According to my Lindex account I have not yet reached my monthly trading limit. I entered an order that would bring my activity to exactly equal my trading limit. When I my order was entered I received this message "This transaction would exceed your monthly trading limit by US$23.41139.
Your monthly trading limit is US$2500."
Are orders normally padded by a few dollars to further restrict access to Lindex and if so why?
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How is remaining trading limit calculated in Lindex |
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Ruby Garaguru
Registered User
Join date: 12 Feb 2009
Posts: 12
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02-07-2010 17:51
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Ruby Garaguru
Registered User
Join date: 12 Feb 2009
Posts: 12
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02-07-2010 18:29
I have looked and have discovered the answer.
Lindex software has a very bad bug or Lindex cheats! The monthly trading limit does NOT include transaction fees. When checking to see if a transaction is within the trading limits, transactions fees ARE INCLUDED in the calculation . SO if your remaining trading limit is US$10 and you want a trade of US$8 or so with an additional transaction fee of US$3 you can not transact that trade because that would put you US$1 over the limit. IF the transaction fee were US$2 the trade would go through and when completed you would have US$ 2 remaining in the trading limit. Since Lindex charges a per transaction fee this must be intentional. |
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Mitzy Shino
can i haz ur stufz?
Join date: 15 Dec 2006
Posts: 409
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02-07-2010 18:32
Interesting, I've never struck that problem because if I get near my trading limit I immediately go and apply for a limit review. I've never been rejected for an increased limit.
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DanielRavenNest Noe
Registered User
Join date: 26 Oct 2006
Posts: 1,076
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02-08-2010 10:06
Its listed as a trading limit, not a net proceeds limit, so they are correct in what they are doing. Your net on a sell order is 96.5% of the trade amount, so yes, you can only cash out
$2412.50 from 2500 in trading. If you are that close to the limit, then ask to have it raised. I'm at Lindex Trader 3 now, which has a limit of $320,000 and i am actually using about half of that limit. They *will* raise your limits to absurdly high levels if you actually use them. Who would have imagined I would be moving around $300,000US a month (if you count both buy and sell orders)? Since my Lindex trading balance is around 4-5% of the total orders at any given time, that is the odds on any given trade that I was the other person you bought or sold from. What us traders do is make it possible for other residents to buy and sell at stable prices instantly, by keeping a lot of standing orders in the queue, so you are welcome  |