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GeorgeJohn

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

Everybody have the right to portray what ever that is the problem, so just relax and your intensions known to the forum and it's the best way to learn in this community through asking questions.

Over to the question. it depends on the buyers and your intensions, because sometimes some people biy bitcoin at higher rate and sell with a lower rate because they are inquisitive or curious to sell and get that particular amount of funds needed to raise. While some other people as well purchase low and sell higher, everything is dependable to the seller, and it's the one that knows it's target.

el kaka22

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Is that still possible? I think most places fixed this problem already, like for example bitcoin price is 20k, and you sell it for 1 dollar, it's already a fully liquidated thing hence there are a lot of people willing to pay more already so it's covered, but they won't even let you do that most of the time, because it's such a huge difference.

I know a few place that puts it at market price, and that way you do not lose that much money. I personally fear this to happen to me since I saw it a lot in my life, so I try to avoid that by simply clicking on the latest price and it is automatically priced and there is no problem like this at all.

Eureka_07

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

If there are no order at the price of at exactly $2000 or higher than that, you will not be able to sell any size of your 1 bitcoin.

Also, remember that it is not the whole bitcoin that buyers can buy from your sell order.
They could order minimum trading amount of the exchanger with respect yo your Bitcoin; they could order like 0.001bitcoin @ $2000 that means 0.001 btc will be successful from your sell order. Leaving you with a pending 0.999 btc sell order.

Hamza2424

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Haha Your Question is soo good bro as if you are trading on any Centralized Exchange bro then 100% Lost these funds but if you are listing any bid on DEX or any other trading platform where you post bids adn then release funds there are some chances that funds are safe. well i loved see such questions haha as these criosties come into broad minds i need to set such low orders hahaha..

TheGreatPython

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

This is a common mistake and I believe many of us already accidentally sold our coins at a much cheaper price and of course I am one of it. My worst is when I sold a crap ton of tokens at a cent price only.

The sell order was processed of course in an instant because there are also buyers who are willing to buy the coins at a cheaper price. Crazy that I keep on making a complaint after it even if it's my mistake and not the platform itself so yeah they never return my tokens and I say it's the worst because few days later the value of what I sold have rose to a couple of thousand dollars. I was regretting crazily that time. There is no need for you to try this op because you will surely lose your money.

gunhell16

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

That has happened to me it will be eaten immediately in less than 1 second. And if that happens to you, all I can say is that you will lose 18k$ immediately, and I think there is a bot that is already set for such a thing. There are so many traders all over the world that no one cannot see that.

That's why if you think that you can get it back, that cannot happen because the mistake is not in the exchange but in how we set it in the sell order.

Obari

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Quote from: Oshosondy on October 05, 2022, 05:19:31 PM

Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

On most exchanges, the order type is limit order by default. If bitcoin is at $20000 and you place a sell order at $2000. As you want to sell at lower price, the market would be filled at $20000 immediately, which is the market price of bitcoin.

Edit:
Let me explain it better
Bitcoin at $20000 for instance
If you want to buy anything at higher price, people will want to sell
If you want to sell at lower price, people will want to buy
Buying bitcoin, the order would be filled at exact or higher bitcoin price (the price you set)
Selling bitcoin, the order would be filled at exact or lower bitcoin price (the price you set)

Assuming bitcoin is at $20000, you want to buy and place to order at $19999 or lower, no one would want to sell. Order will not be filled.
Assuming bitcoin is at $20000, you want to buy at $20000 or higher. The order would be filled immediately

Assuming bitcoin is at $20000, you want to sell, and place order at $20001 or higher, no one will want to buy. Order will not be filled.
Assuming bitcoin is at $20000, you want to sell at $19999 or below. The order would be filled immediately

You're right and to further simplify this for you, let's bring it back home and assume you're buying from a regular market, you must first, know that both the buyer and the seller would want to make profit at every given time and none of them would want to deliberately make loss or buy a commodity at a higher price when the same commodity with the same value can be bought from another generally known market at a more lesser and generally accepted price.

For instance, if the general market price for a biscuit is 50 and now you want to buy the biscuit for lesser price of 49, it will be so difficult to get a seller, but if you want to buy same biscuit at a bit higher price from the market price, let's say for 51, you'll immediately get a seller who will want to seller and make an extra profit of 1. And also the reverse is the case if you want to sell as well.

AlphaEther

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Thank god, i didn't try it out of my curiosity and asked before trying it. Thanks guys for this much help and knowledge. Cheesy

GreatArkansas

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Most of the above answers are correct. Now, I will share that there are different types of orders on trading platforms.
Here's an article from Binance about their different order types :https://www.binance.com/en/support/faq/360033779452

For the OP case, if by default they set the order time as Limit order but the price is too low, then it will automatically sold in market price, which somehow likely a market order.

topman21

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

Your question is really important. There are all aspects you need to consider when you go for exchange trading When the market is within 20000 dollars, if you forget to order a thousand dollar order for $2000, your order will be automatically sold.Although you would think people order that low, you notice that people order even lower than that.Correct your misconceptions so that no one makes such a mistake.

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

~snip~

Obviously your 20k Bitcoin will sold immediately and you will loose 18k of your fund instantly . Already many have explained in above about it , that because of your lower sell order . Don't make this type of mistake otherwise you have to face loss and you will never get your fund back.

This might not be the case. If you sold at a lower price, all the buy offer from $20k below will be filled and losing $18k might not be the correct amount. You will surely lose a lot of money but not to the extent of losing $18k. Remember there's a support level which limit the seller from dumping their Bitcoin easily, technically $2k price might not happen not unless you sold a lot of your Bitcoin but with this case, it will not affect that much.

jossiel

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I have only experienced that on Binance although not that low but below the actual cost of the coin. The other few exchanges i have tried happen to have their price automated and set to the actual value both for spot traders and p2p transactions. So even if you make such hilarious mistake it won't get confirmed and an error message will pop up

What are those exchanges that you've tried it on spot and said an error?

If you're on spot, it's just the same as with binance that you'll have to set a price and if someone peeks out and saw your price set at the lowest then they'll quickly snatch that.

Check it again maybe that's not really the exact thing that will happen if you put an order at a mistaken price and the lowest. I'm guessing that it's put into market and not limit.

teosanru

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

I am assuming it's an order book exchange and it's a limit order.
So this is the advantage of the limit order. When any person places a limit buy order it means he is ready to buy upto that price of that asset in this case let's say 20k which means he won't even pay a penny more than that but is ready to agree for anything less as well, similarly when you place a sell order you are ready to sell at a minimum of 20k not a penny less than that but obviously ready to sell more than that if someone agrees. Now suppose you put sell at 2000, the order book will try to find the person who is ready to pay the highest for your asset but anything not less than 2000. So eventually it will take the person ready to pay the highest in order book which will be around the current market price only. So you won't end up losing anything it will act more like a market order.

People saying anything other than this have never traded on Order Book exchanges

palle11

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Op there is no way that an order set below as $2,000 where the price is $20k, there is no way it won't be taking immediately. You know the difference is $18,000, that is what you will immediately lose. No trader will pass away with that kind of ridiculous price reduction. Try not to make such mistake because your funds will immediately gone if you set your sell order that way.

Ararbermas

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

if you made mistakes when it comes buying and selling especially when it comes the numbers, then it will not work and your order will be pending and you can cancel it immediately as well and no need to worry about it because if there's no buy order on the specific price well its safe until someone get in the market to buy on that price.

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

The trade will be executed and you will lose 18K immediately, there are lots of people uses trading bots to fill the trade order with all the price range even for 2000 someone already created and kept it open for someone to make a mistake so never try it on any exchange even as a mistake there is no way to retrieve the money you lost.

BALIK

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Quote from: AlphaEther on October 05, 2022, 05:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

As long as you place a sell order at a price lower than the current level in the market, it will be filled immediately and you will not have a chance to revert later. This is a fundamental mistake in trading so always trade in a sober mind without getting drunk or panicking, just one small mistake will make you regret not in time.

Because you sell only one bitcoin but if you sell in large amount of bitcoins and below market price it is called market dumping. Once the market panics, many will accept to sell bitcoin at or below the market price to cut losses. This is how the market falls.

noorman0

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First, take a look at the highest offer on the exchange, this depends on liquidity and trading volume (general factors). If no offer is more than equal to $2k, then your order status is placed "in order queue". At the very least, all higher-than-priced bids will be swept away first if any.

A special factor, is the credibility of the exchange. Certain exchanges may fulfill fake orders. I suddenly remembered this case (in my local language).

adaseb

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The $2000 is basically a limit sell order. What this means is that you don’t want Bitcoin to be sold any less than $2000. So it will fill at the best bid as long as it’s higher than $2000. So most likely it’ll fill at like $19999.90 since Bitcoin has great liquidity.

It’s not a bad question. When I traded stocks years ago I worried about putting $0 by accident and having my stocks sold for free. Doesn’t work like that.

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That $2000 will immediately be snatched by one of the bots in the exchange.

A lot of these trading bots are always on the lookout for someone accidentally making mistakes on their sell order. These buys happen so fast that one it goes live on the platform it's almost always certain that it gets sold too. Ever wonder why there are some flash crashes on one exchange but it is not found elsewhere? This is what usually happens, though it's not common due to a lot of traders relying mostly on bots nowadays but it still happens sometimes.

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