What does Easy Crypto charge?
Easy Crypto makes a small margin when you purchase through us - which can be reduced depending on your discount tier (these start from just $1000 spend). We provide information the margin you pay on the "rate info" screen when you place an order. However, we can't specify the exact amount of fee on each transaction, and we also can't provide itemised fee costs for our charges. Why not? Read on...
Easy Crypto is a crypto shop, not an exchange
Exchanges work by bringing together buyers and sellers. Each seller will name the price they are willing to accept, and each buyer names the price they are happy to offer. If buyers and sellers agree on a price, a deal is done, and the exchange takes a set fee (normally a percentage) on the trade.
Instead, we are a retail shop. We have a range of products available, and each product has an advertised price. If you want to buy something, you choose how much you want to buy, pay the advertised price, and we deliver the product to you.
We make our profit on the difference between what we sell our products at, and what we can buy at. We set our sell price in reference to the international "spot price" for crypto (more on this below), and then we buy through multiple different suppliers to get the best price we can, and in turn, pass those savings on to you.
If you only charge X% why is your price higher than elsewhere?
There are two things at play here. Firstly, what makes up the "spread", which is the difference between the buy price and the sell price. The second is to do with the "spot price" which is the midpoint between the buy and sell rates.
In regards to the spread, while Easy Crypto will make a margin on a transaction, there's also foreign exchange costs (getting NZD to overseas crypto markets), exchange costs and network fees etc. The difference between buy and sell rates needs to include all these costs, meaning this difference is bigger than just our fee.
When you look at crypto prices on Google, CoinMarketCap, or in your wallet, these prices will be displayed as the "spot price". The spot price isn't a real price that exists anywhere that you can purchase, it's better thought of as a reference point to show how markets are moving. Google will have a different spot rate from your wallet, which will have a different spot rate from CoinMarketCap. You can't buy at this spot rate, it's just for reference.
When you come to buy from Easy Crypto, we show you the price for buying. When you compare this to the "spot price" from another site, it will be higher, and the difference will depend on what spot price your wallet or app chooses to reference to.