I wanted to notify anyone using Lawnmower/Coinbase to be mindful of a few things when purchasing from these applications.
• First, make sure the exchange rate is consistent with what the other large exchanges are offering. I have noticed that there is a lag between the Coinbase exchange rate and the real time rate for other exchanges such as Kraken or Bitrexx. Furthermore, if you are using the mobile version of the Coinbase app the lag appears to be even greater.
• Second, Lawnmower uses Coinbase to complete all of their transactions. As such, the rate shown on Lawnmower is not always consistent with the one being offered by Coinbase. Thus, if you purchase through Lawnmower based on their exchange rate, the purchase will actually be processed by Coinbase using their exchange rate. The Coinbase exchange rate can vary which will account for a vast prices difference. In my experience I was quoted and purchased some ETH through Lawnmower at an exchange rate that was $5 more favorable than what was actually processed through Coinbase. This may seem like a small amount, but for large transactions this makes quite a difference, and there is no way to cancel an order once requested.
• Finally, when purchasing crypto using an ACH transaction the funds will take a week to be actually delivered into your account. This may or may not be a problem deepening on your investment strategy. For the day trader or those holding short term positions, processing time is of paramount importance.
I hope other find this information useful and they don’t get “cut” by Lawnmower/Coinbase exchange rates and processing times.