Linden USD sell rates

Hi all, i sold L$18.500 and received $64.86. I used the left side menu on secondlife.com, Mz account, Sell L$... I found out that this is 1 USD = L$286 rate.
Market Data tells me 267 and 276 for best buy and sell rate... Can anyone advise me how can I avoid me being ripped off, because I feel a bit like that now...



The sad thing is... I invested L$20.000, took out L$28.500 and when it gets thru Lindens, Paypal and my native country's bank account (USD change to local currency), I get back less money than I put in.

Every time you convert money from one currency to another, the money changers take tehir cut. thats why you lost some money in the process.

And its certainly NOT an investment.

Do not use the Market sell box on that page:

https://secure-web9.secondlife.com/currency/sell.php

Use the "Limit Sell" box and type in what Exchange Rate you are willing to sell at. I usually set it at the highest exchange rate shown on the list below or L$1 higher if I am in a hurry. My Lindens are usually sold within 24 hours of my posting them there.

If you look at your Currency Transactions History page you will see what actual exhange rate your Lindens were sold at and what the transaction fee was that SL charged.

https://secure-web9.secondlife.com/currency/history.php

You need to make sure that you have "advanced" box selected in your exchange settings.

My Account >> Linden Dollar >> Linden Dollar Exchange Settings.

This brings you the ability to do "Limit" sell and buy orders, rather than "Market" sell and buy orders.

There's a 3.5% fee per transaction for selling L$ (there's a link to a page with all the transactions fees on the page where you put them up for sale).

So while the end result might seem like you only got $1/L$286, if you account for the 3.5% you get $1/L$276 which is what you would have gotten if you did a market sell.

Thanks for all your answers, helped me a lot!!

There is nothing wrong with a market sell, it gets you your cash now, as apposed for waiting for who knows how long to have your linden sell. Same goes for the buy side. You could wait for a limit sell, but if you need your money now, use the market buy.

Also a market sell of L$18,500 gets you $64.45 and a limit sell at 267 gets you $66.85. The difference is pretty negligible.

I just split the difference on the limit sell order. I choose a price right between the high and the low and it usually sells within an hour.

Mandy,

It it's simplist terms, exluding the other factors that the other posters already mentioned, basically:
[1] the lower the exchange rate, the better for you as a seller.
[2] the higher the exchange rate, the better for you as a buyer.

if you sell 286L at a rate of 286L/$ you give up 286L to make $1.00
if you sell 286L at a rate of 250L/$ you give up 286L to make $1.14
The lower the exchange rate goes, the more you make (excluding the fees)

When you buy L's, you want the exact opposite to happen, you want to give up as few $ as possible to get the most L's.


In another thread here, I saw someone mentioning seeing a person selling L's on eBay for 225L/$. That's a fantastic rate for the seller, but only an idiot would buy at that rate when they can go to SLExchange and buy in the vicinity of 280L/$. Anyone foolish enough to buy at that rate has essentially thrown away $0.24 for every 225L they bought (e.g. at 225L/$ it costs $1.244 to buy 280L)

what he said

I was looking for that all over the place. Thanks!

I was going crazy trying to place a limit order

I was looking for that all over the place. Thanks!

I was going crazy trying to place a limit order