Does the cheapest exchange change with trade size?
The same comparison at five amounts, from A$100 to A$50,000, using each exchange's live order book and published entry-tier trading fee. A good price for A$100 isn't always good for A$50,000.
Order books: BTC Markets 1:10 am AEDT (too old to compare); Independent Reserve 1:10 am AEDT (too old to compare); CoinJar Exchange 1:10 am AEDT (too old to compare).
| Amount | Most BTC from | You'd receive | Exchanges compared | Most vs least |
|---|---|---|---|---|
| A$100 | None comparableLeft out: BTC Markets (order book older than 15 minutes); Independent Reserve (order book older than 15 minutes); CoinJar Exchange (order book older than 15 minutes) | —0 of 3 compared | 0 of 3 | — |
| A$500 | None comparableLeft out: BTC Markets (order book older than 15 minutes); Independent Reserve (order book older than 15 minutes); CoinJar Exchange (order book older than 15 minutes) | —0 of 3 compared | 0 of 3 | — |
| A$2,000 | None comparableLeft out: BTC Markets (order book older than 15 minutes); Independent Reserve (order book older than 15 minutes); CoinJar Exchange (order book older than 15 minutes) | —0 of 3 compared | 0 of 3 | — |
| A$10,000 | None comparableLeft out: BTC Markets (order book older than 15 minutes); Independent Reserve (order book older than 15 minutes); CoinJar Exchange (order book older than 15 minutes) | —0 of 3 compared | 0 of 3 | — |
| A$50,000 | None comparableLeft out: BTC Markets (order book older than 15 minutes); Independent Reserve (order book older than 15 minutes); CoinJar Exchange (order book older than 15 minutes) | —0 of 3 compared | 0 of 3 | — |
"Most vs least" is how much more BTC the top exchange gives than the bottom one at that amount. Estimates, not quotes: prices move, and funding, withdrawal and tax costs aren't included.
Why trade size changes the result
A market order takes the cheapest sell orders first, then dearer ones. An exchange with a good top price but little behind it can be the cheapest for a small amount and the dearest for a large one. An exchange is only compared when its order book, in the price levels we fetch, covers the whole amount; when a large amount leaves one out, its row says which and why.
For a custom amount, use the exchange comparison. To include the Bitcoin withdrawal fee, use the wallet delivery planner. The slippage guide works through an example.