So I went immediatelly to an online converter and checked how much my 9,453.620789 ADA are worth right now. It was 362.26$ !!! So is this normal? I paid almost 10% or 40$ in transaction cost. Is there a cheaper way to get ADAs?
Have you checked the
"spread"? Spread is the gap between the sell price and buy price.
Since coinswitch is the instant trade platform where you will automatically purchase some cryptocurrency if you only deposit a particular cryptocurrency.
Most of exchange like that is taking advantage on the "
spread", so that's why you you lost a lot.
Some of exchange similar to that are taking profits by adding some small amount on the price;
For example,1 ADA = $0.5 if you will
BUY on them.
1 ADA = $0.3 if you will
SELL your ADA to them.
the spread there is : $0.5 - $0.3 =
$0.2.
So, for example you already bought some ADA with the of price mentioned above and immediately SELL it with them, so you lost
$0.2 on each ADA you have, since the buying price and selling price are different.
Is there a cheaper way to get ADAs?
Try some exchange that are listed here :
The exchange that has much volume the better, then you can deposit some of your cryptocurrency or USD there if you want to buy some ADA.
Or you can compare each exchange and compare the buying price of it so you can choose the best price for you.