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Huge USD difference in Nano compared to Exodus and Binance


MRM
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I just activated my Ledger Nano S and transferred XRP from Exodus to my XRP wallet.  I noticed a massive drop (couple of hundred$$) in USD loss in the Nano S.  So I was going to try and transfer it back to Exodus and again the cost would have been another 150 to 200$$.  So I left it there but am not happy with the NANO.  I transferred 25.75 XRP from Binance @ $13.09 but when it arrived in the Nano the USD value was 12.66.  Where are these fees coming from when the cost should only be .00003 XPR?

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3 hours ago, MRM said:

I just activated my Ledger Nano S and transferred XRP from Exodus to my XRP wallet.  I noticed a massive drop (couple of hundred$$) in USD loss in the Nano S.  So I was going to try and transfer it back to Exodus and again the cost would have been another 150 to 200$$.  So I left it there but am not happy with the NANO.  I transferred 25.75 XRP from Binance @ $13.09 but when it arrived in the Nano the USD value was 12.66.  Where are these fees coming from when the cost should only be .00003 XPR?

The Binance fees are on their website. Withdrawel costs $ 0.25 XRP per transaction (minimum withdrawel 22 XRP).  There's a 0.10 percent difference in your situation. Maybe because of price change during the time of withdrawel? If you transfer 10,000 xrp, the costs will also be 0.25 XRP. This has nothing to do with you Nano S.

Here's some info from Binance:

image.thumb.png.1426b2700109cd6794afe802061bd2eb.png

Edited by DutchPanda
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@MRM I think you may be misunderstanding the purpose of the Nano S.  It is a hardware device to help you manage your address on the XRP Ledger.  Your assets only ever exist on the ledger.  The wallet you choose to use (the Nano S in this case) merely permits you access to your address and assets on that ledger, and the software interface to the Nano S shows an indicative value of your assets in USD or EUR or whatever by multiplying the number of XRP you hold in that ledger address by a reference price obtained from some source (probably an average of several exchange prices, or the price at CMC, or similar).

You have not lost any value - it is just estimating the value of those assets it manages at that moment in time.

The price at your exchange (Exodus?) may well be slightly different to the one used for the reference calculation by the Nano S software, hence the difference in the shown value of the assets you are describing.  But the actual (real) value of your assets is always going to be = number of XRP x price you can sell them at on an exchange somewhere.  That's the accurate value of your assets at any one moment in time.  In order to achieve that value, you can use your Nano S to "send" the XRP to the exchange's address for the XRP ledger fee (currently 0.0012 XRP, ie. tiny!).  That is the only fee that any transfer of assets between accounts will have to pay (it's the XRP ledger fee), plus the cost of any exchange deposit or trading fees of course, which is a different matter entirely.

I hope this helps.

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@DutchPanda Thanks for your reply.  I'm aware of the various fees from Gemini, Coinbase, Binance and the other exchanges.  I was confused at the USD balance AFTER moving it from Exodus (My desktop wallet) to the Nano S wallet.  The Exodus wallet always reflected the USD amount shown on Binance, Coinbase or other exchanges.  However, the USD amount shown on the Nano Ledger was significantly less.  @FlyingFox cleared everything up for me.  Again, thanks for your reply! Great community.

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On 11/10/2018 at 12:59 AM, FlyingFox said:

@MRM I think you may be misunderstanding the purpose of the Nano S.  It is a hardware device to help you manage your address on the XRP Ledger.  Your assets only ever exist on the ledger.  The wallet you choose to use (the Nano S in this case) merely permits you access to your address and assets on that ledger, and the software interface to the Nano S shows an indicative value of your assets in USD or EUR or whatever by multiplying the number of XRP you hold in that ledger address by a reference price obtained from some source (probably an average of several exchange prices, or the price at CMC, or similar).

You have not lost any value - it is just estimating the value of those assets it manages at that moment in time.

I hope this helps.

@FlyingFox - thank you for understanding and clarifying my question for me.  Yes, this is exactly the answer I was looking for.  I decided to move some of my assets off the Exodus Desktop wallet into the Ledger Nano S.  Exodus always seems to reflect the current value (for me USD$) as seen on Binance and the other exchanges.  However, when I moved my XRP from the Exodus Wallet over to the Ledger Nano, the USD was far less than what was reflected by the other exchanges. The amount of XRP that was deposited into the NANO S was accurate.  Again, thanks for your reply.  Very helpful.

Edited by MRM
Hit submit too soon!
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@MRM - that's great, glad it helped.  If you dig into the Settings of the Ledger Live software as per the screenshot below, you can choose what rate provider to use for the calculations.  Binance doesn't seem to be an option but there are others to choose from.  Try changing it and seeing how the values differ (taking into account price movement, of course).

image.png.d55b69e6fcfcaf096f5a0e4b889b783c.png

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