The ability to post orders or very
small sizes makes it hard to
evaluate order books and
determine where real liquidity is.
Trading on one exchange can be
costly, often its best bid will be
well above another exchange’s
Too many sources show prices of
Bitcoin and other crypto-assets
that either exclude valid prices or
include inaccessible quotes.
Many exchanges trade the same
product, each with order books of
varying quality, in different
locations and with different costs.