Kraken Reducing Price Precision on all Trading Pairs

Kraken Reducing Price Precision on all Trading Pairs

Kraken announced reducing the allowed decimal place precision for placing orders in trading pairs, effective Wednesday August 30, 2017 around 6 am UTC (Tuesday August 29 around 11 pm PT).

According to the blog, new allowed number of decimal places for each pair will be 2 decimal places, which means user can place an order for $4,350.01 but not $4,350.001. Trying to place an order with more decimal places than allowed will result in an error and the order will not be created. If the “%” option is used to specify order price, the result will be truncated (rounded down) to the maximum allowed decimal place.

Kraken has been exploring ways to deal with exponential growth user base. Last week, Kraken delisted pairs and suspended advanced order to help reduce load on the trade engine with more efficient order books. They are hopeful that reducing the price precision will help reduce extraneous activity in the order books as traders continually jump in front of each other by a very small fraction, resulting in a higher volume of canceled (unfilled) orders.

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ethereum #cryptocurrency #blockchain #bitcoin #kraken

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