You send your fiat to the exchange and park it in your account there before buying. How long it takes is entirely down to your bank and the exchange's system. They all have different set ups.
The only time the BTC/EUR rate applies is the moment when you actually buy BTC on the exchange. If you don't have EUR ready to spend in your exchange account then you can't buy anything.
'Slightly vary' sounds a bit weird to me. I would expect to receive exactly what I paid for minus fees. Which exchange published this video?
Topic: Exchanges. How do they work - page 2. (Read 365 times)
Hi everyone !
Total newb. here, I'm trying to understand the basics of the crypto world.
I get the philosophy, the benefits compared to fiat money, etc. but when I want some precise info, I cant find them.
Specifically, I can't understad how the exchange platforms works, for the buying part...
Do I have to deposit fiat money on my account on the exchange platform and then it's stored there and I can use that money to buy BTC whenever I want ?
Can I pay by a simple transfer from my bank account ? But any transfer takes at least a day, so when the transfer occurs, witch BTC/eur rate is applied ? (If I want to buy 1 BTC at 6800 euros, but 1 day later, when my bank transfer applies, the rate is now at 7800. Do I still get my 1 BTC or do I get less ?)
I find it difficult to find precise info on the exchange platform themselves. Every piece of information I find add more unanswered questions, so it always seem there is always more complex things going on, not explained.
For example I just watched a video on a platform explaning how to buy BTC. They just say : you set the amount of fiat money you want to pay, it shows you how much BTC you'll get (and the fee), you confirm and after a few minutes, you'll get the BTC. Please note the amount of BTC you'll receive may slightly vary."
Ok but then I need to understand why it may slightly vary, how much can it vary, etc.
Any idea what they are talking with slightly vary ?
Any good source of information on how the exchange works ?
Total newb. here, I'm trying to understand the basics of the crypto world.
I get the philosophy, the benefits compared to fiat money, etc. but when I want some precise info, I cant find them.
Specifically, I can't understad how the exchange platforms works, for the buying part...
Do I have to deposit fiat money on my account on the exchange platform and then it's stored there and I can use that money to buy BTC whenever I want ?
Can I pay by a simple transfer from my bank account ? But any transfer takes at least a day, so when the transfer occurs, witch BTC/eur rate is applied ? (If I want to buy 1 BTC at 6800 euros, but 1 day later, when my bank transfer applies, the rate is now at 7800. Do I still get my 1 BTC or do I get less ?)
I find it difficult to find precise info on the exchange platform themselves. Every piece of information I find add more unanswered questions, so it always seem there is always more complex things going on, not explained.
For example I just watched a video on a platform explaning how to buy BTC. They just say : you set the amount of fiat money you want to pay, it shows you how much BTC you'll get (and the fee), you confirm and after a few minutes, you'll get the BTC. Please note the amount of BTC you'll receive may slightly vary."
Ok but then I need to understand why it may slightly vary, how much can it vary, etc.
Any idea what they are talking with slightly vary ?
Any good source of information on how the exchange works ?
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