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Luno exchange rate?


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Evening all,

 

Can someone please explain how LUNO exchange rate works. With my limited knowledge it seems that trading on local exchange sees me on the back foot straight off the bat. Rough calc show LUNO exchange rate at 13.80 vs 13.34 actual to the $. What am I missing. What is stopping me trading my CRYPTO on overseas exchanges?

 

Thanks in advance.

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BitcoinZar had a good explanation about that here:

 

https://platinumwealth.co.za/forum/Thread-The-Bitcoin-thread?pid=3673#pid3673

 

When you do a price check on Google, it simply takes the USD price, and then does a conversion on what that would be in Rand based on the current USD/ZAR exchange rate. 

 

Google is not going to any S.A. exchanges to look for the buy / sell prices or latest trade price.

 

The bitcoin exchanges in S.A. dont price bitcoin on what the USD price is in Rand, it is based on supply and demand, like any market. So if there is very high demand for bitcoin locally, then the price will go up as traders will increase their prices.

 

Doing a Google search for the price is a little misleading, kind of like when you do a Google conversion for USD to Rand, and then expect to get that rate at a bank when you exchange your USD, which wont happen.

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  • 1 month later...

I actually called my bank today, and did a proper comparison. I already have an approved account with Kraken Exchange.

 

Starting with 200,000 ZAR :

3.33049 bictoin via kraken

3.04511 bitcoin via luno

 

 

that is after paying fee's for transferring, and taking a knock on the bank's buy/sell rate for USD to ZAR ( FNB)

 

not going to buy via Luno any time soon :o

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