Hi
I am new to this forum and I wanted to get people’s ideas on the Australian cryptocurrency exchange Coinspot.
Recently they changed their pricing system which they call “dynamic” but is in my opinion is such an unbelievably misleading structure that really borders on misconduct.
Essentially you see one buy price listed on the exchange , but when you go to actually buy the coin, the price significantly increases. The same is true for selling. When you go to sell the same coin, the sell rate/sell price significantly drops. The exchange actually stated on social media that this new pricing structure is much better for their customers and they are the ones who are actually losing money. But how is buying at a higher price and selling at a lower price in anyway better for their customers?
In addition to this, they also posted that “Their fees are reduced to 0.1%, welcome to the lowest fees in Australia.” But the confirmation window that comes up when you buy/sell has the word “Fees - 1%”. What is that? 0.1% and 1% are two very different things.
If this is not misleading I don't know what is.
Has anyone else had experience with this exchange and this problem and what are your thoughts? Much appreciated in advance.
I am new to this forum and I wanted to get people’s ideas on the Australian cryptocurrency exchange Coinspot.
Recently they changed their pricing system which they call “dynamic” but is in my opinion is such an unbelievably misleading structure that really borders on misconduct.
Essentially you see one buy price listed on the exchange , but when you go to actually buy the coin, the price significantly increases. The same is true for selling. When you go to sell the same coin, the sell rate/sell price significantly drops. The exchange actually stated on social media that this new pricing structure is much better for their customers and they are the ones who are actually losing money. But how is buying at a higher price and selling at a lower price in anyway better for their customers?
In addition to this, they also posted that “Their fees are reduced to 0.1%, welcome to the lowest fees in Australia.” But the confirmation window that comes up when you buy/sell has the word “Fees - 1%”. What is that? 0.1% and 1% are two very different things.
If this is not misleading I don't know what is.
Has anyone else had experience with this exchange and this problem and what are your thoughts? Much appreciated in advance.
