So you've spotted the next sleeping giant, that's gonna make you millions, hun ? Getting your hands on cryptos, especially micro-priced ones, could be more of a challenge though. There are so many exchanges to deal with, so how to spot the best offer in a jiffy ?
Did you know that price listing of ANY crypto is actually an average of prices trading on all available exchanges ? That means prices could be highly variable from an exchange to another.
Let's take the following radical example with MobileGo (MGO), a crypto specialized in eSports. As you can see, it's listed on coinmarketcap.com at 5.60$, a whooping +328% gain!
Now, click on the ''markets'' tab
You'll then have a clear view of the many exchanges that list MGO, with the most recent traded prices according to each available pairing.
It's now easy to pick the most profitable exchange and pair to go for. In this case, there's a dramatic spread between the Coinrail exchange MGO/KRW(Korean Won) and Liqui exchange MGO/BTC (Bitcoin) pairs. These spreads could be the result of bot trades, local news leading to FOMO (Fear-Of-Missing-Out), or just a few noobs hitting the wrong big input.
Of course, since most of us can't deal in KRW, the best MGO/BTC pair in the following example would be available on Tidex exchange at 0.809$.
Always beware of price outliers, especially if they're accompanied by low volume levels : you could just not be able to pass your order in a timely fashion. Volumes of 0 could mean that the exchange is down or trading was halted.
In conclusion, the 5.60$ price listed on coinmarketcap.com was, in that specific case, very misleading and possibly short-lived.
Hope this helps! Would like to hear your trading experiences. Cheers!
