Luno's default buying/selling rules

[Swa]

I don't know if they're monitoring this forum since they always pop up in Luno discussions, nor who decided this is a good idea. I've been propping it up all day and then suddenly lose it. Last transaction was supposed to be a buy order. Normally I would check but this time the last two digits happened to be the same so I didn't notice it switching. So I press the button to buy but nothing happens. Check again but no orders. Refresh and sure enough I just bought. Not only did I buy for 78,936 which is higher than I sold for instead of 78,836 but I lose another 0.75%. So there goes the day's winnings and then some.

I don't know who thought it good that the default value for buying should be the lowest sell order or vice versa. Would think it should be the other way around for safety. Or at least have the option to change it. I checked for an extension but there doesn't seem to be one in the store. Would write my own if I knew how.

 

[Lunomoney]

Hi Swa,

Sorry to hear about the frustrations here, I'd like to get to the bottom of what's happening here.
Could you provide a little more detail about how and where you're placing these orders? From the detail you've provided so far you're placing orders on the exchange, not sure if that's on our app or the web?

If you tap an amount to buy/ sell it will auto-populate to the matching order. You don't necessarily have to do this though and we do allow you to enter the bid/ ask info manually.

For each order, usually when asking to enter your PIN on the app or confirm the order on the web, we do provide a summary of the action before it's confirmed.

 

[C4Cat]

Seems like Swa made a mistake and is blaming Luno. He'll no doubt check more carefully in future.

 

[IdleLayabout]

I'd also like the option to set the default buy\sell on the exchange to rather match the nearest opposing bid, not offer. That way you don't pay a taker fee by default. In other words you're not buying or selling immediately but rather placing an order. And yes I'm aware that the market can change between one mouse click and the next and that we're all responsible for our own actions.

 

[Swa]

Hi Swa,

Sorry to hear about the frustrations here, I'd like to get to the bottom of what's happening here.
Could you provide a little more detail about how and where you're placing these orders? From the detail you've provided so far you're placing orders on the exchange, not sure if that's on our app or the web?

If you tap an amount to buy/ sell it will auto-populate to the matching order. You don't necessarily have to do this though and we do allow you to enter the bid/ ask info manually.

For each order, usually when asking to enter your PIN on the app or confirm the order on the web, we do provide a summary of the action before it's confirmed.

As I said the amount I entered is 78,836 which was one of the bids so I would just click on it, yes on the web, instead of entering the whole amount. The nearest offer was 78,936 and somehow either the click didn't work or there was a delay and it reverted to 78,936.

I'm not blaming Luno for this as I should have been more careful but mistakes do happen when you have only half a second to think and there's only one digit diffference. But I would like the option to select the lowest sell offer when selling or the highest buy bid when buying. If a mistake then happens it's not immediately committed and it would also save time. What's more is there's an extra warning when putting in an order (maker transaction) which is a waste of time for me but taker orders don't get the warning you'll be transacting right away. It seems to me this should be the other way around.