Instant Buy (Market Buy) vs. Best Rate Buy (Limit Buy)

[Kathlen Onyx]

I didn't see anything about this through search so I'm posting this in general.

There are two options to purchasing $L. Instant buy and Best Rate Buy.  What is the best way to use the Best Rate buy option?  I was playing around with it and the screenshot shows the difference I came up with. Now, obviously this most likely would be rejected and not filled but what is the best rate buy that might get accepted? If I can get them cheaper I would go that route and just buy a few with the instant buy to tide me over.

Does anyone have experience buying with the Best Rate Buy option?

 

 

[FairreLilette]

LOL, no.  You need to come in somewhere closer to reality, such as placing a limit buy for 5K linden for 260 as the rate is 250.  If I put in 260 instead of 250, I'd save not much.  Limit Buy is for people buying a lot.  I don't even think you would get lindens for 260 though, perhaps 255/257 maybe.

Edited March 9, 2021 by FairreLilette

[LittleMe Jewell]

10 minutes ago, Sam1 Bellisserian said:

Does anyone have experience buying with the Best Rate Buy option?

I use it all the time, but your "Exchange rate" needs to be realistic.  What you show, even though it says "4 days" to fill the order, it will really never fill.  In order to fill the order, someone else must be willing to sell their L$ to you at the rate of 1000 L$ for 1 US$ and that is just never going to happen.

You can determine a rate that will work by looking at the "Market Data" - option found under Manage on your Dashboard:

 

And/or by looking closely at the Open Order info shown at the bottom of that Buy page.

 

Edited March 9, 2021 by LittleMe Jewell

[FairreLilette]

Okay, next.  You need to change the LIMIT BUY amount only and put in the amount you want in the LIMIT BUY section only.  So, I put in 257 and 20K linden as the amount and it automatically calculates the cost difference between the two.  If the going rate is 250, which it is, you put a higher number BUT stay fairly close to the 250 number.  See next screenshot below.  Do not change anything in INSTANT BUY section as that will calculate automatically to show the difference in price.  

[Kathlen Onyx]

Before we go any further....YES I know what I put was unrealistic! It was just a dramatization. LOL

So the "best rate buy" is for those buying massive amounts of Lindens....got it!

But if I'm only saving pennies I'll treat myself to instant gratification. 

[Kathlen Onyx]

2 minutes ago, FairreLilette said:

Okay, next.  You need to change the LIMIT BUY amount only and put in the amount you want in the LIMIT BUY section only.  So, I put in 257 and 20K linden as the amount and it automatically calculates the cost difference between the two.  If the going rate is 250, which it is, you put a higher number BUT stay fairly close to the 250 number.  See next screenshot below.  Do not change anything in INSTANT BUY section as that will calculate automatically to show the difference in price.  

AH, I see now...ok thank you!

[LittleMe Jewell]

7 minutes ago, Sam1 Bellisserian said:

So the "best rate buy" is for those buying massive amounts of Lindens....got it!

 

Even buying 25,000 L$ (roughly $100 worth), I might not save more than a few bucks.  The current Instant rate is 240 L$ to $1 US.  Even bumping that up to 250 $L per 1$ US saves me less than $5 US -- and I'll probably have to wait a few days to get the L$.  If I'm not in a hurry for the L$, I'll often go ahead and use the Best Rate Buy to save the few dollars, but I don't sweat it much if I need/want the L$ faster.

[FairreLilette]

10 minutes ago, LittleMe Jewell said:

The current Instant rate is 240 L$ to $1 US.

Oh, it doesn't read the instant rate only the current best limit buy rate as mine shows 250 in the limit buy area so that is what I assumed but that's only the limit buy best price of current.  I was going to say once one figures out how to use the limit buy, they do need to check the best price they might get before actually really putting in an amount.  So, a best price to get is already put in there.  I see.  

 

Edited March 9, 2021 by FairreLilette

[LittleMe Jewell]

3 minutes ago, FairreLilette said:

Oh, it doesn't read the instant rate only the current best limit buy rate as mine shows 250 in the limit buy area so that is what I assumed but that's only the limit buy best price of current.  I was going to say once one figures out how to use the limit buy, they do need to check the best price they might get before actually really putting in an amount.  So, a best price to get is already put in there.  I see.  

 

 

The page is currently defaulting to this:

 

But the 250 on the right is not the current "Instant Buy (Market Buy)" rate.  From the left side, simply divide 2500 by 10.42 to get the current Instant rate of 239.9 (rounds to 240) L$ per 1$.

 

[FairreLilette]

5 minutes ago, LittleMe Jewell said:

 

The page is currently defaulting to this:

 

But the 250 on the right is not the current "Instant Buy (Market Buy)" rate.  From the left side, simply divide 2500 by 10.42 to get the current Instant rate of 239.9 (rounds to 240) L$ per 1$.

 

So, the 250 there is just kind of giving you a number to possibly shoot for but yes as you said one does needs to read the Market Data to see what really might be the best price they can get but just working that thing is difficult to understand and that's why I started there.  

Edited March 9, 2021 by FairreLilette

[Theresa Tennyson]

39 minutes ago, Sam1 Bellisserian said:

Before we go any further....YES I know what I put was unrealistic! It was just a dramatization. LOL

So the "best rate buy" is for those buying massive amounts of Lindens....got it!

But if I'm only saving pennies I'll treat myself to instant gratification. 

Here's what I feel is the best balance between exchange rates and instant gratification:

Under "Best Rate Buy" you'll see a list of "open orders." Near the top of that list there's generally a fairly large number at one of the exchange rates - say around L$100,000,000 at 250 or so. That number is the total of orders at that amount that are in line to be filled. If you place a limit order at 250 or above you'll need to wait for all those orders to be filled before you get your Lindens.

Above that line there may be a few lines with smaller numbers - say, L$50,000 at 249. Those orders will burn off fairly quickly over the course of the day; there may be none still open. If you place a limit order at 249 you'll get your order filled right after the existing orders adding up to L$50,000 are filled. It will be at most a matter of hours. You'll still get L$10 or so more Lindens per dollar than if you went with "Instant Buy."

Another thing to bear in mind is that there is a fixed fee added to every buy. You're better off thinking about how many Lindens you want for the forseeable future and buying them all at once instead of buying in multiple small buys because those fees will add up.

 

Edited March 9, 2021 by Theresa Tennyson