Is their a protection on exchanges if you sell for way less?

BrewMaster

legendary

Activity: 2114

Merit: 1293

There is trouble abrewing

i have actually tested this with many exchanges and almost all of them are the same. if you place an order below the top order (either sell or buy order) the first orders on top are going to be filled until your order is no more. meaning you will sell at the highest price and if the first order was not enough to fill yours you will automatically move on to the next.

i have experienced some bugs with some random small exchanges (i don't even remember the name of it, the exchange is closed now so it doesn't matter). but most of them are the way i said above.

this is actually a neat trick to get your orders filled for sure in times when price is moving like crazy and the API doesn't support a market sell or it doesn't work properly Wink

Catmony

hero member

Activity: 854

Merit: 500

Yes when you put your sell order than exchange will try to sell it at or above your target price so if you will put sell order even at 1$ than your bitcoin will be sold at highest buy order bid.

There is nothing to worry about when you will put your sell order if you are trading in trusted trading platform.

davemanet

full member

Activity: 336

Merit: 100

thank you guys. i had a window open for Bitcoin Cash and Bitcoin, and I mixed the two up during a panic and i was trying to get in fast.

do you guys have any tips on how you guys prevent this from happening when you have a bunch of windows open?

also, what if the oppisite was true? the price of a coin was $1,000, but you put in a bid for to buy for $10,000. i assume you would automatically buy all of the top sell orders correct?

DaMut

sr. member

Activity: 1274

Merit: 263

you do not need to worry if you're using a centralized exchange,
because if you accidentally put the price at $100 while the price currently around $10.000 in their buy order,
automatically your sell order will be placed at $10.000 because it's their mechnasim.
but bear it in your mind,it will only works if you're using a centralized exchange like Bittrex,Kraken,Bitfinex,Poloniex and others.
if you're using a decentralized exchange your order will be executed based on your order,
what i mean is currently we're around $10.000 but you put your order around $1000,
if you do that your order will be executed at $1000,because decentralized exchange is a place for buyer and seller doing the transaction based on their action.
to put it simply,decentralized exchange is like a traditional market.
you're doing the transaction with the seller or buyer directly

13abyknight

sr. member

Activity: 602

Merit: 252

Let's just say you were fortunate enough that Bittrex sold it for $15,900 instead of $1,100 but on other exchanges it would've probably been sold for the value listed. Usually when using a price much lesser than the trending price, exchanges sell it to the highest buy order bid and if it does not have a system in place for such a situation, the coins sell for the actually listed price. Either ways, consider yourself lucky and don't do the same mistake again.

aoluain

legendary

Activity: 2436

Merit: 1362

well if you put a stupidly low sell price in, the price would have
to fall to that stupidly low amount for your sell order to activate.

could you not just cancel the sell order?

I dont think there is a mechanism in place, it is up to everyone
to make sure you are buying and selling at your requested values.

davemanet

full member

Activity: 336

Merit: 100

Hi All, today on Bittrex, I was selling bitcoin and the price was at $16000. I accidentally put $1,100 for the sell price.

I was scared that I messed up big time, but luckily Bittrex sold it for around $15,900.

Does anyone know what the process is like in a case where you may put a really low amount by accident?

Topic: Is their a protection on exchanges if you sell for way less? (Read 105 times)