We keep hearing that prices are significantly different between exchanges, especially with free commission which people are claiming that the spread will be much higher? But is it really?
Here I tested the price difference, the real price that you would buy at and not theoretical price, between: Coinbase Pro, Crypto_com, robinhood and US Binance.
My approach was simple
I put in exactly 1 ETH or 0.1 BTC in the buy, and only recorded when the price is locked and at the final stage. This is to ensure that the price is as accurate as possible. For example, Binance and CDC literally has a count down timer.
to ensure that its not bias, I did everything on a phone and I tried to do them in random orders.
I took multiple measures throughout the day on this weekend so to minimize volatility as I move from one app to another. I estimate from the first to last app its about 1 min. This is from July 9-10, 2022 PST time.
Binance US has free BTC trade fee but ETH is .5% fee - this was also accounted for.
Coinbase Pro was very clear on the fees and shows the exact amount including fees.
for BTC I also include coinmarket price.
The results were very surprising.
Bitcoin:
| 7:31 AM | 7:43 PM | 8:11 PM | 7:39 AM | 8:48 AM | 9:41 AM | 10:36 AM | 11:02 AM | |
|---|---|---|---|---|---|---|---|---|
| Robinhood | 2,171.8 | 2,133.5 | 2,136.4 | 2,096.7 | 2,097.3 | 2,091.8 | 2,100.0 | 2,096.0 |
| Binance_US | 2,179.3 | 2,140.8 | 2,143.6 | 2,104.8 | 2,104.9 | 2,097.7 | 2,107.4 | 2,104.4 |
| Crypto_com | 2,191.1 | 2,152.8 | 2,154.1 | 2,114.1 | 2,116.7 | 2,109.8 | 2,120.0 | 2,114.8 |
| Coinbase | 2,176.4 | 2,139.6 | 2,141.9 | 2,101.5 | 2,102.1 | 2,096.2 | 2,106.3 | 2,101.3 |
| coinMarketcap | 2,164.1 | 2,127.4 | 2,129.0 | 2,091.2 | 2,092.1 | 2,083.1 | 2,091.8 | 2,090.3 |
ETH
| 8:05 AM | 7:27 PM | 8:34 PM | 7:30 AM | 8:24 AM | 9:44 AM | 10:34 AM | 11:06 AM | |
|---|---|---|---|---|---|---|---|---|
| Robinhood | 1,219.2 | 1,205.9 | 1,189.8 | 1,166.4 | 1,167.5 | 1,174.4 | 1,177.9 | 1,175.9 |
| Binance_US | 1,230.1 | 1,212.3 | 1,201.5 | 1,177.9 | 1,178.9 | 1,185.6 | 1,189.0 | 1,185.7 |
| Crypto_com | 1,236.6 | 1,228.3 | 1,207.6 | 1,184.5 | 1,185.0 | 1,189.1 | 1,194.2 | 1,191.0 |
| Coinbase | 1,220.0 | 1,208.8 | 1,192.9 | 1,170.7 | 1,170.3 | 1,174.7 | 1,180.5 | 1,178.2 |
Results.
Really surprising is that robinhood had consistently the lowest price.
Not so surprisingly is that CDC had the most expensive price, as much as 1.8% in some cases
CoinMarket Cap always underestimates the real purchasing price, in red BTC plot.
Because Robinhood had the lowest price all others were compared to it.
Price difference compared to robinhood
Again, all fees were accounted for .5% for binance US and .6% for coinbase.
| price 0.1 BTC | ||||||||
|---|---|---|---|---|---|---|---|---|
| Binance_US | 0.34% | 0.34% | 0.34% | 0.39% | 0.36% | 0.28% | 0.35% | 0.40% |
| Crypto_com | 0.89% | 0.91% | 0.83% | 0.83% | 0.92% | 0.86% | 0.95% | 0.90% |
| Coinbase | 0.21% | 0.29% | 0.26% | 0.23% | 0.23% | 0.21% | 0.30% | 0.25% |
| price 1 ETH | ||||||||
| Binance_US | 0.89% | 0.53% | 0.98% | 0.98% | 0.97% | 0.95% | 0.94% | 0.83% |
| Crypto_com | 1.42% | 1.86% | 1.50% | 1.55% | 1.50% | 1.25% | 1.38% | 1.28% |
| Coinbase | 0.06% | 0.24% | 0.26% | 0.37% | 0.24% | 0.02% | 0.22% | 0.20% |
conclusion and TLDR.
Robinhood has the lowest purchasing price. While CDC had the highest, as much as 1.8% for ETH. Coinbase is very similar to robinhood despite all the fees. and because of the sentiment here, coinbase do look to be the best balance.
Moroever transfer fees is important to think about and again suprisingly RH had very low similar BTC withdrawal fees, and CDC is extremely over priced for transfer fee.
You could always set limit price but for people who DCA and auto trade with that this could potentially be useful.
edit: RH is like poison here but I wanted to be as objective as possible and that is what the data says. On the other hand Coinbase is very similar and withdrawal fees are very low compared to CDC and binance.
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