Massive Liquidation on KRAKEN

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I don't play Futures on the KRAKEN Exchange but anyway, this is something that does not happen so often and it is the LIQUIDATION that traders on KRAKEN FUTURES have experienced in this last drop.
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No way. There is no way to escape from this candle which, in a matter of 5' put the price of ETHEREUM at 650 USD, starting from 1700 USD...unless you set a stop-loss of course.
This massive candle of 60% fall in 5' liquidated all the longs independently of the leverage used, even also those leveraging X2 to the longs...

The comparison with other exchanges is unbelievable...

At the very same moment that KRAKEN was pushing the price of ETH down more than -60%, on BINANCE the fall just reached -9%, landing on 1550 USD...

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LESSON LEARNT: Never use KRAKEN for trading FUTURES... well, IMO, we shouldn't use KRAKEN for anything at all.

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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18 comments
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Using leverage on crypto is suicidal, we already know the market is volatile, is like begging for your money to be taken away

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I have even better advice.
Never trade.

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Trade but trade smarter than that!

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Agreed. Leveraged trading always ends in disaster.

It's not IF you mess up but WHEN and how BIG.

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I hate leveraged trading. Trading is a bit like gambling anyway. Trading with leverage is like gambling w/ a mob bookie.

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I agree.
I am more of a an investor than a trader.

I prefer long term holds and dividends.

I love the mob bookie analogy. Totally on point.

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This is so true. Looking at some of these growth curves I don't see much need to ever sell (until I need the cash anyway).

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(Edited)

It’s the bubble bursting! Don’t buy that ETH stuff whatever u do!!! 😳

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Perfect post!
Yesterday, when the price pullback started the first thing I did was to check the price chart of the different centralized exchanges. I saw many differences and was surprised to see that Kraken had the biggest 'dips'. Definitely, their dealing department is good at drawing charts to reap the money of the margin/derivative traders.

Although I use a few CEXs and I never use margin, hence, the current correction has not affected me, I have realized that we have to stay away from CEXs. Today we see some unrealistic dips in some charts that have wiped out many traders but not us. However, tomorrow these exchanges may create something different in order to take our money as well. That's why the current dip and the strange price charts on some exchanges is a good signal that we have to take our money away from them and leave them.

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