WTF Kraken: simply deletes my orders
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.
Kraken simply deletes my order. The reason is market protection?
How is this even legal?
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
not much comfort though, of course :(
Kraken is the biggest GARBAGE exchange!!!! I've had soooooo many issues with them. Never again....
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.
Yea no shit. Banks just suck!