CryptoCurrency : Coinbase Has An Invisible “$80 Spread”
So I noticed something recently. When I go to buy any coin on Coinbase, the price says one thing on the main page, then you go to the buy menu and he price happens to be +$40-$50. Interestingly enough, I figured for a little while maybe I’m just not fast enough and it’s changing fast. Maybe I’m just unlucky.
Nope. I went to their website and used their mobile app, which should be almost instantly the same, you’d think right? Well, you go to buy and keep the chart pulled up so you can watch if it’s going up or down as you buy, the same thing happened without much change on the chart (maybe a dollar.)
I called their support line and they gave me an answer that it’s because they have a “spread” that sometimes you might get it at the right price and sometimes you might not. But you “should” get the amount of bitcoin at the right price on your receipt… which isn’t what happens. Support guy told me they’ve never had a call asking about this before. He goes to ask his higher up and they give him the “Oh, there’s an $80 spread” answer…
This happens on both ends, buying and selling. The “spread” just happens to be $40-50 higher or lower than it says on the chart, depending on if you’re selling or buying.
I don’t think this should be acceptable. I understand fees but the price shouldn’t magically be that drastically different when you buy or sell. And of course, it’s in their favor.
TL;DR Be careful which exchanges you use. Sometimes the highest rated ones are highest rated for a “reason.” (-cough cough- $$$$) This may be unimportant to some people, but others may wanna know who’s scamming them.
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