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How does Walutomat round off the amounts exchanged?
Walutomat compares the size of the orders and rounds one of them down, to the detriment of the smaller offer.
This is because, in the case of standard rounding, by repeatedly making small bids, there would be a risk of manipulation of the exchange rate.
For example, making an offer of PLN 2.07 per EUR at an exchange rate of 4.1788 we would have:
2.07 / 4.1788 = 0.495, i.e. after rounding off 0.5.
2.07 / 0.5 = 4.14, which would result in an effective rate of 4.14 instead of 4.1788 to the detriment of the person issuing the larger EUR amount.
Rounding is therefore carried out downwards. The person placing the smaller bid receives 0.49 which results in an exchange at the rate of 4.2244, benefiting the person whose order had the higher value.
The current solution prevents manipulation of the exchange rate. Multiple small bids do not adversely affect the rate of those selling larger amounts.
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