WTF Kraken: simply deletes my orders

in legal •  2 months ago

So I went on vacation and to allow me to be off screen for a while I had set orders to protect my portfolio against certain market movements.

One of these orders was a 500ETH sell order if market goes below 250.

As we all know this happened.

What did not happen is the execution of my order.

Screen Shot 2018-09-11 at 2.09.05 PM.png

Kraken simply deletes my order. The reason is market protection?

How is this even legal?

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Kraken should do a better job of labelling the different types of orders, but you appear to have done a "stop loss" order which is considered to be a market order. The problem is that market orders are subject to "market price protection" to protect you from really bad slippage. See more here https://support.kraken.com/hc/en-us/articles/201648183-What-is-Market-Price-Protection-

For your purposes, a stop loss limit order would have worked. https://support.kraken.com/hc/en-us/articles/203325793-Stop-Loss-Orders

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not much comfort though, of course :(

Wow! never heard of this before. Sorry for your loss, might be time to read their fine print..

Another reason we need a fully decentralised dex where we do not trust anyone with our coins anymore.

Kraken is the biggest GARBAGE exchange!!!! I've had soooooo many issues with them. Never again....