Filed 25 May 2021 by Martin
On 22nd -23rd April I was liquidated out of a very significant amount of assets. Namely Theta $7,820 BNB $6257 XRP $5,360 ADA $5,316DOT $4,898 BCH $3735 VET $1,826 BTT $1608. According to their own policies on margin trading, quote
When 1.15<margin level≤1.25, you can trade, but you can’t borrow, neither transfer funds from your margin account to your exchange wallet;
When 1.05<margin level≤1.15, our system will trigger a margin call and you will receive a notification through mail, SMS and website to inform you to add more collateral (transfer in more collateral assets) to avoid the liquidation. After the first notification, the user will receive the notification per 24 natural hours.
When margin level≤1.05, our system will trigger the liquidation engine and all assets will be liquidated to pay back the interest and loan. The system will send you a notification through mail, SMS and website to inform you that.
NONE of this happened. When I went to bed my margin level was 1.75, meaning safe. The markets would have to have crashed about 37% to get top liquidation level, which most assets didn’t. But the main issue is that I received no notices, emails or texts. Nothing. My phone was by my bed and I would have taken immediate action to avoid liquidation had I been notified. Indeed as my margin level was above 1.1 I had no reason to believe there was a danger of this. I waited patiently for the issue to get automatically fixed as it seems from sreddit forums etc that the response times to queries and problems is incredibly slow.
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Paul
I just had the exact thing happen to me. No notification or anything. I believe that without receiving any notification of margin call it is not in compliance with regulations. I will be taking this matter further if I don't get the satisfaction I'm looking for.
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