Next Nicehash bug, leading to massive loss of money

[jamiemirror]

Hello,
just to warn you all - there is bug in Nicehash platform, affecting their basic exchange functionality. They don't want to resolve the problem nor to fix it!

And sorry Nicehash, I did everything to negotiate, you decided to play fool.

you
2019-10-02 16:36

Hello,
just lost last night a lot of money due to bug in Exchange. Please revert back the orders!

Seems, that Exchange work via Trade as Market orders instead of Limit ones, resulting in massive difference (30X) in price of separate deals! I wanted to exchange 0.78 BTC for 24 000 XRP, used Exchange and got only 4555 XRP. You can see also the spike, caused but Market orders execution in this case.

Cheers
https://api2.nicehash.com/media/supportdesk/ca23a75d-78f8-4e4b-a4ea-a594ad976ab7.png
Support Team
2019-10-06 11:21

Hello!

We have checked and you have placed this order as a Market order.
https://www.nicehash.com/support/exchange/general/market-order

Unfortunately, there is nothing we can do in such cases.

Thank you for understanding.

Kind regards,
NiceHash Team
you
2019-10-06 14:57

Hello,
I know what market order is. What I told you here is that using your Exchange functionality (not going to place orders anyhow) performed Market order instead of simple exchange operation. This is a bug, that's why I insist to get my money back.
If you are not capable to understand my explanation, maybe I need to use screenshot as attachment. You can see amount of 23 000 XRPs, which I should receive. Silently you are performing Market order operation and as result I got only 4400!

To be honest, you need to give me also bounty for finding of such a major issue. Or I need to publish this in social media channels?

Best regards
https://api2.nicehash.com/media/supportdesk/2f132500-a08f-4df6-8a7d-cebfef4ac7c9.jpg
Support Team
2019-10-14 19:13

The amount shown is only approximate. Also, please note that all trades that are requested through “Simple View” are set as market orders.

I understand your frustration with this trade but unfortunately, there is nothing we can do. I can only suggest you start using "Trade view" where you will be able to place LIMIT orders.
https://www.nicehash.com/my/tradeview

Thank you for understanding.

Kind regards,
NiceHash Team

Your money are not safe there!

[1Referee]

It's difficult to side with anyone here, but one thing I can say is that nicehash's liquidity is so poor that it will take a very long time to get filled on a limit order of 0.78BTC. The very fact that your market order (whether it was a bug or a mistake on your side) caused a pump just shows how illiquid their orderbook is.

This wouldn't happen on an exchange as liquid as Binance, so perhaps a good idea to use that exchange if you're not from a country they don't offer their services to. They allow up to 2BTC daily withdrawals for non kyc users, which is more than enough for most people.

[bill gator]

From what I can tell, it isn't a bug.

They told you plainly

The amount shown is only approximate. Also, please note that all trades that are requested through “Simple View” are set as market orders.

I can only suggest you start using "Trade view" where you will be able to place LIMIT orders.
https://www.nicehash.com/my/tradeview

By default, it is a market order (probably because of what 1Referee said), and that you are able to change this very easily.

Which part of this is a bug? Did you place this exchange within the Trade-View window?

From what I can tell, you just wish their default was "Limit" instead of "Market", but that's not a bug.

[hello_good_sir]

This isn't a bug. It's you being careless and then getting punished for it. You didn't set a requirement for the trade, didn't cap it a X per XRP, it's your fault for setting the wrong trade, Nicehash doesn't need to do anything here - some exchanges use limit orders as the default button you click, but it looks like it's clearly marked and just a different design layout.

It's difficult to side with anyone here, but one thing I can say is that nicehash's liquidity is so poor that it will take a very long time to get filled on a limit order of 0.78BTC. The very fact that your market order (whether it was a bug or a mistake on your side) caused a pump just shows how illiquid their orderbook is.

This wouldn't happen on an exchange as liquid as Binance, so perhaps a good idea to use that exchange if you're not from a country they don't offer their services to. They allow up to 2BTC daily withdrawals for non kyc users, which is more than enough for most people.

Exactly - they are a small exchange that isn't really used to "whales" trading on there and that's probably why you lost money there, next time use something a lot more popular and you won't need to deal with this.

Binance, Kraken, Shapeshift, etc... Take your pick mate.

[jamiemirror]

From what I can tell, it isn't a bug.

They told you plainly

The amount shown is only approximate. Also, please note that all trades that are requested through “Simple View” are set as market orders.

I can only suggest you start using "Trade view" where you will be able to place LIMIT orders.
https://www.nicehash.com/my/tradeview

By default, it is a market order (probably because of what 1Referee said), and that you are able to change this very easily.

Which part of this is a bug? Did you place this exchange within the Trade-View window?

From what I can tell, you just wish their default was "Limit" instead of "Market", but that's not a bug.

What makes me think it's a bug:

1. They show how much you will get. There is no word about market order, just note about liquidity, which means more time to fulfill the order! When you go to exchange money in normal exchange, you know exactly how much you will get. Here the approx is 30x, that's crazy.
2. There is NO WAY to change the order from the dedicated exchange page. Only if you go to trade view, you can decide for market or limited orders. I wanted to exchange in simple exchange, that's NOT trading view - and definitely the placing of order is HIDDEN and NOT TRANSPARENT to the user.

It's interesting how "giant" and "leader" like Nicehash failed that miserable. Not even talking about liquidity of trading of less than 1 BTC for XRP (btw all the orders were executed in less than 1 second).

Conclusion - the simple exchange functionality CAN'T be trusted at all. Moreover Nicehash CAN'T be trusted at all, same old shit with small talks, when it goes to problems.

[philipma1957]

From what I can tell, it isn't a bug.

They told you plainly

The amount shown is only approximate. Also, please note that all trades that are requested through “Simple View” are set as market orders.

I can only suggest you start using "Trade view" where you will be able to place LIMIT orders.
https://www.nicehash.com/my/tradeview

By default, it is a market order (probably because of what 1Referee said), and that you are able to change this very easily.

Which part of this is a bug? Did you place this exchange within the Trade-View window?

From what I can tell, you just wish their default was "Limit" instead of "Market", but that's not a bug.

What makes me think it's a bug:

1. They show how much you will get. There is no word about market order, just note about liquidity, which means more time to fulfill the order! When you go to exchange money in normal exchange, you know exactly how much you will get. Here the approx is 30x, that's crazy.
2. There is NO WAY to change the order from the dedicated exchange page. Only if you go to trade view, you can decide for market or limited orders. I wanted to exchange in simple exchange, that's NOT trading view - and definitely the placing of order is HIDDEN and NOT TRANSPARENT to the user.

It's interesting how "giant" and "leader" like Nicehash failed that miserable. Not even talking about liquidity of trading of less than 1 BTC for XRP (btw all the orders were executed in less than 1 second).

Conclusion - the simple exchange functionality CAN'T be trusted at all. Moreover Nicehash CAN'T be trusted at all, same old shit with small talks, when it goes to problems.

I have sympathy for you,but nicehash has had a history of wronging customers. Sorry for your loss.

[jamiemirror]

From what I can tell, it isn't a bug.

They told you plainly

The amount shown is only approximate. Also, please note that all trades that are requested through “Simple View” are set as market orders.

I can only suggest you start using "Trade view" where you will be able to place LIMIT orders.
https://www.nicehash.com/my/tradeview

By default, it is a market order (probably because of what 1Referee said), and that you are able to change this very easily.

Which part of this is a bug? Did you place this exchange within the Trade-View window?

From what I can tell, you just wish their default was "Limit" instead of "Market", but that's not a bug.

What makes me think it's a bug:

1. They show how much you will get. There is no word about market order, just note about liquidity, which means more time to fulfill the order! When you go to exchange money in normal exchange, you know exactly how much you will get. Here the approx is 30x, that's crazy.
2. There is NO WAY to change the order from the dedicated exchange page. Only if you go to trade view, you can decide for market or limited orders. I wanted to exchange in simple exchange, that's NOT trading view - and definitely the placing of order is HIDDEN and NOT TRANSPARENT to the user.

It's interesting how "giant" and "leader" like Nicehash failed that miserable. Not even talking about liquidity of trading of less than 1 BTC for XRP (btw all the orders were executed in less than 1 second).

Conclusion - the simple exchange functionality CAN'T be trusted at all. Moreover Nicehash CAN'T be trusted at all, same old shit with small talks, when it goes to problems.

I have sympathy for you,but nicehash has had a history of wronging customers. Sorry for your loss.

Money come - money go. I just wanted to make this available public as warning.

[Casdinyard]

Conclusion - the simple exchange functionality CAN'T be trusted at all. Moreover Nicehash CAN'T be trusted at all, same old shit with small talks, when it goes to problems.

Whether it's bug or not, why the hell you choose nicehash considering you have decent amount of btc to trade? Because they have lesser withdrawal fee than other top exchange sites? I doubt that.

This has been the issue for small time exchange sites, first you trade with a little then everything went smoothly and when you finally decided it's a good one, you'll trade bigger amount then boom, they'll hold your funds.

Anyway, thanks for the heads up.

[jamiemirror]

Conclusion - the simple exchange functionality CAN'T be trusted at all. Moreover Nicehash CAN'T be trusted at all, same old shit with small talks, when it goes to problems.

Whether it's bug or not, why the hell you choose nicehash considering you have decent amount of btc to trade? Because they have lesser withdrawal fee than other top exchange sites? I doubt that.

This has been the issue for small time exchange sites, first you trade with a little then everything went smoothly and when you finally decided it's a good one, you'll trade bigger amount then boom, they'll hold your funds.

Anyway, thanks for the heads up.

The reason was to use their new functionality - simple exchange.