Why are the prices on LUNO different from BINANCE - Investment - Nairaland
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| Why are the prices on LUNO different from BINANCE by Goldwater2023: 4:12am On Feb 22, 2021 |
please I have an urgent question guys Why is the prices of crypto higher on LUNO and lower on binance ? For example the price of Bitcoin on LUNO as at today (22nd of February 2021 4:10am) is 32.7 million naira for one Bitcoin. While BINANCE is selling thesame Bitcoin at 21.7million per coin . Please am a novice can somebody educate me pls
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| Re: Why are the prices on LUNO different from BINANCE by TANID(m): 5:25am On Feb 22, 2021 |
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| Re: Why are the prices on LUNO different from BINANCE by Kobicove(m): 5:25am On Feb 22, 2021 |
I'm not a crypto expert but I suspect it may be due to their use of different exchange rates for conversion |
| Re: Why are the prices on LUNO different from BINANCE by showafrica(m): 6:57am On Feb 22, 2021 |
For some reasons, I don't just like binance |
| Re: Why are the prices on LUNO different from BINANCE by AerialMapper: 9:36am On Feb 22, 2021 |
Your answer is there on the screen. Look at the value of 1 USDT on Binance; it is 383 naira |
| Re: Why are the prices on LUNO different from BINANCE by Mide3367: 10:25am On Feb 22, 2021 |
Binance uses official rate u can get on Google while Luno which is Nigeria centric uses black market rate |
| Re: Why are the prices on LUNO different from BINANCE by Postboiswag(m): 10:38am On Feb 22, 2021 |
Suppose I can buy from binance and sell on Luno I will be in profit. But I can't sell on Luno for now |
| Re: Why are the prices on LUNO different from BINANCE by Henri244: 12:17pm On Feb 22, 2021 |
Since after the ban, do they still allow buying btc and other cryptocurrencies with credit card? |
| Re: Why are the prices on LUNO different from BINANCE by silkytouch(m): 9:08am On Feb 23, 2021 |
This is a good window for arbitrage trading which doesn't happen often. Experienced traders jump at this opportunity once they see it. What you do here is buy from the platform at a cheaper rate, send to the platform with a higher price and sell. You could make a fortune in a matter of hours, but the bad new is with BTC transfers across platforms usually taking hours to be confirmed, before your coin would land on the other platform, the price may have corrected and the whole exercise becomes a futile one. |
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