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When FUD reaches its climax in the cryptosphere, Binance announces a voluntary suspension of some functions related to market orders. Although the company has promised to fix the problem immediately, some crypto investors have their doubts.
Binance Discontinues Market Order Services
In March, the binances experienced an almost identical accident to what just happened today. There was an occasional failure on a trailing stop order that damaged a match engine.
Result : Binance had to temporarily suspend its spot trading functions.
” We have temporarily suspended some market order functions for all spot and margin trading pairsbecause of technical problems identified after a previous update.
– Market order – Total
– Slider for quantity adjustment
You always can place market orders via Marker Order-Amount.
Our team is currently working to resolve the issue and will update as soon as functionality is restored.
We thank you for your patience! »
According to U°Today, this kind of problem occurs frequently in cryptocurrency exchanges. Even though the first crypto exchange in the world may suffer from this kind of anomaly.
This time, technical issues at Binance caused CZ and the entire team to temporarily suspend some market order functions.
More specifically, they relate to the following opportunities for spot and margin trading:
- THAT Total market order ;
- and slider for quantity adjustment.
What triggers general panic among binancers? Usually no. Because Binance clarified that they can still place market orders via market order amounts.
” Bullish people can’t sell? “. To this question, the Binance team responded in this way:
” Hi, you can still place a limit order and place market orders via Market Order-Amount. »
A sense of deja vu?
Digging through the Binance archives, we found that a similar incident had already happened in May. In fact, the crypto exchange that issues the BNB token has announced the suspension of the “Market Order – Total” function for certain spot and margin trading pairs.
Strangely, the same “Total” and “Amount Adjustment” functions were affected by this bug.
What is a market order?
Binance has slipped into its pages dedicated to tutorials a short definition of the market order. You will find it in the picture below.
You should also note that Market orders are suitable for busy people and beginners. Especially if you find yourself in a situation where you had a Stop-limit order that was exceeded and where you need to buy/sell as soon as possible “.
However, the market order is not suitable for experienced traders. Otherwise, our copy trading article would definitely be suitable for beginners to moderately advanced.
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DISCLAIMER
The comments and opinions contained in this article are solely the responsibility of their author and should not be considered investment advice. Do your own research before making any investment decision.