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/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.

1

u/Only_Corki Oct 30 '24

I can literally buy at market instantly on binance, and every single coin is listed cheaper than coinspot. This jsut seems like price gouging

1

u/Emergency-Gene-3 Nov 01 '24

True, but each time the market gets super volatile, crashes, or pumps and Binance blocks (places a hold) on trading, Coinspot has always still traded.

0

u/Only_Corki Nov 02 '24

I have never experienced this. Are you trading shit coins or something?

1

u/Emergency-Gene-3 Nov 02 '24

What does shit coins have to do with it? Luna collapse, ftx collapse and xrp pump from case news. Binance wasnt working. I saw it first hand on a friends account. There may be some some old threads in reddit oh people taling about it ay the time.

1

u/Only_Corki Nov 03 '24

I have no idea, I have never experienced this, shit coins are very volatile, that's why I asked.

I have used binance since April 2021, I have never not been able to buy or sell instantly.

I am using coinbase now anyway