Why Binance charge me $2K more than the current BTC price?

krynockhti

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Quote from: Yamane_Keto on February 17, 2024, 09:58:24 PM

Quote from: krynockhti on February 17, 2024, 07:01:06 PM

But! why on the convert the Binance incrase the BTC price if they say there's no fees?
As you see actual BTC price is: $51,718.78 USD but on the convertion Binance put the BTC price for: $51,776.2 (INVERSE RATE), $57 difference.

There are no fees but you cannot choose the selling price. You can sell Bitcoin on Binance using

Convert: Easy for beginners, simple and direct, but you cannot modify the price, meaning you sell at $53,000
Limit order: Easy for beginners. You can set the price you want to sell at and wait for the price to arrive.
Market order: I do not recommend it as it is an order that enables you to sell automatically, but the exchange rate will be bad.

These commands are simple and suitable for beginners, and you can search for the differences between them.

Convert is a convenient option and there are no fees, except that you cannot modify the price, and they can put their fees in the price rate, but I think they leave it without fees as a promotion for the service.

thank you but I never say that I want to sell. I want to buy.

Binance put the price higher than the current market price? it seems.

My buy flow is this: Buy on Binance with P2P, using my local currency (not usd dollars) to USDT, once I have the USDTs, I go to convert to bitcoin, so is there when I see the bitcoin price a little higher that even! the price that they show on the front of his page.

But again! that flow is cheaper that buying direct on binance with the my credit card.

Yamane_Keto

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Quote from: krynockhti on February 17, 2024, 07:01:06 PM

But! why on the convert the Binance incrase the BTC price if they say there's no fees?
As you see actual BTC price is: $51,718.78 USD but on the convertion Binance put the BTC price for: $51,776.2 (INVERSE RATE), $57 difference.

There are no fees but you cannot choose the selling price. You can sell Bitcoin on Binance using

Convert: Easy for beginners, simple and direct, but you cannot modify the price, meaning you sell at $53,000
Limit order: Easy for beginners. You can set the price you want to sell at and wait for the price to arrive.
Market order: I do not recommend it as it is an order that enables you to sell automatically, but the exchange rate will be bad.

These commands are simple and suitable for beginners, and you can search for the differences between them.

Convert is a convenient option and there are no fees, except that you cannot modify the price, and they can put their fees in the price rate, but I think they leave it without fees as a promotion for the service.

krynockhti

newbie

Activity: 6

Merit: 1

Hi again, thanks for all replies.

YES! I avoid buy with credit card and now I use P2P, so yes is chepear of that way.

I just first buy USDT and later convert to BTC.

But! why on the convert the Binance incrase the BTC price if they say there's no fees?

By example: https://imgur.com/a/MtA3XfA

As you see actual BTC price is: $51,718.78 USD but on the convertion Binance put the BTC price for: $51,776.2 (INVERSE RATE), $57 difference.

maybe is due USDT can be lower than USD at the time or something between?

thank you!!!

rat03gopoh

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It is the same price as you buy in Express P2P zone https://p2p.binance.com/en/express/buy/USDT/USD,
service fee using USD is 0.35% and network fee which is I think it is flat. That is binance's ask price so they can put any price regardless of the difference with the global marketprice.

Bitcoin_Arena

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The price difference when you are logged out could be a technical error from Binance's side, but still you have to log in in order to make a purchase, so it doesn't really matter. Contact their support to correct the error

The price difference when logged in could be due to a number of factors, from spread, to other purchasing fees. Obviously, Binance will have to charge you a premium for the "convenience". Several exchanges do this if you are making an express trade.
If you can a more reasonable price, try looking at offers on their c2c platform (or what they call p2p on the app)

khaled0111

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If you want to buy btc then use the p2p platform. There you can choose which exchange rate is most suitable for you. Binance will, in most cases, will offer a reasonable exchange rate and add a small service fee if you want to buy directly from them and this is understandable.
The exchange rate on the second screenshot is what puzzles me, though!

Husires

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What method do you use to buy Bitcoin? You do not buy at the price of USDT, but rather you buy from a bank account or credit card, which requires fees in addition to the cost of purchasing Bitcoin. So the price of 46,000 is the price of Bitcoin in addition to fees. I also see below that you have exceeded the limit, so you may need to provide more documents to increase your deposit limit.

Quote from: SquirrelJulietGarden on December 08, 2023, 11:21:48 PM

I can not understand your issue. From two screenshots, difference between two prices are 20k, not 2k like you described in OP.

No, the difference is that the first screenshot is $2,000 and the second is to buy half a Bitcoin, as the half is supposed to be $22,000, not $26,000.

EarnOnVictor

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Quote from: krynockhti on December 08, 2023, 07:44:40 PM

I don't understand why Binance charge me $2K more than the current BTC price? https://i.imgur.com/6H4pPmk.png

I really don't understand why?

Is even funny how they show $26K on the front page of the site when you are logout: https://i.imgur.com/iFdYRzD.png

When I login, the price is $2K more than the current BTC price $44K

All this is via the web site, not the app, the iOS app is not available in my country, only Binance.US not work in my country.

Any help please!

With what you explained here in linkage to the picture you attached, I couldn't get the actual relationship as regards what you claimed. Notwithstanding, in my experience with exchanges, I think I understand what you are trying to allege and what has happened to me with Bybit before, which explains why I stopped using the exchange. To make matters worse, my brother who also uses Bybit didn't have a similar problem when we compared it with his account.

This means that they route us through different servers and perpetrate their evils in some of these servers but not all, so that it will not cause a general issue or make their bad deeds obvious. This could be very painful and it's the reason why I am now being smarter before I press the "convert button" in any exchange. I make sure I compare the Bid and Ask prices carefully before confirming the transaction. They could use that to raise the spread to steal from their customers under the guise of technical error and market conditions/situations at that time.

SquirrelJulietGarden

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I can not understand your issue. From two screenshots, difference between two prices are 20k, not 2k like you described in OP.

Two screenshots are like from the same pair, same trading page as I see you can enter the amount of money and see a conversion to amount of BTC you can get with that money if you initiate the buy order. None of screenshots is from their landing page.

Even at their landing page, price is real-time updated like the above user said.

Could you give us more details about your issue, please?

Meanwhile you can log in, log out your account and see will the issue be solved?
You can try to clear your browser cookies and log in your account again.

Latviand

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Quote from: krynockhti on December 08, 2023, 07:44:40 PM

I don't understand why Binance charge me $2K more than the current BTC price? https://i.imgur.com/6H4pPmk.png

I really don't understand why?

Have you bought bitcoin before in Binance? There's a possibility that the reason why you're paying so much for 1 bitcoin is probably because of the transaction fees or something, that's the only explanation that I can think of as to why they charge that much. You can put a customer support question if you want answer directly from them.

Quote from: krynockhti on December 08, 2023, 07:44:40 PM

Is even funny how they show $26K on the front page of the site when you are logout: https://i.imgur.com/iFdYRzD.png

When I login, the price is $2K more than the current BTC price $44K

All this is via the web site, not the app, the iOS app is not available in my country, only Binance.US not work in my country.

It's probably something got to do with their UI/UX design, that's the only way that I can think why they're having that problem, maybe they haven't updated it yet. Did it affect your trading or something? If it didn't then you can just brush it off or report it to the Binance support, they might be able to help you. Since it's probably the website then, it's probably as I've suspected.

tsaroz

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Quote from: krynockhti on December 08, 2023, 07:44:40 PM

I don't understand why Binance charge me $2K more than the current BTC price? https://i.imgur.com/6H4pPmk.png

I really don't understand why?

Is even funny how they show $26K on the front page of the site when you are logout: https://i.imgur.com/iFdYRzD.png

When I login, the price is $2K more than the current BTC price $44K

All this is via the web site, not the app, the iOS app is not available in my country, only Binance.US not work in my country.

Any help please!

The price they show on the frontpage is realtime trading price. i.e. at that price people are buying or selling bitcoin with either of the usd pegged coin. Most probably with USDT.
The price for exchanging bitcoin from USDT and USDC would still have some difference and that still doesn't include the fee.
When you are swapping (not exchanging), it would look for a price that would completely and instantly matching your request so the price would be on expensive side.
And when you are buying with cards or payment processor, you are swapping with added binance fees and added payment processor fees, that would make the price higher.

krynockhti

newbie

Activity: 6

Merit: 1

I don't understand why Binance charge me $2K more than the current BTC price? https://i.imgur.com/6H4pPmk.png

I really don't understand why?

Is even funny how they show $26K on the front page of the site when you are logout: https://i.imgur.com/iFdYRzD.png

When I login, the price is $2K more than the current BTC price $44K

All this is via the web site, not the app, the iOS app is not available in my country, only Binance.US not work in my country.

Any help please!

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