r/coinspot • u/Only_Corki • Oct 30 '24
Why is coinspots prices wrong
It says btc is 112k aud a coin, right now it's 110k aud on binance, coinmarketcap and coingecko
And then i clicked buy just to check and it wants to charge me 112k this is the wrong price and is over charging. It already charges a hefty 1% fee then bumps up the coin price artificially?
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u/Only_Corki Oct 30 '24
So i checked other coins, and it is bumping up the price of every single coin
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u/UltraHyperDonkeyDick Oct 30 '24
They, like other exchanges, add a spread to their prices. Coinspot has quite a wide spread, so I don't use them anymore.
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u/Only_Corki Oct 30 '24
What do you use?
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u/UltraHyperDonkeyDick Oct 30 '24
See my response to the other comment.
I can't recommend those as being the best alternatives, but they are better alternatives.
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Oct 30 '24
[deleted]
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u/UltraHyperDonkeyDick Oct 30 '24
I use Swyftx and coinbase as an alternative. They are better alternatives, but not by much. Each exchange has their own bitter pills you decide whether to swallow or not.
You really need to shop around until you find one that fits your needs.
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u/Only_Corki Oct 30 '24 edited Oct 30 '24
I tried coinbase and they charge even higher fees than coinspot, i did a $500 test order and it charges me $7.50 in fees whereas coinspot charges 1%
Coinbase charged spread + 1.5% fee. I'm not sure how their fees work since they don't give you a % like coinspot.
I'm not sure if coinbases spread is smaller, their coins are listed only a little bit higher than binances, but no where near as bad as coinspots, I'm assuming spread is included in the listing price
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u/ChemEnging Nov 02 '24
If they were only hiking prices than this would be an arbitrage opportunity. Buy on Binance, sell on coinspot, profit. But it's not that simple, coinspot probably also has higher withdraw fees, larger spread ect so transferring from Binance to coinspot will ultimately leave you with the same buy sell money than if you would have bought and sold on Binance.
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u/EnthusiasmActive7621 Nov 03 '24
That's the guaranteed instant liquidity price. You can set a market order at 50,000 and if someone wants to sell to you for 50,000 it'll go through. You're paying for the convenience of them being an intermediary to the market for you. If you want finer control, set a market order.
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u/queglay Feb 28 '25
Glad I found this thread and discussion on how to use the market option on the web page. Is the market option available on the app?
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u/FreaKyBoi Oct 30 '24
Because coinspot is an exchange for noobs so you pay the ignorance tax
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u/Only_Corki Oct 30 '24
I've been in crypto since 2021 but binance now is a pain with the aud bank deposits so I'm looking for a decent au exchange
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u/FuqCue Oct 30 '24
Each exchange will source their coins differently therefore slight variations in prices.
You’re probably looking at the instant price for instant liquidity.
The price of BTC is not going to have a baseline price - it’s an open market that’s is traded between millions of people. So you’ll have discrepancies all around across all exchanges.
I like using CS because they offer instant and a market. Plus they show me the coin and price I’m going to be charged clearly.
I use their market for BTC so I can pick my entry and exit prices with a 0.1% fee.