Keep in mind that arbitrage exists on the market for years and some use bots for this.
This means that the prices between the exchanges "equalize" pretty fast and if some exchanges "stand out" with the prices Bitcoin is traded at, there's a good chance that something is fishy there, most probably various difficulties in creating the account or withdrawing from there.

So if it's an exchange you're familiar with, good luck! But if you're not, spend some time, research more on that exchange, maybe play with small amounts of money, get the pulse. Don't just jump in. If it's too good to be true, it's probably not good at all.

We are already in 2021, it might be a good idea to do arbitrage in 2017, but now you have to compete with bots. So the chances for a average and regular traders are very slim to make profits thru arbitrage. And then you also have to factor that withdrawal fees and KYC procedure you have to undergo. So just be careful as the risk is also very high. It's sounds easy in paper, but it's a hard trading strategy to execute, in my opinion.

Have you considered the confirmation speed if you made a transfer from one exchange to another? What about deposit/trading fees, requirements to have a verified account, etc?

I share the same belief that doing arbitrage from one exchange to another is quite risky and not worth your time, especially if you're using an exchange with a different target market. Instead of making some profits, you might as well lose your data in the future. Why not arbitrage on a single exchange using the price difference on the trading pairs? Profit might be low, but you should not aim for arbitrage as your main strategy in the first place imo.

I don't think that we can't do that, as @Obito have pointed out, they've made a countermeasure against this kind of scenario/situation so there's no possibility that someone can do that, even if you try to bypass it, you can only buy and sell in that location but you can't take it out into your country.

We do have to be careful if we want to transfer our assets to small exchanges with the aim of arbitrating because of the high price difference, because it's true what you say fraud often happens here and it's just price manipulation or fake transactions. 
If we find the price difference is high enough we have to research it first, moreover it is a large coin it is impossible for the price difference to be too high between exchanges with one another. Wrong decision, then our assets will be lost.

If you do this, the risk will be great. Don’t trade on small exchanges either.
Everyone thinks the same as you, then we will do the same. But we will not do this for safety reasons.

I‘m curious about why would big gap appear? why would some exchanges set their price lower than the market? who'll take the loss? if they just meant to attract users then how would the developer make up the loss? businessmen are always wily and shrewd so I just couldn't figure it out!
I know some traders bought robot to achieve that process but I don't know whether it worked or not
it is not the same as commodities in stores where the owner can willfully adjust the price. the fact is no one can buy Bitcoin with a discount

just make sure that the accuracy in time will favor you because the sad thing here is that what if you buy at 47k in binance and when you wanted to sell in other exchange suddenly the price back to normal.

and i have seen similar occasion posted here that happens like this when the exchange have bugged and then turn back the traders and asking Him to return back the excess in funds.

arbitrage is long gone strategy now and only very few is conducting this still.

price difference has long occurred and is a common thing faced by traders,
As far as I know Korean exchange is difficult for people outside of Korea to penetrate. KYC is needed like a passport which everyone doesn't have, and the hardest thing is that you must use a Korean resident card,
for me, doing arbitrage is useless if you trade in small quantities, it runs out on shipping and trading costs

We need to consider the time of the transaction because we can not predict the time accurately. Maybe before we send the bitcoin, the price is still high, but there is no guarantee for the price to stay at that price. Who knows, after we send, the price is down sharply and once the transaction got confirmed, we can not sell at a high price. As usual, high risk can give you a high profit but be careful. Not every time you will get your luck.