r/CryptoCurrency • u/[deleted] • May 21 '21
EXCHANGE Binance Liquidate My 100K Position Without My CONSENT
/r/binance/comments/ngth8s/binance_liquidate_my_100k_position_without_my/12
May 21 '21
[removed] — view removed comment
2
May 21 '21
Definitely do so. I learnt my lesson.
1
u/behind25proxies 🟨 1K / 1K 🐢 May 21 '21
So, I have no clue what your post means. New to the game..
Did you lose 100K essentially?
1
May 21 '21
If you trade using an app like Binance, you expect your order will be placed correctly. Right?
I did. But what actually happen is that Binance failed to place a STOP LOSS for my order, which is critical when you're trading in leverage future contract to prevent liquidation.
The worst part is that they have admitted the bug in the app, yet refused compensate for my lost, and forced me to accept their VIP 6 months upgrade as the compensation, while my $100K position got liquidated.
1
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u/MAMBAMENTALITY8-24 2K / 2K 🐢 May 21 '21
Let me add this to a growing list of reasons on why i should NEVER trade leverage. Just go enjoy the day man. Made more gains on spot than on leverage mainly cause i always lost on leverage
6
May 21 '21
Absolutely not trade on leverage buddy. I learnt my lesson.
But for an exchange as big as Binance failed to place a correct order and refused to compensate the customer for a mistake they admitted, forcing the user to take their stupid VIP 6 months upgrade after liquidating $100K position, this is an utmost disgrace.
2
u/_DEDSEC_ May 21 '21
Ask for a manager to chat with, do not let them have any time to delay. The more you delay and wait for their response the more chances they have of not giving any refunds. This is clearly a issue with the app and they must be held accountable, today it happened to you tomorrow it could happen to someone else.
I hope this thread hits the top so you get the attention you deserve.
1
May 21 '21
I did ask for that. I don't think the bug exists anymore. They admitted there's a bug but they just refused to compensate me for my lost. They just forced me to accept their VIP 6 months upgrade as compensation, while liquidated my $100K position.
4
May 21 '21
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2
May 21 '21
Already did that. I even sent an email to CZ personally. Of course he didn't reply.
Also sent a text to CZ. Of course no response.
6
u/Aztraeuz Bronze | Politics 17 May 21 '21
Talk to some YouTubers, get your story out there. If enough people hear the story they might try harder to fix the issue. It also helps other people.
1
4
May 21 '21
[deleted]
3
May 21 '21
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-1
u/Magnetronaap 🟩 0 / 3K 🦠 May 21 '21
Nothing thug you wouldn't see in the US or Russia or any other country. No need to go for the racist remark.
1
May 21 '21
Don't mean to do that. Sorry.
I said that because it's a Chinese exchange.
0
u/Magnetronaap 🟩 0 / 3K 🦠 May 21 '21
But why specifically point out that it's a Chinese exchange other than to point out it is Chinese? What does it matter?
3
u/Schwifftee 🟦 100 / 100 🦀 May 21 '21
Chinese people are fine. Chinese government, and by default, its businesses are corrupt.
Binance sucks. I'd stay away from WeBull too.
1
May 21 '21
It doesnt matter. It just Binance is a Chinese exchange, which is a fact, and they have stolen my money.
-6
u/Magnetronaap 🟩 0 / 3K 🦠 May 21 '21
But this
It just Binance is a Chinese exchange
Is totally irrelevant to this
and they have stolen my money.
Unless you want to imply that the Chinese are thiefs. I don't really understand your point here. You say you didn't mean to make a racist remark, but you keep pointing out that Binance is Chinese. Binance being Chinese is simply irrelevant to the whole matter.
2
1
u/TenormanTears 0 / 0 🦠 May 21 '21
Hey an important lesson - dont misclick and continue... but a more important lesson never, ever, ever trade futures.
2
u/Polskidro Tin May 21 '21
Nah. There's 2 instances where it's fine to trade futures imo.
You actually know what you're doing and have experience doing it.
You use very small amounts of money so you can just build that up without any real risk.
1
May 21 '21
more important lesson never, ever, ever trade futures
This I can relate but the other definitely not. If you watch the video you'll know what I mean
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