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Alternative to LUNO(shit) to buy BTC at correct prices

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WideAwak3

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Hi Guys,

Is there any way to buy btc at the correct USD value. I wish I had a US or UK residency and bank account but I am stuck in dark africa here with companies like luno raping their clients.
I dont like being raped.

Is there anyone that has a better way for me to buy these dips at the correct USD values?

Any advice welcomed. please just dont even try and defend SA companies with me, i have had enough.
 
At the time of writing this btc is $5454 on coinbase. which is R78510.06
Luno wants R85649, so they make over R7000 per btc. For doing nothing really.......
 
That's not how it works though. Luno is not pocketing R7000. That same coin is being resold on luno at that inflated price. It's to being sold on coin base. It costs money to send from luno to coinbase.

Each exchange is it's own marketplace where people are buying and selling Bitcoin so the price across exchanges is going to vary depending on the buy/sell activity at those exchanges. So the luno price in SA is relative to a USD price on coinbase. They rise and fall at the same pace generally.

I believe coinbase uses an average value based on the biggest exchanges around the world


You can cross trade between platforms. It's called arbitrage.
When you buy low on one exchange then send your bitcoin over to luno and sell slightly higher for a small profit multiple times. This sometimes does not work as sending your coins from one exchange to another costs money so most of the time it's not viable. Some people do succesfully do it with large quantities. Not sure which exchanges they ate using. Also having a bank account in another country helps buy on other exchanges.


I think my facts are correct. Maybe someone with more knowledge on the subject can pitch in
 
That's not how it works though. Luno is not pocketing R7000. That same coin is being resold on luno at that inflated price. It's to being sold on coin base. It costs money to send from luno to coinbase.

Each exchange is it's own marketplace where people are buying and selling Bitcoin so the price across exchanges is going to vary depending on the buy/sell activity at those exchanges. So the luno price in SA is relative to a USD price on coinbase. They rise and fall at the same pace generally.

I believe coinbase uses an average value based on the biggest exchanges around the world


You can cross trade between platforms. It's called arbitrage.
When you buy low on one exchange then send your bitcoin over to luno and sell slightly higher for a small profit multiple times. This sometimes does not work as sending your coins from one exchange to another costs money so most of the time it's not viable. Some people do succesfully do it with large quantities. Not sure which exchanges they ate using. Also having a bank account in another country helps buy on other exchanges.


I think my facts are correct. Maybe someone with more knowledge on the subject can pitch in

I appreciate the effort, and like the way you said what you said. Please excuse my combativeness in any post, I really try hard to be nice and this unfair country has made an enemy out of me on so many fronts.

Sidenote i have been doing financial trading for at least 6 years. I have made quite a bit, except this year I am kinda getting my ass handed to me by these declining markets. So i fully understand arbitrage training etc. I have also studied cryptocurrencies in depth and have multiple investors money and my own into various projects. There is no such thing as a R7000 fee between any exchange on this planet. Not miners fee, nor any other complications to speak of that allows Luno to charge what they charge. The entire point of crypto is to be as cheap as possible in terms of transaction costs. I know the exchanges charge certain amounts, but its miniscule to the point that i dont mind paying. But R7000 per BTC is a major discrepancy, and should not be tolerated.

I am speaking to family in Murica, and although they are technologically not staying with the times, i will be able to buy crypto at under R79400 per BTC. Rather than via LUNO R83783 at the moment of writing this.
 
I think you misunderstand the state of exchanges and cryptocurrency at the moment. Each exchange has a certain amount of buyers and sellers. In SA crypto is less well known and there is a smaller market, so there is less local supply which means demand pushes the price up. Of course there are many more factors involved but I believe that is the main reason behind their difference in price. You will see each exchange has a different price based on their local factors. Luno is not making any more than the % they advertise as their fee, as does any exchange. If you buy you pay ~R7000 more but if you sell you also get the same difference.
 
Higher volume equals higher price. not lower volume. And we are trading in an open international 24/7 market, and each price is determined by market cap. BTC prices are at a certain market cap. Buying it from Luno, and transferring it to an exchange like Binance, or coinbase pro instantly makes you lose $486.00 This is very simple math.

Anyway. Im just really pissed at SA companies always operating at higher prices than first world countries and giving you much less than something is worth. I will end my rant here, as we all are on different levels when it comes to economics and financial literacy.

Thanks for the input. Thread closed.
 
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