Is there a safeguard in buying and selling in Poloniex

[pornluver]

I have this fear.

Say the price of DOGE is
0.00000092 BTC

I type one less 0

So I am buying DOGE at price


0.0000092

Or say my cat jump at keyboard or whatever.

What will happen?

I ended up buying doge at 10 times the price? The same goes for selling. I accidentally add 0.

Will I get a warning? Will they said, look that's not market price. You can only be a maker and demand higher price in selling or asking for lower price in buying.

[1715133597]

1715133597

[pereira4]

I have this fear.

Say the price of DOGE is
0.00000092 BTC

I type one less 0

So I am buying DOGE at price


0.0000092

Or say my cat jump at keyboard or whatever.

What will happen?

I ended up buying doge at 10 times the price? The same goes for selling. I accidentally add 0.

Will I get a warning? Will they said, look that's not market price. You can only be a maker and demand higher price in selling or asking for lower price in buying.

Well, to avoid this don't enter the amount manually, just click on the buy orderbook or sell order book depending on if you want to buy and sell, and select one of the existing orders, and add your amount there, or modify it manually.

But you will not buy at 0.0000092, I think you will automatically buy at the nearest sell order.

[~Bitcoin~]

But you will not buy at 0.0000092, I think you will automatically buy at the nearest sell order.

Yes poloniex will automatically adjust your rate and if you are selling at lower price than the highest bid in buy orders your order will be executed at highest bid. Same goes for when you are buying, your order will be executed at the sell order with lowest bid.

[btctousd81]

i did few transactions there and they dont ask for confirmation , they just disaply the buying or selling price., if you mistakenly enter something wrong value, then ASAP go to open orders and cancel order from there. (if its there , if its not there, means its already been processed)

if you are buying at lower than current rate, then it takes more time for order to gets processed (depends on the supply).
same goes with
if you selling at higher price than current rate, then it takes more time for order to gets processed.(depends on the demand).

but if its other way around then, your order gets processed very quickly.

[pornluver]

i did few transactions there and they dont ask for confirmation , they just disaply the buying or selling price., if you mistakenly enter something wrong value, then ASAP go to open orders and cancel order from there. (if its there , if its not there, means its already been processed)

if you are buying at lower than current rate, then it takes more time for order to gets processed (depends on the supply).
same goes with
if you selling at higher price than current rate, then it takes more time for order to gets processed.(depends on the demand).

but if its other way around then, your order gets processed very quickly.

That is precisely my concern.

However it is said that poloniex would automatically correct that. Buy more than at the lowest price they are selling and you will buy at that lowest price.

[Bardman]

It should be like everywhere, if you input a higher price to buy then you would buy all the orders that are lower until you get to the one that you typed. If the price is 100 and you input 1000 it should automatically buy all the orders that are lower than what you ask for like:

Sell orders:

100
106
109
113


So you would basically buy the first order at 100 then at 106 and so on until 1000 or until you bought the amount you needed.

[pornluver]

It should be like everywhere, if you input a higher price to buy then you would buy all the orders that are lower until you get to the one that you typed. If the price is 100 and you input 1000 it should automatically buy all the orders that are lower than what you ask for like:

Sell orders:

100
106
109
113


So you would basically buy the first order at 100 then at 106 and so on until 1000 or until you bought the amount you needed.

I think I will try that with small amount of money. Anyone ever try this?

[khufuking]

I do not know about poloniex but this happened to me on yobit and i lost some  money there i remember this well . lucky me it was a coin i already made some profit on.  and ended up not losing much . But i think all exchange are the same so it will be like that on poloniex . better to try with 1 really cheap coin and see .

[Zadicar]

Ive been using poloniex as of now but i didnt experience to mistype any amount considering on the buy or sell price since i do it automatically which means i am trading with the current sell/buy order.If you did just mistakenly put above amount then i think it would automatically set on the current order.Im not familiar on this because i didnt experience such thing.