SLExchange currency spread - do they understand it themselves ?

This is part of the main (only one I can find ) explanation of the SLExchange "spread" method of charging fees on their currency exchange, taken directly from their site.

See:
http://www.slexchange.com/modules.php?name=Content&pa=showpage&pid=11

Is this method confusing? It seems to have confused the owners of SLExchange. Isn't their own explanation of it, as quoted above, totally the wrong way round ?

The buyer gives the seller US$1. The seller supplies L$244, the buyer receives L$250, L$6 more.

So someone else has supplied the extra L$6 to make this deal work?

Presumably a hugely generous SLExchange ?

Isn't this completely the wrong way round? Surely the buyer receives L$6 less than the seller provides, which SLExchange keeps as commission.

These figures would only make sense if they referred to the buying and selling of US$, not L$, so that the meanings of "buy" and "sell" are swapped round. But the "buy" page is headed "buy Linden Dollars".

As for the buy order being filled "buy (sic) a sell order that is entered at 244 SLL per USD or lower" - my guess is that in that case the seller will opt for the lower rate of 100 SLL per USD - or better still 0 SLL per USD, which would be even nicer. It's nonsense, isn't it ? And the writer can't argue that the word "lower" refers to some rate which he himself is describing by a higher number. It's a real muddle.

Are you still confused ? Look at the currently open orders, shown below.

Clearly even the 261.8 sell order is not high enough to satisfy the 259.7 buy order.
The sell order needs to be higher, not lower. In fact 259.7 plus 6 is needed, ie 265.7.

How can we be expected to understand what is going on if the only explanation we get is upside-down ? Pull your socks up, guys !

This is not a nitpick. If we are to use this new exchange we need to clearly understand how the pricing works. If we don't understand the spread system, we simply don't know what the prices mean compared with other exchanges. Which means we would be using it blindfold.

Thank you for pointing this error out, Ellie. I wrote the word "buy" when I was really thinking of a sell order and that's why the example is backwards.

Thank you also for pointing out my typo (buy instead of by).

I've updated the page to reflect these corrections. A couple people have come to us very confused about the pricing, and I am guessing these errors are the reason for that.

If you can send a PM to me on this forum, I would appreciate it.