Are “best rates” even real anymore?

[Swapzilla_io]

Hey everyone,

Not sure if it’s just me, but whenever the market starts moving, those `best rate` quotes on exchanges don’t really feel that accurate anymore.

Curious how it is for you guys:
- are there any services where the final rate actually matches what you see?
- or is some slippage basically normal everywhere now?

Would really appreciate any real examples, especially if you had swaps where the rate stayed exactly as shown

[Zwei]

Not sure if it’s just me, but whenever the market starts moving, those `best rate` quotes on exchanges don’t really feel that accurate anymore.

the "best rate" is not the "best rate" because the markets are moving, so the rates don't get updated fast enough to keep up.

- or is some slippage basically normal everywhere now?

that's pretty much always been the norm, how else would exchanges make their money?

Would really appreciate any real examples, especially if you had swaps where the rate stayed exactly as shown

i won't show you an example, but if you are speaking about instant swap exchanges, if you pick the "fixed rate" you always get what they show you (within the time limit). but if you go with the "float rate" the amount you receive can be different from what they show.

[logfiles]

Where else would exchange make money from? 

If you are a broker, and you facilitated deals within buyers and sellers at the exact market prices which they expect, where else are you going to get money from for being a broker?

Best rates is just a marketing language. It's very common among exchanges just like "No KYC"

[joniboini]

As far as my experience goes, they'll explain what they mean by best rates on their faqs or somewhere else. Even my local exchanges do that (they have lower volume compared to international markets). Maybe you should check how exactly they determine that.

In a popular exchange that I use for example, they basically take the median between buy and sell order from the spot market, so it's not ideal for day trading or swing-trading.

[hugeblack]

If the platform has no hidden fees, the best way to reduce fees is to decrease the time required to obtain a single confirmation by tracking the last mined block, waiting 7-8 minutes, and then broadcasting the transaction with a slightly higher fee. This will ensure that the transaction is confirmed quickly and that the best rate remains the same.

[BitMaxz]

I believe he is referring to the average price, which may be different from the price when he is trying to trade his coins directly from the exchange.
@OP, each exchange has its own rate; there are people who fill those prices; they usually call it "arbitrage." Those people who do that are the ones who fill those prices.

If you swap coins from a swapping site like Uniswap, you are trading against the liquidity pool. If you sell a large amount of tokens on uniswap, you are manually removing buy-side assets. As you sell more tokens, the price will fall until it is much lower than the market average.
I think this is the reason why you don't feel the market is not accurate anymore.


If we are wrong, you better tell us more about where you trade or where you buy and sell. Because if you are trading, not swapping, the price is much more accurate in big exchanges.

[logfiles]

Just to give a broader view to OP's perspective, I forgot to mention that I talked about this kind of things some time back. Where that market price doesn't really seem like the actual market price and if you are not keen, you are going to unknowingly lose a huge chuck of your money and then exchange through its execution engine Could easily make some insane profits.

Here was my thread: OKX and the predatory Market rates. Keep your eyes on Market orders folks!

If you are not in a hurry and don't want any shock, use limit orders.