The difference in cryptocurrency prices between trading platforms is due to several factors. Here are some reasons that explain this difference:
1. Liquidity:
Liquidity is the degree to which a cryptocurrency is readily available for trading. Some platforms may have more liquidity than others, allowing currencies to be traded at a price closer to the global market. In contrast, platforms with low liquidity may offer higher or lower prices due to fewer orders in the market.
2. Supply and demand:
The supply and demand ratio for cryptocurrencies varies from platform to platform. If there is high demand for a particular currency on one platform, its price may rise compared to other platforms that do not experience the same demand.
3. Types of markets and pairs available:
Some platforms offer different currency pairs. For example, there may be a difference in the price of Dogecoin against the dollar on one platform, while there may be another difference when it is traded against Ethereum or Bitcoin on another platform.
4. Fees and costs:
Transaction fees may vary between platforms. Some platforms may have lower fees, making the final price of the coin lower compared to other platforms with higher fees.
5. Differences in transaction timing:
There may be a slight delay in updating prices between platforms. Especially in volatile markets, there may be a difference in timing between price updates