Recently encountered annoying issue with Cobinhood, I have some amount of tokens that total value below $30 and I cannot trade them because of this high minimum amount. I guess this restriction is a real source of revenue cob COBX as many will have small amounts in one or another token that they just can't trade easily. Yes I know you can buy some extra to make it $30 in total, but this not always possible without loss.
Yeah I think this is a problem with many exchanges, especially eth ecr20 tokens where a minimum order value is required because it costs a lot of gas to send the coins in case of a trade but the value of the tokens itself is not enough, thus the exchange loses money
Though $30 is high I think
Exchanges never use blockchain in trading. You trade with virtual numbers, only when you do deposit/withdrawal blockhain is actually used. I understand these minimum trading amounts are needed to protect against bots placing numerous orders, but it must be possible to make all-in order with reasonable sum lower than normal minimum (not fraction of cents of cause) to nullify your balance in case of exit. Programatically this check is trivial, if you place an order lower than required minimum it should be all-in order. If somebody from CObinhood team read this thread please consider this feature, I think it will be very welcomed by many of your users.
No, I didnt mean they use blockchain in trading itself, but the minimum exists to prevent edge cases..
Some one will make an order for a small amount of coins and try to witdraw it, thus using the blockchain and the exchange has to spend the additional gas to send his coins, resulting in loss
To prevent this is why they have these limits
