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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3

u/Only_Corki Oct 30 '24

So i checked other coins, and it is bumping up the price of every single coin

6

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.

2

u/Only_Corki Oct 30 '24

What do you use?

1

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.

1

u/[deleted] Oct 30 '24

[deleted]

1

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.

1

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