Why is the price different on every exchange?

Because each one is its own market. The gaps are usually small, and the large ones tell you something.

There is no central price. Each platform has its own buyers and sellers, so each has its own price, and traders moving between them keep the gaps small — usually a fraction of a percent on liquid pairs.

Bigger gaps have causes worth reading. A platform where money cannot easily leave the country trades at a premium, because getting dollars out is the thing being paid for. A thinly traded pair moves further on the same order. And a price that is far off everywhere else on a platform nobody has heard of is a reason to check whether withdrawals work at all.

The number shown on price sites is an average across venues, not a price you can get. What you pay is set on the platform you use, at the moment you trade, minus its spread.

What activity costs puts numbers on it.

Last checked 19 Oct 2026.