
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Welcome & Thread Contents:

When you first joined Hack Forums, you likely didn't just magically pop along into The Lounge or Dehashing subforum and start hanging out around here from there forward. You came/found here likely for content you want or need, whether that be in the Beginner Hacking, Ewhoring, or any Subforum.. it is one that you expected/expect valuable content or got hooked on from... Leaving you to choose to stay to stick around, I mean there is a reason you came here and chose to stick around right? Let's improve our experience by providing more value first setting an example and to allow others to follow in our footsteps. I think we should try to release more valuable content even if we don't want to, let us try to getting more tutorials out there for others to see and do the same! Let's push ourselves. With that being said I thought I would drop a thread for you guys with a guide/help desk how you can make around $10K profit or so over the course of 3 months typically here on HF via currency exchanging. The 3 month range and your profits depend on the amount of customers you can get and the quality of the funds your exchanging. I'm not sure how long I'll make this thread but if you have any questions just let me know. Anyone who wants to end up going down this road for a few weeks/months I am happy to help throughout the process, I am no longer doing it like I used to but still squeeze in some profits every once in a while.

Who this method/industry works best for:

This works best for people in the US, the majority of the currency exchange market and the real profits are in the following payment methods: Paypal, (My Personal Favorite) Zelle, Venmo, Cashapp, Crypto's, Cashpickup services (Western Union, etc), Skrill, and another very significant one is Amazon. All are major US dollar players and some only offer services to the US. You can expect to receive a lot of customers who are actually foreign (Paypal; for foreign users looking for BTC, Venmo/Cashapp; for foreign users exchanging ewhored funds, and Zelle/Cashapp/Venmo/PP for US users.

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All the payment methods I can think of exchanged here:
  • Cryptos (Bitcoin, Litecoin, Ethereum, USDC, etc),
  • Paypal
  • Zelle
  • Venmo
  • Cashapp
  • Skrill
  • Zelle
  • Giftcards (Amazon/Bestbuy/Psn/Xbox/Etc)
  • Cash Pickup Services (Western Union, Xoom, Etc)

How the Currency Exchange Industry works on HF:

I will try my best to explain how I've seen how the Currency Exchange section has operated over the years including its pros and cons. Its actually pretty interesting because there is only a very very rare select few that are able to maintain their accounts over their years select people like [mention=825700] & [mention=1621500] who have had a exchange service for years and years (6+ probably by now) versus what you will normally see is someone start up a exchange service then become reputable and last about 3 months or so til their exchanging comes to a slow/halt. The scary thing I see concerning this 3 month period churn rate I guess you could say is that it usually ends with a exit scam and I see this often.  The reason this 3 month rate usually exists is this about the same amount of time the higher tier exchanger's can keep their accounts in good status (Not being banned, Payments not being put on hold, etc) and when they finally reach the end of that 3 months and realize their profits are coming to a end they decide to leave in a exit scam. (Even with people dealing with Zelle which is linked to banks and their personal information they have no issue scamming out still and most of the time scottfree.)

Some currency exchangers are a bit smarter and dive into specific niches of exchanging itself; some of which aren't allowed here like accepting payments for you services (Stripe) not a bad idea all in all if it is for a legit ecommerce business which comes in need of this often. Others like [mention=1443720] will focus on their international customers and their payment methods (cash pickup services etc). Although what you will see most of the time and what I think is best is focusing on buying bitcoin 1:1 and selling it for 1-15%.

What your goals as a exchanger should be:

Your main goal as a exchanger is to find reoccurring relationships with customers; people who constantly need their Amazon Gift Cards sold or their Crypto exchanged to Cash, when you first start it will be very slow until you have these relationships in places. It's worth offering a better rate to have these type of people. I'll expand a bit later on what type of people you want, having someone who always needs amazon gift cards dumped to you at a 60% rate is not typically a good thing.

Understanding your numbers; you will want to know the ins and outs of what it costs to get your Crypto or Cash to your customer, THIS INCLUDES TAXES!

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The main way of making profit via Selling Crypto:

The main way of making profit doing this is buying lower than what you sell for. I will use $300 USD as my pretend buying scenario.

Option A (Buying then Selling Person 2 Person):

You buy $300 (USD) of Bitcoin at a 1:1 rate meaning $300 for $300 in exchange. This is always a good deal and can usually only be found person to person via exchanging; most exchanges will always have a fee ontop of buying whether your aware of it or not (Cashapp), Kraken my personal favorite is 1-2%, Coinbase, Binance all are about there as well.

You then sell that Bitcoin (crypto, giftcard, etc in general) at a higher rate typically you will see exchange services offering at 10-15%. (Your $300 BTC for $345 Paypal). Calculating how much to charge is by ($300 x 1.15 = $345); Not everybody does that part right.

You then continue to repeat buying crypto at 1:1 and repeating.

Option B (Buying from Exchanges & Selling):

As time goes on and you have a reoccurring source of customers needing exchanges it is sometimes more convenient when you have a lot of volume to actually be ordering from exchanges themselves then selling the crypto for a higher rate. A huge advantage of ordering from exchanges themselves is that you can avoid the fluctuations and loss of profits when you have a crypto in holdings waiting to be sold; by this I mean you are able to put in a buy order (I use Kraken Wire Transfer ($7 Fee/I usually buy around $1k-$2k USD) of your funds onto a exchange. It will be just in your US Dollar Balance on the exchange waiting for you to make the transfer to your chosen crypto and when you have a customer in need then you can place a small buy order and move the funds to them without suffering from fluctuations. This was very detrimental to me because usually you can only expect 5-15% profit per exchange and when the price of BTC moves down a hundred dollars you can easily lose more than a few deals of profit. When I was exchanging I often saw myself at a advantage seeing other exchangers not wanting to trade for a few days during the high fluctuations due to losses.

If you plan to go down this road it can be a bit more of a stable method versus waiting and trying to find a bitcoin purchase at 1:1, often the market usually turns around for a few weeks and it becomes the opposite becoming very hard to find these deals without previous connections. Compared to right now there is a lot of people actively selling for 1:1 right now. Your biggest hurdle purchasing from exchanges will be limits which is often an issue to any exchanger just first starting til they learn how to overcome and be aware of the natural limits of each payment method. I should also mention most if not all good exchanges will require KYC (Full Verification: SSN/DOB/Proof of Address, Etc). Common Issues you will see when people are buying from exchanges is hitting their weekly or daily limit (Coinbase I see alot); you will usually only be able to buy $500 a week starting out unless choosing a higher tier exchange like Kraken. For Kraken you can wire up to 500K a month with full verification but you can only really get this done same day if you send early in the morning via wire transfer and then typically 4 hours or so later if its before the end of the business day you can get your funds ready to use. Lots of exchanges will trap you like Gemini; and offer you instant purchases with Bank Account or Card but you won't be able to actively move these funds until their hold limit is up. (Sometimes 1 week to 1 month)

Option A Profits: Your $300 USD Cash for $300 BTC at 1:1. You then proceed to sell at a 15 percent rate the whole $300 BTC for (300 x 1.15) giving you $345 USD Cash again.
Total Profits $45 for one transaction.

Option B Profits: Your $300 USD Cash for $294 BTC (From an Exchange: 1-2% fee/ $300 ➗ 1.02 = 294.11). You then proceed to sell at a 15 percent rate the whole $294 BTC for (294 x 1.15) giving you $338 USD Cash again. Keeping in account the $6 in fees you paid.
Total Profits $38 for one transaction.

When you get to have reoccurring customers and you start having multiple exchanges a day (in my case you would have 10-30 spread out over the day). The numbers start to add up quick and having the purchase between a exchange or not starts to make a big difference. 

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Being a Giftcard Profit Guru:

Arguably there is more profit in dealing with Giftcards due to the high discounted rates at which you can get them; typically you can expect anywhere from 65-80% off when buying Amazon Gift Cards and in other giftcards you can expect up to 50% off!

I'll cover on this in a different thread if the demand is sufficient!

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Keeping your accounts in check:

Here on Hackforums you can expect the majority of Amazon Giftcards to be ewhored or well I guess I should say about 90% (some are still family holiday/bdaygifted giftcards needing to be cashed) of them are ewhored (pretending to be a girl and selling nudes etc). It is also good to know that the majority of Venmo/Cashapp funds that often need to be exchanged are also ewhored. This is important to consider for a few reasons; one if they are scamming people you can expect their account itself to be charged back which in the end only makes your own Venmo seem more suspicious and more likely to receive a ban. Keep in mind you can only really make one Venmo/Cashapp/Skrill account or most services like this you can only have one account of tied to your identity. (I'm starting to realize I probably could of organized this information better but I'll probably edit or add more stuff to this thread later on.) How long your account lasts is based off the volume of funds you get and the quality of it. So lets say you are getting a killer deal of amazon offered to you at a 50% reoccurring rate you need to keep in mind some things are too good too be true and they will be either carded funds/stolen funds/or funds that will likely get chargedback.

There is more profits in bigger valued exchanges but it is worth only keeping those with reputable members who won't chargeback on you anytime soon. A good indicator if someone is not looking to scam out is if they have a lot of higher value stuff for sale in the marketplace (like usernames/guides/etc), versus someone who was reputable but hasn't had any marketplace activity for over a year and a half.

It is better having payments spread out periodically and building rapport with the same accounts than having big payments all at once. Accounts are very easy to get triggered and until you have some account history they are pesky to use.

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Chargebacks On Each Platform & Their Effects:

Amazon with redeeming giftcards; all it takes is one fraudulent or chargedback giftcard that you have redeemed to have your account locked forever with your funds still in it. I have one amazon account I've long forgotten about until this post that still has $1300 Giftcard Balance in it. You'll want to constantly be aware of your account balance and try not to let it get too high otherwise you will regret it.

Cashapp; Cashapp may have gotten better since I last used it but there was just about 0 Actual real customer service support just automated lines. One chargeback usually results in your account being closed as they are very rare to be able to actually receive in my experiences. When they do come in they all come in at once automatically charging your card/bank on file. Virtually impossible recovering a banned account unless having a friend who is an employee there.

Venmo; Venmo chargebacks are actually a bit more common to see and you can also expect it to automatically charge your card/balance on file. Venmo you can receive a bit more chargebacks and account will still be in good status. The reason venmo's get closed is from the platform triggering you having too much (Payments/Volume) and detecting you operating as a business account (Venmo only lets you operate as a business if your approved to sell on a ecommerce shop etc. You'll have to operate a venmo as friends & family payments for "food etc" type payments as note.) Virtually impossible to recover a account as well.

Paypal; Paypal chargebacks happen often, easy and does not effect your account status too much. I'm sure everyone knows about paypal so I won't dive too deep into it as I'm not a fan.

Skrill; Like Paypal not much to say about it. Good for low volume transactions from what I have seen.

Zelle; Zelle is a beautiful platform and most people believe transactions can't be chargedback as that is what is said to the public. You can indeed chargeback transactions if the person who sold you funds marks them as fraudulent and files a claim with their bank. Zelle operates in only all US Banks so it is held to a higher standard with no fees. Your account can be closed though (Including your whole bank account if they see suspicious activity/too many fraudulent chargebacks.) As you get further in exchanging it is pretty useful to have multiple banks with Zelle accounts.


Conclusion:

It is in my opinion that this is one of the easiest ways to make money when taking in the risks and knowing what you are doing. Although easy money does not last, in this case typically only 3 months and with that being given I feel like everyone deserves a shot of how to do this and is basically why I am making the thread overall. Below I will include some random tips I can think of off the top of my head, I've dived pretty deep on each side of exchanging niches from accepting payments to people from ewhores to stripe/ecommerce stores/having exchange services elsewhere (Including LocalBTC/selling on Craigslist.) Happy to help anyone wanting to go down this road! Just today as of this posting I saw a Hotels.com Giftcard of $800 value for sale at 60%, needless to say my $130 profit will be in my bank in two days even though I rarely exchange nowadays.

Random Tips:

Spoiler (Click to View)