Author Topic: canceled orders - fee gone  (Read 4504 times)

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Offline serejandmyself

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To be accurate:  placing an order costs a fee, canceling an order costs a SECOND fee.

This is even worse than I feared. First of all I placed a small order to test, which I cannot cancel anymore because the fee is larger than the trade amount.

Second, if there is a fee for cancelling orders and placing new ones at a a different price for example, that makes the whole decentralized exchange idea uninteresting to me. How do you expect someone to start an arbitrage bot and to support the market peg, if cancelling or changing orders costs money. I for myself go back to traditional exchanges.

the fee is there in place. Right now its 0.003 cents USD - is that so high?
The fee should be there to prevent people from making not thought out orders in the first place. Its liek a chess game - if oyu touch the piece you go with it.
Dont see any problems with it.
btsx - bitsharesrussia

Offline tonyk

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To be accurate:  placing an order costs a fee, canceling an order costs a SECOND fee.

This is even worse than I feared. First of all I placed a small order to test, which I cannot cancel anymore because the fee is larger than the trade amount.

Second, if there is a fee for cancelling orders and placing new ones at a a different price for example, that makes the whole decentralized exchange idea uninteresting to me. How do you expect someone to start an arbitrage bot and to support the market peg, if cancelling or changing orders costs money. I for myself go back to traditional exchanges.
Shoot me an email when you find the centralized exchanges with $0.003 fees... for now  I will not even seek discount for the risks of using centralized exchange...
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline troy61

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To be accurate:  placing an order costs a fee, canceling an order costs a SECOND fee.

This is even worse than I feared. First of all I placed a small order to test, which I cannot cancel anymore because the fee is larger than the trade amount.

Second, if there is a fee for cancelling orders and placing new ones at a a different price for example, that makes the whole decentralized exchange idea uninteresting to me. How do you expect someone to start an arbitrage bot and to support the market peg, if cancelling or changing orders costs money. I for myself go back to traditional exchanges.


Offline bytemaster

To be accurate:  placing an order costs a fee, canceling an order costs a SECOND fee.   
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline theoretical

Is this true, the fee is gone if I cancel my order?

No... there is always a required fee.

My understanding is that fees are non-refundable.  But I would have answered the question "yes".

The wording of the question is itself ambiguous -- does "the fee is gone" mean "the fee is cancelled (and returned to the order's originator)", or "the fee is permanently out of reach (even if the order is cancelled)"?
BTS- theoretical / PTS- PZxpdC8RqWsdU3pVJeobZY7JFKVPfNpy5z / BTC- 1NfGejohzoVGffAD1CnCRgo9vApjCU2viY / the delegate formerly known as drltc / Nothing said on these forums is intended to be legally binding / All opinions are my own unless otherwise noted / Take action due to my posts at your own risk

Offline bytemaster

Is this true, the fee is gone if I cancel my order?

No... there is always a required fee.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline troy61

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Is this true, the fee is gone if I cancel my order?