The Quick Trade feature has been created for the purpose of converting one asset to another instantly, it is not supposed to be used as the sole investment tool for purchasing cryptocurrency. Users are given a quote before executing a trade, this puts the onus on the user to be diligent in checking the spread of the coins and to see if the quoted amount they receive is adequate to their liking. The rate of fiat currency is also a factor in conversion as this is an exchange, not strictly buy/sell.
For a Quick Trade to execute in an instant, the function will purchase coins at the lowest possible 'sell order' aka market price. If your order size is very large in a single order (or more), your Quick Trade will compute continuously down the list of open sell orders until you purchase the volume requested. These trades will eventually increase in price as you go down the list (as users want to sell for higher prices). Quick Trade however does not factor in market spreads for coins, which is the difference in price of the sell order/buy order. These spreads, when extremely high, will directly affect the amount of coins you will receive, as the market price will differ from the lowest sell order (as users who are selling are trying to sell for the highest price they can receive, even if it is much higher than the market).
If you are converting with any coin other than BTC, a two step transaction will occur. During this two step transaction, the market price of both BTC and the coin you are buying will be involved in the computation of the trade. The Rate of CAD also affects how much funds you will end up with once trading. This means that if you are trading ‘alt’ coins, you must factor in the spread of BTC, the spread of the alt coin and the market rate of CAD, relative to BTC.
We recommend trying our new advanced trade (beta) because you will be able to set limit orders for your desired buy and sell prices. This tool is also better suited for larger sums.
What are Quick Trade fees?
Quick Trade fees for trades made for a BTC Pairing: 0.2%
Quick Trade fees for trades made for a Non-BTC Pairing: 0.4%
As an example, if you want to use Quick Trade to buy $100 CAD worth of Bitcoin, Coinsquare will charge a fee of 0.2% (in this case, $0.20).
Quick Trade is instant. If Quick Trade does not execute, it may be due to low liquidity or a large bid/ask spread in the coins being purchased.
How long does Quick Trade take?
Quick Trade is instant.
If your Quick Trade order doesn't work:
Check to see you have sufficient funds to trade the currency that you're trying to sell.
Occasionally, Quick Trade does not execute if there is low liquidity or a large bid/ask spread in the coins being purchased.
If issues still persist please submit a request here and select the Category: Trading.