On the Market Rates page you see the current price for buying a coin. This means that somewhere in the world, there’s a seller who wants to sell his coins for that amount. But don’t worry, you don’t have to hop on a plane to meet him and shake on it. We will take your buy order request and approach the seller on the crypto market. We do this using the order book, in which all buyers and seller state their offers.
The price you see in the Market Rates can differ from the price in your Vault. The first displays the cheapest available buying price, the latter shows the current highest bidder if you were to sell that specific coin.
So what if you want to buy a whole bitcoin and the current lowest seller is only offering half a bitcoin? Then what? Well, we’ll buy that half a bitcoin, and move on to the next seller in the order book. We will carry out all of the individual purchases until you end up with the amount that you’ve requested. In this way you’ll end up with the cheapest price possible.
The difference between the lowest bid price (the Market Rates price) and the highest ask price (the Vault price) is called the spread. With small transactions this spread is negligible, but with bigger transactions it’s a factor to take into account.
The spread explains the difference in value between the Market Rates page and your Vault.