When the FUD reaches its climax in the cryptosphere, Binance announces a voluntary interruption of some features related to Market orders. Although the company has promised to solve the problem immediately, some crypto investors are in doubt.
Binance Discontinues Market Order Services
In March, the Binancians experienced an almost identical misadventure to what just happened today. There was an occasional bug on a trailing stop order that damaged a match engine.
Result : Binance had to temporarily suspend its spot trading features.
” We have temporarily suspended some market order functions for all spot and margin trading pairsbecause of technical problems identified following a previous update.
– Market Order – Total
– Slider for amount customization
You can always place market orders via Marker Order-Amount.
Our team is currently working on resolving the issue and will update as soon as functions are restored.
We thank you for your patience ! »
According to U°Today, this kind of problem occurs frequently in cryptocurrency exchanges. Even the first crypto exchange in the world may suffer from this kind of anomaly.
This time around, technical issues at Binance caused CZ and the entire team to temporarily suspend some market order functions.
More specifically, they relate to the following spot and margin trading options:
- THE Total Market Order ;
- and the slider for amount customization.
What trigger general panic among the Binancians? Normally no. Because Binance clarified that they can still place Market Orders via Market Order Amount.
” Bullish people can’t sell? “. To this question, the Binance team answered this way:
” Hello, 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. Indeed, the crypto exchange issuing 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 customization slider” functions were affected by this failure.
What is a Market Order?
Binance slipped into its pages dedicated to tutorials a brief definition of the Market Order. You will find it in the image below.
Also, you should note that Market orders are suitable for busy and novice traders. 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 “.
The Market Order is however not suitable for experienced traders. Otherwise, our article on copy trading would surely be suitable for beginners to moderately advanced.
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