where do you buy/sell bitcoin? robinhood and webull are horrible with the spread (cash, stock)

[Brom]

At robinhood or webull,

When you buy at limit price, it will not execute until way below the limit price.



Same thing with selling. It will sell way below limit price and you're probably better off selling at market price to avoid the dip.


The explanation webull is saying is that the "price" i'm seeing in the chart is just an average/approximate of ask and bid price.

[Brom]

I did some testing on webull. I bought $20 at limit price of 27400 it did not buy until the "chart price" was 27200ish.


When the chart price went back up to 27400ish, I sold at limit price of 27400 but it wouldn't sell until "chart price" is 27600ish.


Is this normal? I'm seeing $400 spread just to break even on buying selling at limit price.

[gamebird98]

PayPal is now able to buy/sell crypto...haven't tried it yet tho.

[Brom]

In stock, when I sell/buy at limit price. When the "stock chart price" hits that limit price it will buy/sell at that amount.

[Brom]

Nvm I got the amswer to this. Basically what I said. Bitcoin needs to move up the "spread" before you can break even. You can't just buy and sell instantly or you will lose money equal to spread.

[lancers]

Originally Posted by gamebird98

PayPal is now able to buy/sell crypto...haven't tried it yet tho.

Not horrible actually the spread is fairly tight. Market orders only by the time the buy or sell executes around 5 seconds there can be a fair amount of movement. The customer service is terrible. No phone support you can wait days if not weeks for a response through messaging. What happens if you are fortunate enough to make a killing want to cash out and the system won't let you make a withdrawal?

Best to stick with Binance or Coinbase Pro.

[sandlines]

Originally Posted by Brom

I did some testing on webull. I bought $20 at limit price of 27400 it did not buy until the "chart price" was 27200ish.


When the chart price went back up to 27400ish, I sold at limit price of 27400 but it wouldn't sell until "chart price" is 27600ish.


Is this normal? I'm seeing $400 spread just to break even on buying selling at limit price.

Shouldn't they give you a bid and ask price? In other words, there should be two prices representing the spread, not one. If you place a limit order to buy at the ask, that should always fill, at least partially.

[Brom]

Originally Posted by sandlines

Shouldn't they give you a bid and ask price? In other words, there should be two prices representing the spread, not one. If you place a limit order to buy at the ask, that should always fill, at least partially.

Yes, it will fill at ask but ask price is 200ish more than the chart price. Bid is 200ish less than chart price. So around 400ish spread. If you buy and sell immediately even if the chart price didnt move, you lose 400ish or more.