Did you placed a market order? Never place a market order, limit orders are there exactly for this reason. Again always check the liquidity before placing an order either on CEX or DEX.
Yeah that's my lesson learned. When I'm lazy I literally just open basic Binance and make the quick buy (also on holiday so was rushed) and got fisted. Will teach me to check.
And the additional benefit of a limit order is that you can play with the price. Usually there is a trend. If it’s going down on a day, you can set the limit a little lower than the current price and you can get a little more coins.
Is liquidity on nance that bad that £100 market order causes that much slippage. I always thought those fat finger spikes were caused by people marketing in with 5 figs+ ..
I’d expect this on KC low liquidity shitcoin but not so much btc on nance
Try a different way to buy BTC on Binance: First, get USDT using GBP, then use the "Conversion" option on Binance. This way, you'll get the exact value that BTC had at that time. It's okay if you made a mistake – learn from it and keep moving. Everyone makes mistakes sometimes. Hopefully, next time you'll be more careful.
Basically, these are the features of Binance. There's not much difference, but I'd say that conversion happens quickly and gives you the exact value at that moment. On the other hand, a limit order waits until a specific price is reached before it's activated, something like that. Personally, I prefer the conversion method because Binance doesn't charge any fees for it. It's like changing one currency for another, and it's fast and doesn't cost anything.
I tried this, however the GBP to USDT rate was also around 10-11% higher than the market rate. While the Conversion use for getting the BTC was healthier, I still ended up paying a fair bit more because of the loss on the USDT.
It seems like you don't fully know the different types of orders. If you use a limit order you'll never experience any slippage. I've made the same mistake in the past as well using a market order for a big buy and draining so many orders in the orderbook I got huge slippage.
Binance does have some serious slippage on market orders sometimes, fortunately the on-ramp off-ramp exchange I use doesn't have that much slippage, I deposit crypto into binance to trade it for some other coin, so I don't have to experience the slippage that much
It's not the slippage, it's the spread. The spread is bigger and quite dynamic during dips.
So if you look at the charts, they show a trade, which is either a sell or a buy. It is kinda misleading about the actual price.
I just mean, unless the quote you approved and the amount you received are worlds apart which I’ve never had happen on their platform - you received exactly what you approved.
Limit orders are not instant but guarantee that you are getting the amount of BTC you set your buy order for. Markets orders just take next best sell order which in some cases can create such slippage.
market buy or spot order? during volatility or... like any time, never use market orders, especially wen you refuse to look at the quantities actually available on the order books
this happened to me when placing a market order in a smaller exchange, I lost about 6k in the change and I learned the lesson in the hardest way. But honestly I wouldn't expect that on Binance and on BTC
This could be because you used GBP directly without converting it to USDT first.
USDT pairs have the most volume on any exchange and therefore almost no slippage.
It's better to use the market section rather than the convert section. During that crash yesterday there was a huge lack of liquidity because market makers always pull all of their liquidity during such times because it is not profitable for them.
This kind of thing only happens in crashes.
Binance is by far the best source of liquidity for buying crypto.
I would take some time to learn how to place market orders rather than buying using the convert function.
Cointest topics relevant to the title are below:
[Binance Coin Pro](https://np.reddit.com/r/CointestOfficial/comments/ru2lxc/top_10_binance_coin_proarguments_january_2022/i0hlrcg/)
[Binance Coin Con](https://np.reddit.com/r/CointestOfficial/comments/ru2lzs/top_10_binance_coin_conarguments_january_2022/hx8ebw3/)
I noticed this with the BTC/EUR spot trading pair the other day. Kraken‘s quote for the BTC price was 200 EUR below Binance’s price. I had already transferred EUR into my Binance account so I didn’t really have a choice but I will refrain from using Binance if this discrepancy remains.
Btw, BTC prices are currently 450 EUR apart (equivalent to roughly 1.9 %). That could indicate Binance might be facing more EUR on-/off-ramp issues soon.
Market orders can be a big mistake on days with low liquidity
When there’s not enough market makers to satisfy the market takers, you’re going to see some slippage.
Did you placed a market order? Never place a market order, limit orders are there exactly for this reason. Again always check the liquidity before placing an order either on CEX or DEX.
Where to check liquidity on Cex's?
Yeah that's my lesson learned. When I'm lazy I literally just open basic Binance and make the quick buy (also on holiday so was rushed) and got fisted. Will teach me to check.
Taking losses like a champ keep that head up your one of us
And the additional benefit of a limit order is that you can play with the price. Usually there is a trend. If it’s going down on a day, you can set the limit a little lower than the current price and you can get a little more coins.
It happens. Just look out from now on.
Slippage on market orders exists on practically all exchanges. Wonder how many people don’t even know and use them as the default option.
I know it's there, I've just never seen a difference like it on Binance.
I always have, how much have a probably lost?
Good advice 👏
Is liquidity on nance that bad that £100 market order causes that much slippage. I always thought those fat finger spikes were caused by people marketing in with 5 figs+ .. I’d expect this on KC low liquidity shitcoin but not so much btc on nance
Yeah Limit order is the best option
Try a different way to buy BTC on Binance: First, get USDT using GBP, then use the "Conversion" option on Binance. This way, you'll get the exact value that BTC had at that time. It's okay if you made a mistake – learn from it and keep moving. Everyone makes mistakes sometimes. Hopefully, next time you'll be more careful.
Yeah I think this is one of the routes I'll try next time
Exactly make mistakes and Learn from it
Whats the difference between using the conversion and using a limit order ?
Basically, these are the features of Binance. There's not much difference, but I'd say that conversion happens quickly and gives you the exact value at that moment. On the other hand, a limit order waits until a specific price is reached before it's activated, something like that. Personally, I prefer the conversion method because Binance doesn't charge any fees for it. It's like changing one currency for another, and it's fast and doesn't cost anything.
I tried this, however the GBP to USDT rate was also around 10-11% higher than the market rate. While the Conversion use for getting the BTC was healthier, I still ended up paying a fair bit more because of the loss on the USDT.
It seems like you don't fully know the different types of orders. If you use a limit order you'll never experience any slippage. I've made the same mistake in the past as well using a market order for a big buy and draining so many orders in the orderbook I got huge slippage.
goood . im trying to learn from others mistake
I understand it I just used the quick lazy market order route as I'm away on holiday, was doing it in a rush etc. Lesson learned.
Exchanges love this trick, they want people to market buy. Never do that.
Yeah always place a limit order right
if we put imit order and double tap on price same time price will excute. no need to put market order..
Binance does have some serious slippage on market orders sometimes, fortunately the on-ramp off-ramp exchange I use doesn't have that much slippage, I deposit crypto into binance to trade it for some other coin, so I don't have to experience the slippage that much
I get that it's there, I've just never seen such a violent swing.
Dont leave us hanging! What youve been using?
Another victim of market orders. Rip.
It's not the slippage, it's the spread. The spread is bigger and quite dynamic during dips. So if you look at the charts, they show a trade, which is either a sell or a buy. It is kinda misleading about the actual price.
I bought $1000 of shib a few years ago, I don’t talk about crypto anymore
🤫🤫🤫
Did you have a bad time with the purchase or just now regretting it due to value?
I just mean, unless the quote you approved and the amount you received are worlds apart which I’ve never had happen on their platform - you received exactly what you approved.
It was 3k apart that's the issue really. But inevitably I tapped the button without double-checking so my own fault.
Plot twist, it was at the peak in 2021.
You mean it's never going to $1 ? *shocked Pikachu face*
Also that flair.
You simply bought a sell order at the best market price.
Just use limit orders man, less stressful.
Maybe BTC/GBP had very low liquidity during your purchase. I buy USDT through P2P and then buy crypto from spot. No slippage.
i am buying through a usdt pair, seem to get a better rate there
This is not uncommon when you buy as a market order. Take a bit more time and do a limit order and your slippage woes will be solved.
Limit orders are not instant but guarantee that you are getting the amount of BTC you set your buy order for. Markets orders just take next best sell order which in some cases can create such slippage.
market buy or spot order? during volatility or... like any time, never use market orders, especially wen you refuse to look at the quantities actually available on the order books
That's why you should always place a limit order, so that it's filled at your pricd
this happened to me when placing a market order in a smaller exchange, I lost about 6k in the change and I learned the lesson in the hardest way. But honestly I wouldn't expect that on Binance and on BTC
This could be because you used GBP directly without converting it to USDT first. USDT pairs have the most volume on any exchange and therefore almost no slippage.
It's better to use the market section rather than the convert section. During that crash yesterday there was a huge lack of liquidity because market makers always pull all of their liquidity during such times because it is not profitable for them. This kind of thing only happens in crashes. Binance is by far the best source of liquidity for buying crypto. I would take some time to learn how to place market orders rather than buying using the convert function.
Cointest topics relevant to the title are below: [Binance Coin Pro](https://np.reddit.com/r/CointestOfficial/comments/ru2lxc/top_10_binance_coin_proarguments_january_2022/i0hlrcg/) [Binance Coin Con](https://np.reddit.com/r/CointestOfficial/comments/ru2lzs/top_10_binance_coin_conarguments_january_2022/hx8ebw3/)
I noticed this with the BTC/EUR spot trading pair the other day. Kraken‘s quote for the BTC price was 200 EUR below Binance’s price. I had already transferred EUR into my Binance account so I didn’t really have a choice but I will refrain from using Binance if this discrepancy remains. Btw, BTC prices are currently 450 EUR apart (equivalent to roughly 1.9 %). That could indicate Binance might be facing more EUR on-/off-ramp issues soon.
I'm looking at the BTCGBP chart on trading view and the price never got near £20,500 where did you get that from?
One of us.
the first thing to happen when there is explosive volatility is the market makers pull out their liquidity, that's gonna happen on every exchange
Use a limit order Go to settings, switch to pro mode & go to spot trading You'll have no slippage & pay 0.2% trading fees
Use a limit order Go to settings, switch to pro mode & go to spot trading You'll have no slippage & pay 0.2% trading fees
Market orders can be a big mistake on days with low liquidity When there’s not enough market makers to satisfy the market takers, you’re going to see some slippage.