How to tell whether a quoted rate is fair

You do not need to be a trader to sanity check a quote.

The check

1. Look up both assets against the dollar on any market page.
2. Divide one by the other. That is roughly the market rate for the pair.
3. Compare with what the quote implies.

A gap of a fraction of a percent is normal: it covers the spread and the cost of moving the coins. A gap of several percent on a liquid pair deserves a second look.

Where a gap is legitimate

• Thin pairs, where the spread really is wide.
• Small amounts, where fixed network costs are a large share.
• Fixed rate quotes, which carry a margin for the lock.

What should not be true

A rate far better than the market in your favour. Nobody gives away money; the number will either not be honoured or the cost is somewhere you have not looked.

Swap Heaven shows live market prices on its own rates page, which makes the comparison quick.