I just wanted to ask this question here because I can’t really find the answer in the FAQ:
Since 4 days I have a few trades open with the same trading partner. Obviously, this guy speculates on a BTC price increase because he waited until today to confirm that he paid the money. So basically, he just paid (if I receive the money tomorrow) +15% less than the current price. I bet that he wouldn’t have send me the money if the price decreased 15%. Nothing illegal or anything but what would have happened if he just ignores the trade? What happens to the fees I paid for the transactions? Do I get a compensation for locking my BTC for 6 days?
I am not mad or anything because I usually re-buy the same amount of BTC but I am just curious how this works and if it can be exploited.
Thanks in advance for your answer and best regards,
jonathon
Buyer has all the trading period time to proceed for the payment.
If he exceeds the trade period, he can be sanctioned by mediator’s suggestion or arbitration, by losing a part or all of the security deposit that compensates you.
Disagree. Some cross-border SEPA transactions (within EU) need more than 48 hours, even during weekdays. But yeah, we should differentiate between weekdays & weekends.
I’m a trader too. And I find there are a few buyers who try to do just this - taking their time to pay and if the price goes down, they won’t pay.
Like you, I don’t really mind because I usually buy at the same time as I sell for all my trades above $1k. So you and I are just playing it safe and we doo a little on each trade instead of trying to time the market.
But it is infuriating that they would do this. I feel I am being taken for a fool.
If you find many future traders when selling (buyers who don’t pay if the price goes down), you can raise the required security deposit from the 15% minimum.
