I’ve noticed that a lot of traders overlook the difference between Market and Limit orders when they’re trading. Most think it’s not a big deal, especially for smaller orders. But it seems some exchanges are really cashing in on this. They know that traders aren’t paying attention to these little details.
Take OKX, for example. What they’re doing is pretty shady!
Recently, I wanted to sell a small amount of APT quickly, so I went with a market sell order. To my shock, the amount I was offered was $4 less than expected. It might seem minor, but for a $78 order, that’s a big hit. Just imagine if it was a $780 order over a $40 difference.
When I switched to a limit order, the amount was exactly $78.
I’ve got screenshots to show you:
For the Market order, check out the Market price and the highest buy order in the order book, plus the max sell amount (74.14 USDT).
And for the Sell limit order, at 5.987, that totals 5.987×13.0479 = 78.118 USDT.
Just wanted to give everyone a heads up about how these exchanges can take advantage of you if you’re not careful. On top of trading fees and withdrawal charges, they’re out to snatch a big chunk of your money.
Did you only noticed that the exchange wants to cheat you with the market order and you decided not to sell? Or you sold the coin but you noticed $4 deducted?
On Bybit, I noticed something like that. It was my brother that told me about it. But I noticed what he said is true but there is a little coins that was not converted. I mean just like in your case, $4 not to be converted from APT to USDT. Which means the exchange did not cheat.
Try and convert it to know if it is like that or not. I think it might be like that in a way you will not be cheated. After you convert it, go to your spot wallet to know how much you have on USDT and APT.
From what I saw above its said to have taken their percentage, and from my calculations it's assumed they took about 5% of total amounts from your executed order. That is say they took their trading fee which is not also applicable to withdrawal fee, and for you to get that funds withdrawn from there you could spend another 2 percent of 74$ left in the exchange which is about 2.48$ withdrawal fee which could make it a total of 7 percent of your total traded fund over there.
People needs to be extremely careful while trading in this exchange, though never gave much time on this particular exchange.
He said he was to get $4 less. Which means he has not likely traded it.
He should do what I explained him to do above and not think of losing the $4 to know if he will be cheated or not.
My country has been restricted from OKX, I could have tried right away.
If he did not try it, I do not believe it will lead to cheating yet because I have seen something like that on other exchanges before. A good example of such exchanges is Bybit.
This is strange, and the first time I've seen, I am a fan of market order every time I want to sell immediately.
But for OP - I think the best way to verify this is really create a 1 market order and 1 limit order at almost the same period of time.
I think the order calculation will be different once it is executed.
Yeah I also noticed that in my local exchange, if I use market price, the rate is lower than the real order.
Right now, there's someone want to sell their Bitcoin at rate $88,825, but if I trade using market price/instant, the rate would be $88,477.
It's still high though, so far whenever I trade my coins, the exchange only leave less than $0.01, usually it's even less than one cent.
never do market order or instant conversion whenever you're in an exchange, there'd be price discrepancy and the fee is high too as a result you got charged big fee.
if you can just limit order, if the trading volume is high like APT it'd get filled instantly.
I also have been trapped not by market order but instant conversion, the rate is really far compared to the market rate and therefore got less money than I should deserve.
something to learn for me because after all, they seek profit from this kind of thing.
One limit order is not necessary. Only what is necessary is one market order. Most probably only the percentage fee would be the fee charged. I have used OKX as one of the exchanges that I am using until the exchange left my country. The exchange is not like this. Only what people complained about the exchange is the bitcoin minimum deposit fee of 0.0005 BTC which is too much.
I do not use convert but I use market order on exchanges and only little fee is charged. Although market order fee on some exchanges can be higher than limit order but it is not much in percentage. It is just $78 which the fee supposed to be very small.
It is not a scam, but this is how it works. Market order prioritizes the speed of execution regardless of the price, and it is usually useful if there is a price collapse. We can take the following example:
1) If the price of the token is $ 0.9 and the price is falling sharply, if you place a limit order at $ 0.8, you will find that the price has reached $ 0.7, and when you place a new order at $ 0.7, the price will have fallen to $ 0.6, and so on.
2) The advantage of Market order in this case is that the order is executed quickly. If the price is $ 0.9 and you choose Market order, the sale will be at $ 0.7.
It is true that the price may not have fallen to this level, but after a few minutes the price will be at $ 0.5 while the limit order has not yet been executed and you need to place a new order at $ 0.5.
APT is not that volatile as this. The filled price for both limit and market order for both are almost at the same price. So there should no much deduction in the fee.
But if you are talking about the advantage of market order, this is very correct.
This is OKX fee
https://www.okx.com/en-eu/fees
Market maker is 0.08%
Market taker is 0.1%.
Definitely market order is market taker.
0.1% of $78 is $0.078
$0.078 as fee is small and should be what should be deducted.
I am just surprised that logfiles posted something like this and leave the discussion without post since 13 hours ago. Probably it was night when he posted it and maybe he is busy right now. Let him do what I posted above and I believe he will see that only small amount of money will be deducted which will not be up to $0.1. He needs to make the order and noticed that limit order is not a scam on OKX.
He should check his balance on APT and USDT before and after making the order to know the difference. I have seen people have this complaint before but I explained to them how it was.
Either the $4 will still remain on APT or the money is converted perfectly. I always take note of trading fee on exchanges. OKX was one of the exchanges I do not see lied when I was using the exchange.
4$ is significantly high not to be traded.. I read your post above, I have likely witnessed same thing but not upto 4$ per say. I traded about 83$ worth of Bitcoin and when order executed I noticed that ~1$ was deducted, I had to go back to my spot balance I noticed that I was still having about 1$ left in Bitcoin so what I did was to go to convert then I clicked on max the 1$ in BTC showed the equivalent to USDT and I had to convert it, after conversion I noticed I had .9$ instead of 1$ so that was where they took their conversation fee and this happened on Binance exchange.
I think everyone that exists in the market knows exactly what they're doint? OP knows what to do, advising him already, when you're done he will trigger his own actions. This is the best pattern for everyone that anticipate in the system. I know how fierce and scary it can be but one thing to acknowledge, not everyone is scared of the system. Some of us are brave and eager to learn more basis of the market. We shouldn't underestimate the high volatility of the market, because it comes with a price. OKX market order is the same same but observe slight changes in the market price.
I didn't execute the market order, but did the limit order. If I get an opportunity, I will replicate this for demo purposes.
4 USDT is massive mate. I sometimes understand not 100% of the order is executed/filled because of decimals and all that stuff but look at the APT I was selling and the orderbook. It was 13.0479 APT. Assuming it was due to the decimal thingy, that would be 0.0479 APT not sold, which is roughly $0.29. In all my trades, a $0.29 dust amount is understandable.
Honestly, where does the $4 difference come from?
Personally I know that these exchanges are minting from us, they are not that too reliable and that is why we should be even more careful of the kinds that offer for free transactions services on selected networks, we should know they are also there to make their business and be profitable in it, so we should not expect they are not making any deductions even in any sell or buy order confirmation, but to some of us, we think everything is free and not been cheated, but those that knows about that they do as if they don't care or know they are being deducted.
I understand market orders are slightly different from limit orders and the execution price might be affected by random market movements or spread (slippage rates) but to take it to around 5% at the time when the spread wasn't even huge seemed unfair.
They already make lots of profits from listing fees, withdrawal fees, tradings fees, their exchange token among other things. I don't think they are so badly off to get an excuse of ripping off traders like that.