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What currencies are supported on Bitbuy? | How are price quotes calculated on Bitbuy?
What is price slippage?
What currencies are supported on Bitbuy?
Bitbuy supports a wide range of currencies, however some are limited in the actions you can take with them. Please consult the following chart before making a deposit to Bitbuy!
Group A - You can deposit, trade, and withdraw these currencies with your Bitbuy account
Group B - You can trade and withdraw, but not deposit these currencies
Group C - You can sell and withdraw, but not purchase or deposit these currencies
Group D - You can trade, but not withdraw or deposit these currencies at this time
| Group A | Group B | Group C | Group D |
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How are price quotes calculated on Bitbuy?
When getting a quote on Bitbuy, you may have noticed that the price to buy or sell digital currency is different from the 'market' price displayed in the app. This article explains how pricing and quotes are calculated and shown.
Market prices
The Markets screen shows the median Canadian Dollar equivalent price for each digital currency available on Bitbuy. The price displayed is half-way between the prices offered to buy and sell each currency. Often referred to as the mid-market price.
The mid-market price gives you an estimate of the current value of the listed digital currencies.
Spread
Bitbuy generates trade quotes using a spread. This is similar to how other money exchange services you might already be familiar with operate.
Let’s take the example of exchanging Canadian Dollars for U.S. Dollars at an airport currency exchange booth. In this scenario, we would typically talk about a current exchange rate (actually the ‘mid-market’ price). When you make the exchange from Canadian Dollars to U.S. Dollars, you usually receive a rate that is either higher or lower than the ‘mid-market’ price, depending on whether you are buying or selling. At these exchange booths, display boards often show the buy and sell prices.
The difference between the buy price and the sell price is referred to as the spread.
Much like other trading apps available today, the prices we offer to buy and sell digital currencies on Bitbuy include a spread. Including a spread is an industry-standard practice that allows Bitbuy to eliminate commissions and fees from trading and most deposits and withdrawals.
Trade quotes
You’ll notice that the prices shown on the Trade screen differ from the values shown on the Markets screen. This is normal, as Trade quotes reflect the prices offered to buy or sell the requested currency.
What is price slippage?
Slippage occurs when an order is filled at a price that is different from the requested price, and It usually happens during periods of high volatility or low market liquidity.
The difference between the expected fill price and the actual fill price is the “slippage”.
You can always use our Over-the-counter (OTC) services to avoid slippage and much more: https://bitbuy.ca/bitbuy-private-wealth-otc