Can I set up an instant order with altcoins?

Yes you can absolutely set up an instant order with altcoins accepted by shapeshift.

Instant Order also works with Vaultoro’s integration with ShapShift. This means users can send an altcoin transaction once, and then keep that altcoin sending address. From that point on, any altcoin sent to that address will set up a chain reaction to buy gold. From then on, the altcoin that you set up will automatically be converted to bitcoin, then be sent to your Vaultoro deposit address, At that point Vaultoro see the transaction on the blockchain and will place an instant gold order with the user’s specified instant order settings.

Note: We recommend that users always set up a return address in the shapeshift interface. Especially if you are going to be sending bigger amounts. Sometimes shapeshift doesn't have enough stock from a certain coin and will return your deposit to the return address you set up. If you don't set up a return address you will have to contact the shapeshift support to get your money back.

Instant Orders comes with a range of options. The user settings will support four different features:

  • Lowest Sell Price. This places an order for the amount deposited at any user deposit addresses at the current lowest sell price. If a user doesn’t buy too much, the order is pretty much guaranteed to be fulfilled.
  • Highest Buy Price. This will place an order at the current highest buy price. This means a user’s order will have to wait for a seller to come down to match the user, and thus, the user could miss out on fulfilling an order if the market moves higher.
  • Middle of Spread. This will place an order right between the highest and lowest price. This makes sure the user’s order is placed above the highest buy price and also gives incentive for sellers come down in price a little.
  • Market Order. This will ignore the price and just buy up everything starting with the cheapest gold available on the market. This method guarantees that the user’s order will get fulfilled.

Half Bitcoin Half Gold

In addition to these order options, there is also a new 50/50 feature. When 50/50 is turned on, the system will look out for any money coming into a user’s deposit addresses and only place an order for 50 % and leave the other 50 % as bitcoin. Such a feature could be useful for users who are only looking to modify their exposure in bitcoin, and not move it entirely to precious metals.

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