support Limit Buy - Best Rate Buy

[thainaparra10]

It's been a few days since I bought my L$ for them to arrive, within a few days, and so far nothing! What makes me confused is that the delivery period for the lindens was only 1 day and almost 1 week has passed, and it never took so long. Look, I've bought it this way and I've never had a problem, the point is that I use lindens to invest and when I want to buy something with a better rate and still a fast delivery, it's the best option for me, so I choose it . I would really need these lindens to plan my next steps, and if someone can help me with some tips! Have a great day all, and good sl!

[Rolig Loon]

The "delivery period" is an estimate, not a guarantee.  The actual time that it takes to fill your request depends on the price you offered, relative to the price at which L$ are currently selling on the market, and on the number of orders that have been placed before yours at the same or better price.   If more people are buying than usual (or fewer people are selling at the price you are offering), it could take longer to fill.

[LittleMe Jewell]

28 minutes ago, thainaparra10 said:

It's been a few days since I bought my L$ for them to arrive, within a few days, and so far nothing! What makes me confused is that the delivery period for the lindens was only 1 day and almost 1 week has passed, and it never took so long. Look, I've bought it this way and I've never had a problem, the point is that I use lindens to invest and when I want to buy something with a better rate and still a fast delivery, it's the best option for me, so I choose it . I would really need these lindens to plan my next steps, and if someone can help me with some tips! Have a great day all, and good sl!

Anytime the ESTIMATED time is a day or more, it really means 'Maybe tomorrow, or next week, or next month, or ......'

Unless you are willing to wait until who knows when, always specify a rate that results in an estimated time less than a day, whether than be hours or minutes.  My experience is that the worst case will then only be roughly one day.

 

 

Edited November 4, 2021 by LittleMe Jewell

[Lindal Kidd]

Since you already got answers to your question, I'm going to give you some advice you didn't ask for!

Your order was for L$ 877. Ordering Linden Dollars in small amounts is very costly. That's because there is a fixed fee that LL charges you, regardless of the size of your order. That fee is $1.49 USD. So, when you order $L877 at a rate of L$ 250 to $1.00 USD, it's costing you about 877/250 + $1.49, or $3.51+$1.49 = $5.00 USD. You're paying about 50% of your total order in fees!

That's why I recommend you never buy less than about $20.00 USD worth of L$ at a time, or about L$5,000. The larger your order, the smaller a percentage is represented by the $1.49 transaction fee.

[Rowan Amore]

12 minutes ago, Lindal Kidd said:

Since you already got answers to your question, I'm going to give you some advice you didn't ask for!

Your order was for L$ 877. Ordering Linden Dollars in small amounts is very costly. That's because there is a fixed fee that LL charges you, regardless of the size of your order. That fee is $1.49 USD. So, when you order $L877 at a rate of L$ 250 to $1.00 USD, it's costing you about 877/250 + $1.49, or $3.51+$1.49 = $5.00 USD. You're paying about 50% of your total order in fees!

That's why I recommend you never buy less than about $20.00 USD worth of L$ at a time, or about L$5,000. The larger your order, the smaller a percentage is represented by the $1.49 transaction fee.

Which changed recently.

You will be charged a 7.50% transaction fee with a minimum of US$ 1.49 and a maximum of US$ 9.99 per transaction.

[Rolig Loon]

28 minutes ago, Lindal Kidd said:

That's because there is a fixed fee that LL charges you, regardless of the size of your order. That fee is $1.49 USD. So, when you order $L877 at a rate of L$ 250 to $1.00 USD, it's costing you about 877/250 + $1.49, or $3.51+$1.49 = $5.00 USD.

Actually, it's even more than that, potentially.  The fee for buying L$ is "7.50% transaction fee with a minimum of US$ 1.49 and a maximum of US$ 9.99 per transaction."  So, for any order up to about $20 worth of L$, you are always paying that minimum $1.49 fee, which is greater than the 7.5% that you will be paying on larger orders.  In other words, it really doesn't make sense to us Limit Buy until you are ordering at least $20 worth (about L$5,000 ).  Once you order more than about $134 worth (roughly  L$3,5000), you hit the $9.99 maxium and thereafter you are paying less than 7.5%. That's when it's finally really advantageous to use the Limit Buy option.

Edited November 5, 2021 by Rolig Loon

[Lindal Kidd]

All true, and none of which invalidates my statement that buying L$ in small amounts is unnecessarily costly.

Well, all true except Rolig's statement about when it's advantageous to use the Limit Buy option. I don't understand your reasoning here, Rolig. To my mind, choosing Limit Buy over a Market Buy is only influenced by how urgently one needs the L$. If you need it right away, do a Market Buy. If you can afford to wait a while to get your money, do a Limit Buy at a reasonable exchange rate and get a few more L$ per dollar.

The issue of the transaction fee is (as far as I can see) only governed by the size of the buy, not whether it's at the current market rate or a Limit Buy.

Edited November 5, 2021 by Lindal Kidd

[Rolig Loon]

56 minutes ago, Lindal Kidd said:

All true, and none of which invalidates my statement that buying L$ in small amounts is unnecessarily costly.

I agree completely.

56 minutes ago, Lindal Kidd said:

Well, all true except Rolig's statement about when it's advantageous to use the Limit Buy option. I don't understand your reasoning here, Rolig.

I didn't say that it was more advantageous to use the Limit Buy option (although it is, but not for the reason you think I meant).

Look at it this way. We both agree that it makes little sense to buy L$ in small lots.  If you buy less than $20 worth of L$, you pay a transaction fee that is larger than the 7.5% .  If you're buying more than $20 worth and less than $134 worth, you pay at the 7.5% rate.  Thereafter, you pay a flat $9.99, regardless of how big your order is, which means that your rate gets smaller and smaller the more that you buy at once. So ..... if you're looking purely at the fees -- which is what this is all about -- you get the greatest advantage if you buy more than $134 worth (L$35,000 or so) at a time.  This is true regardless of whether you use the Limit Buy option or the Market Buy option. 

Now, if you have the time to wait, you can get the best deal on the sale itself by using the Limit Buy option -- regardless of the size of your order --  because you will be paying at an exchange rate that is better than whatever the current Market Rate is.  The extra little advantage that you get by paying a flat $9.99 transaction fee instead of a higher 7.5% ( or the even higher $1.49 flat fee if your order is too small ) is a nice bonus and it makes the difference between making an unwise small purchase, a wiser medium-sized purchase, and a savvy large purchase.

Edited November 5, 2021 by Rolig Loon
Cleaner wording

[Lindal Kidd]

Much clearer!

[Mari Moonbeam]

I've had a large buy limit order in since end July, the amt of dollars sitting wanting to buy is about the same the whole time, many many times since end July the time frame for the limit price of 251 has been shown as 1-4 days, yet none of my order has been filled.

I've filed support tickets and get a general response. Sure I get the time frame is a suggestion but saying orders fill at 251 in 4 days and not one Linden purchased in 4 months is a big difference.

Since 250 is the big bucket of waiting orders seems to me a number of people not in dire need would hope for a tiny bit better exchange rate and place their order at 251. 

Yet the pool total at 251 stays abt the same [8 million], my order stays unfilled. And as I write this the est time to fill at 251 is 2 days

I've asked for my order to be checked if a programming snag, if any orders have filled at 251 since July , and no reply yet.

Does my thinking hold up? I just don't see how it is logical to say 2 days -ish to fill, dollars offered stays abt the same and  yet nothing  of my order filled in 4 months .

 

Edited November 23, 2021 by Mari Moonbeam
clarity

[Alwin Alcott]

1 hour ago, Mari Moonbeam said:

I've asked for my order to be checked

the LindeX works like any other money exchange, some levels will appear several times a week, some in a month other perhaps once a year or not at all in the next decade.
LL/support cán't answer your question, and if they could, they wouldn't reveal a possible interval for changes in the exchange.

The estimated time is not set in stone, it depend on the orders placed by others. If they only put orders in for even 1 L$ per hundred less, your orders will kept set backwards and not come any closer to filling.
The 250/1 is now selling.. as long it takes... if one puts in a 249/1, all 250/1 will hold again ... and so on...

Edited November 23, 2021 by Alwin Alcott

[LittleMe Jewell]

5 hours ago, Mari Moonbeam said:

I've had a large buy limit order in since end July, the amt of dollars sitting wanting to buy is about the same the whole time, many many times since end July the time frame for the limit price of 251 has been shown as 1-4 days, yet none of my order has been filled.

I've filed support tickets and get a general response. Sure I get the time frame is a suggestion but saying orders fill at 251 in 4 days and not one Linden purchased in 4 months is a big difference.

Since 250 is the big bucket of waiting orders seems to me a number of people not in dire need would hope for a tiny bit better exchange rate and place their order at 251. 

Yet the pool total at 251 stays abt the same [8 million], my order stays unfilled. And as I write this the est time to fill at 251 is 2 days

I've asked for my order to be checked if a programming snag, if any orders have filled at 251 since July , and no reply yet.

Does my thinking hold up? I just don't see how it is logical to say 2 days -ish to fill, dollars offered stays abt the same and  yet nothing  of my order filled in 4 months .

 

Given that there are currently 80+ million orders still to be filled at 250, I would expect that you'll have to wait a long time pretty much forever.  Most of those 250 orders will also be waiting forever.  As I said above:   Anytime the ESTIMATED time is a day or more, it really means 'Maybe tomorrow, or next week, or next month, or ......'

Edited November 23, 2021 by LittleMe Jewell

[Rolig Loon]

6 hours ago, Mari Moonbeam said:

Since 250 is the big bucket of waiting orders seems to me a number of people not in dire need would hope for a tiny bit better exchange rate and place their order at 251. 

I think you have the idea of "better exchange rate" backwards. Yes, L$251/$1 is "better" for you in the sense that you will end up with a few more L$ in your account than if you offered to buy at L$250/$1.  However, any slight price advantage you might gain is overwhelmed by the fact that you're not likely to be able to buy any L$ at all, so L$251/$1 is definitely not "better".  The "best" rate is better defined as the one where you can make a quick purchase and end up with the largest amount of L$.. 

An easy rule of thumb is to look at where the greatest volume of outstanding orders is (currently at L$250/$1) and make your offer just L$1/$1 lower than that.  In this case, offer L$249/$1.  That is still significantly better than buying at the market rate (currently about L$241/$1) and it's likely to be accepted within a day or less, so it is the "best rate" you can get in a reasonable amount of time.  Remember, of course, that the trading fees you pay can eat a big chunk out of your final balance, regardless of the rate.  Review the conversation earlier in this thread to see why.

Edited November 23, 2021 by Rolig Loon
typos. as always.

[Mari Moonbeam]

13 hours ago, Alwin Alcott said:

the LindeX works like any other money exchange, some levels will appear several times a week, some in a month other perhaps once a year or not at all in the next decade.
LL/support cán't answer your question, and if they could, they wouldn't reveal a possible interval for changes in the exchange.

The estimated time is not set in stone, it depend on the orders placed by others. If they only put orders in for even 1 L$ per hundred less, your orders will kept set backwards and not come any closer to filling.
The 250/1 is now selling.. as long it takes... if one puts in a 249/1, all 250/1 will hold again ... and so on...

My understanding is that it is a limit buy at THAT  price , so how many orders are at 250L per 1 USD doesn't impact my order at 251L for 1 USD. I don't see how my 251 order gets set back by a 250, it should sit in the 251 bin until filled.

Are you saying there are no bins at each price point? That it is one bucket?

[Lindal Kidd]

8 minutes ago, Mari Moonbeam said:

I don't see how my 251 order gets set back by a 250, it should sit in the 251 bin until filled.

It does, it does. But the exchange rate has to pass by 250 on the way to 251, and it gets hung up there until all open orders at 250 have been filled. Once the exchange rate moves to 251, orders at that price are filled on a first in, first out basis.

Or think of it this way...I offer to buy $L 251 for $1.00 USD. Someone else says, "Hey, I'm willing to just take 250 for my one dollar." That's a better deal for the seller, so they will sell to that person first. When nobody else is willing to buy that one less $L for their dollar, then sellers have to take my offer instead.

Edited November 24, 2021 by Lindal Kidd

[Mari Moonbeam]

I had brought in dollars at a very high exchange rate once on an alt , and forgot to cancel the order , months later that order filled at a high 270s ratio to a USD , when the market was in the lower 250's so, no I don't think the thermometer theory works .

The amount of money  at the big bubble never appears as at or close to 0 , it was still a healthy tens of millions when the limit order goes through at the higher rate .

If the thermometer theory  was true people would see the high 270's ratio as the market bottom and place their buy at that range not a 250's.

[Rolig Loon]

10 minutes ago, Mari Moonbeam said:

If the thermometer theory  was true people would see the high 270's ratio as the market bottom and place their buy at that range not a 250's.

Every once in a while someone wins the lottery in RL too, but it's never anyone I know.  It's some really lucky guy in Omaha who just happens to guess the right number while the rest of us are entering our mother's birthdays.  Luck happens, but don't count on it.   

[LittleMe Jewell]

1 hour ago, Mari Moonbeam said:

I had brought in dollars at a very high exchange rate once on an alt , and forgot to cancel the order , months later that order filled at a high 270s ratio to a USD , when the market was in the lower 250's so, no I don't think the thermometer theory works .

The amount of money  at the big bubble never appears as at or close to 0 , it was still a healthy tens of millions when the limit order goes through at the higher rate .

If the thermometer theory  was true people would see the high 270's ratio as the market bottom and place their buy at that range not a 250's.

Buying L$ is still "an offer to buy".  Thus you will only buy when someone else is willing to sell at the rate you want.  There are times where someone that doesn't fully understand how it works --- or gets the Buy & Sell rates backwards -- and thus an oddity can happen where someone ends up selling at the higher exchange rate that you put in a Buy on.  

Just don't count on it happening on any kind of regular basis.  It is more of a fluke than anything else.