Be careful when opening orders on the WhiteBIT exchange; the explanation of Market and Limit orders.
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Dear users,
Yesterday we had a situation for which we want to write you a few words and explanations regarding two types of orders on the WhiteBIT exchange, all because of one user who thought he had been cheated by the exchange.
Of course, he was not deceived, but opened the wrong order, you can watch the discussion from yesterdayon our official Telegram channel.
So, let’s explain what happened.
1) The user opened an order to sell 450 CUCs, and selected the “Market” sell order.
2) The last price on the order was 4.15 USDT for 1 CUC.
3) After that he clicked on the SELL button and the price suddenly fell to 3.0100 USDT. His order was fully executed, but not at the price of 4.15 USDT, but the price went down until the 450 CUC was completely sold.
After that, the user thought that the exchange had tricked him and deliberately sold his CUC below the price, and he contacted us on Telegram CUC_offical channel to show what happened to him. He could not understand why his order was executed below the price of 4.15 that he “thought” he had set. Of course, he chose the wrong order to sell, the Market order.
To make it easier to understand, this order means the following. So, no matter what price you choose, it will be executed in full, as long as there is that quantity on the purchase. So, if you have selected a Market order to sell CUC’s and the price is 4.15 and you want to sell 450 CUCs, and there are 450 on the buy side in total down to the price of 1.00 USDT, your order will be sold down to the price of 1.00 USDT.
So, if you want to sell CUC at the exact price you want, for example at the price of 4.15 USDT, then choose a “Limit” order, not Market order.
“Limit order”
“Market order”
Although we believe that every user must study all trading details personally in order not to make such a mistake, our opinion is that WhiteBIT has a very poor explanation/warning on the Market order. We sent our opinion to the WhiteBIT exchange and they accepted it, but we don’t know if they will change it?
Be sure to be careful when opening orders, on the WhiteBIT exchange or any other exchnage. The same applies if you also open a buy orders.
Now it must be much clearer to you why there are sometimes sudden drops or rises in the price of the CUC/USDT pair. We believe that with increased liquidity, these problems will decrease, which can already be seen in yesterday’s example, but if you don’t want to lose money, check the orders before placing them.
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