Long wait for Best Rate Buy L$

[gmao]

Hello! So just to get the obvious out of the way, I know that the Best Rate Buy for L$ is a lot longer then the Instant Buy option, counting I know it could take either a very short or long time to fill the order. I also know that the estimated time is just that, an estimated time and the order could be filled sooner or later then the estimated time. 

However, I've been waiting about 5 days for my order and that was the estimated time suggested. (5 days.) Is it normal to be waiting over the estimated time for an order? This is my first time using the feature so I'm unsure. And I'm also curious if 300$L = $1 USD is an alright price for the Best Rate Buy? Or is that a really poor price for that much $L? I didn't think it was much of a bad price but I'm unsure if that's too low for the Best Rate buy and it's why it's taking a long time to fill the order. I bought $12.51 USD worth so it's about $L 3,753. I read somewhere where the normal $L rate is about $L 250 for $1 USD but I could be wrong about that.

And if I cancel an order and I didn't gain my $L, will I get a full refund back to my PayPal account? Maybe I'm not looking in the right places but I couldn't find out if canceling got me a full refund or not. It said I could cancel but I'm unsure if that means the money gets put in my Second Life balance (if that's a thing) or if it would go to my PayPal account.

Sorry for all of the questions! I've had a Second Life account for a long time but I didn't actually start using it until like a week ago so I'm still very new to this kind of stuff. Thank you very much for taking the time to read all of this and if it's too confusing I can clarify on what I mean in some parts if needed.

[Rolig Loon]

No, you're only charged a fee when you actually buy L$, not when you place an order.

Now, you asked about placing an order to buy at the rate of L$300 / $1.   That order will never go through in a million years.  If you look at the summary of current orders at https://secondlife.com/my/lindex/buy.php, you'll see that the greatest volume of outstanding orders right now is at L$263/ $1.  That should tell you that all of the orders for L$ atthat rate and anything lower will need to be filled before people will be buying at L$264 / $1 or higher.  It will be a very long time before anyone is willing to sell you L$300 for a dollar when they can sell them a lot cheaper now.  Your best strategy is to place an order at a lower rate, say L$262 / $1 or L$261/ $1.  That way, your order will have to be filled before the orders for L$64,772,854 that are expecting to get L$263 for their dollar, and you still get way more L$ than you would get if you bought at the market rate (which is about L$254 / $1.

As a side note, I wouldn't suggest ever buying L$ in small amounts, because the $1.49 fees will amount to a hefty percentage of your purchase.  

[Fionalein]

13 minutes ago, gmao said:

However, I've been waiting about 5 days for my order and that was the estimated time suggested. (5 days.) Is it normal to be waiting over the estimated time for an order?

I found anything beyound " a few minutes" to be overly optimistic - I tend to go with a rate near that.

14 minutes ago, gmao said:

And if I cancel an order and I didn't gain my $L, will I get a full refund back to my PayPal account?

No, it will become a Dollar value credit in your account you can use for your next try. (account credit will become substracted first before your paypal gets used)

As for fees on canceled purchases? No idea, maybe @Lindal Kidd knows more.

[gmao]

5 minutes ago, Fionalein said:

No, it will become a Dollar value credit in your account you can use for your next try. (account credit will become substracted first before your paypal gets used)

As for fees on canceled purchases? No idea, maybe @Lindal Kidd knows more.

I see, so it would go into my account balance. I doubt that the $1.49 USD I paid for the Transaction Fee would be paid back (It would be amazing if I did but it feels unlikely), but would I get an extra charge for canceling? Such as a cancellation fee?  

How long should I wait until I cancel an order? 

[gmao]

24 minutes ago, Rolig Loon said:

No, you're only charged a fee when you actually buy L$, not when you place an order.

Oh, that's interesting! Thanks for the information. 

24 minutes ago, Rolig Loon said:

Now, you asked about placing an order to buy at the rate of L$300 / $1.   That order will never go through in a million years.  If you look at the summary of current orders at https://secondlife.com/my/lindex/buy.php, you'll see that the greatest volume of outstanding orders right now is at L$263/ $1.  That should tell you that all of the orders for L$ atthat rate and anything lower will need to be filled before people will be buying at L$264 / $1 or higher.  It will be a very long time before anyone is willing to sell you L$300 for a dollar when they can sell them a lot cheaper now.  Your best strategy is to place an order at a lower rate, say L$262 / $1 or L$261/ $1.  That way, your order will have to be filled before the orders for L$64,772,854 that are expecting to get L$263 for their dollar, and you still get way more L$ than you would get if you bought at the market rate (which is about L$254 / $1.

Thank you very much for the detailed response! It was very helpful in me understanding better. Do you know how I'm able to cancel an order? I tried going to Account History/Statements under the Account, but I'm unable to find out how to cancel the order. I'll be sure to try and do what you suggested for the next time I order on the Best Rate Buy section!

26 minutes ago, Rolig Loon said:

As a side note, I wouldn't suggest ever buying L$ in small amounts, because the $1.49 fees will amount to a hefty percentage of your purchase. 

I'll be sure to avoid this in the future then!

[Rolig Loon]

17 minutes ago, gmao said:

Do you know how I'm able to cancel an order? I tried going to Account History/Statements under the Account, but I'm unable to find out how to cancel the order.

Just look at your order history at https://secondlife.com/my/lindex/history.php and pay attention to the section labeled Your Open Orders. To cancel an order. click the obvious link to cancel, then provide your password and submit the request.