Topic: Cryptocurrency Exchanges SUCK (Read 972 times)

Hello,

As you can see at the title I think that cryptocurrency exchanges suck.
Here is why.

I lost a lot of money because of the lack of features making me need to watch the market all the time.

For example:

Current price of coin is 10 BTC
I want to buy at 9 BTC so I set an order at 9 BTC
The price drops to 1 BTC and I successfully buy at 9 BTC because it drops way below.
Now I have bought 9x the current price?

Why can't I do an buy limit order + stop limit sell order all at once?

Example of what I want:

Current price of coin is 10 BTC
I want to buy at 9 BTC and don't want the price to drop below 8 BTC so I try to buy at 9 BTC and also set a stop limit sell order instantly and I want to take profit at 11 BTC (Stop price: 8 BTC | Limit price 7 BTC | Take profit price 11 BTC) BEFORE submitting my order.
The price starts dropping to 1 BTC,
My order at 9 BTC gets filled.
Price reaches 8 BTC, stop limit sell order gets executed to sell at 7 BTC.
Price reaches 1 BTC but I still only lost 2 BTC instead of 8 BTC.

Why do exchanges have to let you wait until your buy limit order get's filled until you can FINALLY place a stop limit sell order to reduce risk?

This is stupid, hasn't anyone thought of this yet?

Of all exchanges I have tested Kraken is the best because it let's you do a stop limit + take profit.
Poloniex which is my favorite exchange because of the large volume and choice only has buy/sell limit OR buy/sell stop limit

To clear things up a bit all I want is a buy limit (to buy at the price I want) + stop limit sell (to reduce risk when the market crashes) + Take profit (to sell at the price I want to get my profit)


So why not??

I would like to get some sleep when placing a buy limit order. And NOT HAVING TO WATCH ALL THE TIME UNTIL MY ORDER GETS FILLED TO FINALLY SET MY STOP LIMIT ORDER

I hope not to get any hate with this topic  

There are some features that are missing in some of the exchanges which are really important and Kraken and poloniex have a stop loss feature and it is an important feature we need in all the exchanges to control our trade ,i think there are some good bots that give you this feature ,which i am not too sure about it,but i think that they will give you that feature.

Wait what? Paid? Teach me how lol

To make money, we all have to work in some ways. Whether digging graves or working in a factory. Some people want to make money and do no work or little work.

Stop whining like a child.

maybe it's better to just HODL

That's actually a nice low tech way to keep track, but I'm guessing that the op wants a slightly more user friendly experience. Ha.

I don't see a problem. Knowing how it works I'm usually setting multiple buy orders at various ranges and waiting for them to get filled.
How do you know when it happens? Some exchanges have sound notifications, you can also set them to send an email to your box and you can use a program that shows prices in real time on your phone.
Just write down the prices on a piece of paper and once your phone beeps check the current one. You'll know how many of your orders got filled without even turning on your PC.
Btw, poloniex allows you to set stop orders

I don't see a problem. Knowing how it works I'm usually setting multiple buy orders at various ranges and waiting for them to get filled.
How do you know when it happens? Some exchanges have sound notifications, you can also set them to send an email to your box and you can use a program that shows prices in real time on your phone.
Just write down the prices on a piece of paper and once your phone beeps check the current one. You'll know how many of your orders got filled without even turning on your PC.

Op, if you want all these functions you mentioned implemented and working then why won't you use a bot for trading?
Trading manually and watching exchange rates all the time is a painful and tedious process, if you have a life outside cryptocurrency trading it is not humanly possible.
Plus, all the best exchanges have some of the features you ask about (setting limits for your sell order is fairly common).

They're not confused about what they're reading.  They're not reading.   They're just posting to get paid,  and they're not paid to read.

I agree, most exchanges suck and for more than the reasons you mentioned.   I can't stand kraken because it's not intuitive and it seems like you have to search deep for basic functions like depositing bitcoin.  Maybe that's just me.  And places like yobit that aren't mobile friendly.   Drives me crazy.

I'm not sure if you did understand me because a lot of people seem confused about what I'm writing since it is very complicated to write about.

Poloniex and Kraken and many other exchanges already have stop limit orders. But the problem is that I can't put in a stop limit sell order directly when placing my buy order so I have to wait until my order gets filled and then I can set my stop limit order which most exchanges already have.

I want to put a limit buy (price I wish to buy) + stop limit sell (prices to sell at to limit my loss and reduce risk) all directly at the same time instead if waiting till my limit buy gets filled to set my stop limit sell order. This makes it very risky when placing a buy order and going to bed to catch some sleep or grabbing some coffee because the price can go down a lot and you will buy while you don't have a stop limit sell order to reduce risk.

I hope this clears up things a little bit

what you are asking for is having forex options on a bitcoin exchanger, that is not possible.
Remember that kraken, poloniex and any other sites you have mentioned, they all are exchangers, not forex markets. You can buy, and sell because that is the main function.
If you wanna do trading with all those options better to look for a broker that support altcoins, like whaleclub, 1broker, and simplefx