Kraken.com stop losses not working

[Ducknaldo]

My account (5000 euros) has now been wiped out due to failing stop losses on kraken. (ETF dump)
This is not the first time that this has happened for me and a quick search reveals that this happened for alot of people.

I have notified kraken, that I expect full compensation or I will report them to the police.
I just want others to know, that trading on kraken.com is highly risky as stop orders fail repeatedly.

[Serpens66]

yes, do not trade at kraken until they release their new trading engine. It is bugged like hell in high traffic times and also right now, orders need ~30 seconds to match, while there are enough orders to match instantly.

Support is telling me that new trading engine is expected begin of april.

[JeffBrad12]

yes, do not trade at kraken until they release their new trading engine. It is bugged like hell in high traffic times and also right now, orders need ~30 seconds to match, while there are enough orders to match instantly.

Support is telling me that new trading engine is expected begin of april.

I was feeling it, In my chart is not updating for instantly and i must refresh the page to get my chart hasn't updated. and that really makes the users is feeling uncomfortable.

[Wind_FURY]

yes, do not trade at kraken until they release their new trading engine. It is bugged like hell in high traffic times and also right now, orders need ~30 seconds to match, while there are enough orders to match instantly.

Support is telling me that new trading engine is expected begin of april.

I doubt even the new trading engine will be able to solve that problem. A fast moving price will surely miss you stop loss no matter what trading engine you use. If you set up a stop loss at 1150 and then there was a quick dump to 1000 or less, your stop loss will activate to 1150 on the sell side and it was clearly missed because of the fast moving market. You will have to wait for the price to get back up to that price.

OP, if your 5000 euros were wiped out then you must have used too much leverage. That is your own fault. Call the police if you want. Your threats do not scare anyone.

[Snorek]

Unless your account has been hacked (because of existing software bug or backdoor) or exchange messed up something on their side, then you have no right for any compensation.
If you traded with leverage and encountered a dump then your coins 'disappeared' at a very fast rate, but that is not Kraken's fault. You are not protected when you committed to the wrong trading decisions.

When you still think that their trading engine in unresponsive and maybe faulty, go ahead and demand a compensation, but it will be very hard to prove.

[Wind_FURY]

Unless your account has been hacked (because of existing software bug or backdoor) or exchange messed up something on their side, then you have no right for any compensation.
If you traded with leverage and encountered a dump then your coins 'disappeared' at a very fast rate, but that is not Kraken's fault. You are not protected when you committed to the wrong trading decisions.

When you still think that their trading engine in unresponsive and maybe faulty, go ahead and demand a compensation, but it will be very hard to prove.

I do not think he was hacked. More like he was trading with leverage and wiped out his Bitcoins in the process when it crashed. Another possibility is he incurred a big loss because the stop loss missed and he was forced to sell it the lows. What he should have done was to be patient and wait for the rise. Bitcoin always does sooner or later.

[deisik]

yes, do not trade at kraken until they release their new trading engine. It is bugged like hell in high traffic times and also right now, orders need ~30 seconds to match, while there are enough orders to match instantly.

Support is telling me that new trading engine is expected begin of april

Did they specify an April of which year exactly they were going to release the new engine in?

Being sort of developer myself, I can say that you can safely multiply the given terms by two or three or even by more times. For example, when someone tells you that he is going to release some project (or just fix a bug in an already existing one) in a month, it will likely take a year (or two). The trading engine at Cryptsy was broken as well (as hell), so I had submitted a bug report to them a few years ago (which they had to confirm), but they didn't fix the issue till the very end (when they eventually scammed). Regarding the OP's situation, I wouldn't hope for automatic stop-loss orders altogether. When the price crashes, there simply might not be bids to fill this order at all

[Serpens66]

Did they specify an April of which year exactly they were going to release the new engine in?

Being sort of developer myself, I can say that you can safely multiply the given terms by two or three or even by more times. For example, when someone tells you that he is going to release some project (or just fix a bug in an already existing one) in a month, it will likely take a year (or two). The trading engine at Cryptsy was broken as well (as hell), so I had submitted a bug report to them a few years ago (which they had to confirm), but they didn't fix the issue till the very end (when they eventually scammed). Regarding the OP's situation, I wouldn't hope for automatic stop-loss orders altogether. When the price crashes, there simply might not be bids to fill this order at all

Yes I know. They are talking about the new trading engine for 1-2 years now. (same about websocket and other important improvements)
There is no ETA on websocket (which I can't understand.. even a super simple pusher websocket would improve things dramatically and this should be easy to do), but new engine is top priority and they said "end of march or early april".
But yes, I guess we should expect it by end of april instead...

[squatz1]

Kraken has always had problems like this due to how horrible their system is, if you'd like proof go to the BTCMarkets subreddit on Reddit just to see the amount of people that post their horror stories about Krakens trades not going through.

Honestly, if you're going to be trading with this amount of money on a platform that isn't going to be working I'd recommend just going to another one that is going to actual work, such as GDAX, which even though it's run by Coinbase is actually a nice trading system with a good amount of volume.

Wouldn't wait until they release a new engine with new problems, it's just not worth it.

[Wind_FURY]

Kraken has always had problems like this due to how horrible their system is, if you'd like proof go to the BTCMarkets subreddit on Reddit just to see the amount of people that post their horror stories about Krakens trades not going through.

Honestly, if you're going to be trading with this amount of money on a platform that isn't going to be working I'd recommend just going to another one that is going to actual work, such as GDAX, which even though it's run by Coinbase is actually a nice trading system with a good amount of volume.

Wouldn't wait until they release a new engine with new problems, it's just not worth it.

Whatever anybody does, please stay away from Coinbase. The IRS has their sights pointed at them. We will be going through another drama once the IRS goes on a full attack maybe later this year. Coinbase says they will fight the case in court but I am skeptical they have the money to fight it full on.

[deisik]

Kraken has always had problems like this due to how horrible their system is, if you'd like proof go to the BTCMarkets subreddit on Reddit just to see the amount of people that post their horror stories about Krakens trades not going through.

Honestly, if you're going to be trading with this amount of money on a platform that isn't going to be working I'd recommend just going to another one that is going to actual work, such as GDAX, which even though it's run by Coinbase is actually a nice trading system with a good amount of volume.

Wouldn't wait until they release a new engine with new problems, it's just not worth it.

Whatever anybody does, please stay away from Coinbase. The IRS has their sights pointed at them. We will be going through another drama once the IRS goes on a full attack maybe later this year. Coinbase says they will fight the case in court but I am skeptical they have the money to fight it full on

It is not just about Coinbase

It is essentially the same with any web wallet. If your money doesn't get stolen eventually, you are still risking getting it blocked or confiscated for some illegal activity (and it won't matter that you have never been involved in any such). I am using a Coinbase wallet myself (since it is convenient and you don't have to pay transaction fees), but I'm not a holder type of a person ("money should make money"), so the amounts I keep there are not big overall. If I were a big-time holder, I would certainly use a paper wallet (or a few such wallets) to save the bulk of my Bitcoin wealth in

[CraigWrightBTC]

My account (5000 euros) has now been wiped out due to failing stop losses on kraken. (ETF dump)
This is not the first time that this has happened for me and a quick search reveals that this happened for alot of people.

I have notified kraken, that I expect full compensation or I will report them to the police.
I just want others to know, that trading on kraken.com is highly risky as stop orders fail repeatedly.

Thank you very much for sharing experience about the problem on Kraken.com,
I think before report to the police more good you contact supports of Kraken.com
about your problem usually they answer after 48 hours, so you must be patien and
you must move this thread on service discussion and talking about Kraken.com on there.

[Wind_FURY]

Kraken has always had problems like this due to how horrible their system is, if you'd like proof go to the BTCMarkets subreddit on Reddit just to see the amount of people that post their horror stories about Krakens trades not going through.

Honestly, if you're going to be trading with this amount of money on a platform that isn't going to be working I'd recommend just going to another one that is going to actual work, such as GDAX, which even though it's run by Coinbase is actually a nice trading system with a good amount of volume.

Wouldn't wait until they release a new engine with new problems, it's just not worth it.

Whatever anybody does, please stay away from Coinbase. The IRS has their sights pointed at them. We will be going through another drama once the IRS goes on a full attack maybe later this year. Coinbase says they will fight the case in court but I am skeptical they have the money to fight it full on

It is not just about Coinbase

That is true but it is Coinbase that is being "harrassed" by the a department of the US government right now. Whatever you say, the advice of staying away from Coinbase is more right than wrong since you are risking having your Bitcoins locked.

It is essentially the same with any web wallet. If your money doesn't get stolen eventually, you are still risking getting it blocked or confiscated for some illegal activity (and it won't matter that you have never been involved in any such). I am using a Coinbase wallet myself (since it is convenient and you don't have to pay transaction fees), but I'm not a holder type of a person ("money should make money"), so the amounts I keep there are not big overall. If I were a big-time holder, I would certainly use a paper wallet (or a few such wallets) to save the bulk of my Bitcoin wealth in

The amount of your coins kept in Coinbase is not the issue here. The issue is the fact that Coinbase could be closed down sooner than we think.

[deisik]

Kraken has always had problems like this due to how horrible their system is, if you'd like proof go to the BTCMarkets subreddit on Reddit just to see the amount of people that post their horror stories about Krakens trades not going through.

Honestly, if you're going to be trading with this amount of money on a platform that isn't going to be working I'd recommend just going to another one that is going to actual work, such as GDAX, which even though it's run by Coinbase is actually a nice trading system with a good amount of volume.

Wouldn't wait until they release a new engine with new problems, it's just not worth it.

Whatever anybody does, please stay away from Coinbase. The IRS has their sights pointed at them. We will be going through another drama once the IRS goes on a full attack maybe later this year. Coinbase says they will fight the case in court but I am skeptical they have the money to fight it full on

It is not just about Coinbase

That is true but it is Coinbase that is being "harrassed" by the a department of the US government right now. Whatever you say, the advice of staying away from Coinbase is more right than wrong since you are risking having your Bitcoins locked.

It is essentially the same with any web wallet. If your money doesn't get stolen eventually, you are still risking getting it blocked or confiscated for some illegal activity (and it won't matter that you have never been involved in any such). I am using a Coinbase wallet myself (since it is convenient and you don't have to pay transaction fees), but I'm not a holder type of a person ("money should make money"), so the amounts I keep there are not big overall. If I were a big-time holder, I would certainly use a paper wallet (or a few such wallets) to save the bulk of my Bitcoin wealth in

The amount of your coins kept in Coinbase is not the issue here. The issue is the fact that Coinbase could be closed down sooner than we think.

It is still better to cry in Mercedes than on a bus

It this case, losing a few satoshis is less painful than losing a few bitcoins (this is just to give you an idea of the scale, all numbers are fictional). We should remain realists, using web wallets is very convenient and it more often than not outweighs all that rhetoric about anti-Bitcoin nature of these wallets. You don't have to make sure that your computer is well protected from all kinds of threats lest your coins get stolen (for most ordinary people that is next to impossible, let's be honest here as well). And then comes the question of fees which may be a decisive factor, especially if you transact on a pretty regular basis

[freedomno1]

My account (5000 euros) has now been wiped out due to failing stop losses on kraken. (ETF dump)
This is not the first time that this has happened for me and a quick search reveals that this happened for alot of people.

I have notified kraken, that I expect full compensation or I will report them to the police.
I just want others to know, that trading on kraken.com is highly risky as stop orders fail repeatedly.

Ouch that is not a fun way to learn that the stop loss button is wonky when the price does a quick drop.
My condolences you can only trust an exchange so far with leverages.

[dunfida]

Im confused if you didnt set out stop loses or there a slippage on the stop lose you made? If its a slippage then this issue is on kraken and sad to hear about your lose 5k euros is a hell amount of money. This should be a caution for those who tend to trade on that place.Kraken should really fix this or else they would lose their reputation.

[Wind_FURY]

Kraken has always had problems like this due to how horrible their system is, if you'd like proof go to the BTCMarkets subreddit on Reddit just to see the amount of people that post their horror stories about Krakens trades not going through.

Honestly, if you're going to be trading with this amount of money on a platform that isn't going to be working I'd recommend just going to another one that is going to actual work, such as GDAX, which even though it's run by Coinbase is actually a nice trading system with a good amount of volume.

Wouldn't wait until they release a new engine with new problems, it's just not worth it.

Whatever anybody does, please stay away from Coinbase. The IRS has their sights pointed at them. We will be going through another drama once the IRS goes on a full attack maybe later this year. Coinbase says they will fight the case in court but I am skeptical they have the money to fight it full on

It is not just about Coinbase

That is true but it is Coinbase that is being "harrassed" by the a department of the US government right now. Whatever you say, the advice of staying away from Coinbase is more right than wrong since you are risking having your Bitcoins locked.

It is essentially the same with any web wallet. If your money doesn't get stolen eventually, you are still risking getting it blocked or confiscated for some illegal activity (and it won't matter that you have never been involved in any such). I am using a Coinbase wallet myself (since it is convenient and you don't have to pay transaction fees), but I'm not a holder type of a person ("money should make money"), so the amounts I keep there are not big overall. If I were a big-time holder, I would certainly use a paper wallet (or a few such wallets) to save the bulk of my Bitcoin wealth in

The amount of your coins kept in Coinbase is not the issue here. The issue is the fact that Coinbase could be closed down sooner than we think.

It is still better to cry in Mercedes than on a bus

It this case, losing a few satoshis is less painful than losing a few bitcoins (this is just to give you an idea of the scale, all numbers are fictional). We should remain realists, using web wallets is very convenient and it more often than not outweighs all that rhetoric about anti-Bitcoin nature of these wallets. You don't have to make sure that your computer is well protected from all kinds of threats lest your coins get stolen (for most ordinary people that is next to impossible, let's be honest here as well). And then comes the question of fees which may be a decisive factor, especially if you transact on a pretty regular basis

For you maybe. But remember a lot more people are using Coinbase. In some cases it is what they use as their main wallet because it is connected with the bank they use. And it is for that reason why I always advice the people who are new to Bitcoin to STAY AWAY from Coinbase. Sooner or later they will be locked down be the US government if they do not give in to their demands.