PRO TIP: The difference between a “Quick” and “Precise” transaction
Did you know that ShapeShift offers two different ways to do basic transactions?
For most of our long-time users, this is a no-brainer. But for our newest little foxes, we know it can be a little confusing to understand the differences.
So in the words of the of oh so wise Jerry Seinfeld, What is the DEAL with Quick and Precise transactions? (It’s actually pretty darn easy!)
Jerry does his FIRST ShapeShift Transaction
We’ll start with a quick definition of each:
- Quick Transactions refer to a transaction where the user inputs the receiving address and is given a deposit address from ShapeShift. With this quick order, the user does not need to tell us how much of a certain altcoin they want to receive and they can deposit whatever they would like, as long as it is between the deposit limit (max) or minimum.
- Precise Transactions (also known as specific amount orders) refer to a transaction where the user tells ShapeShift how much they are wanting to deposit BEFORE we provide you with a deposit address. We tell you how much of the receiving coin you would receive with that amount deposited and then supply you with an address to deposit that precise amount you specified to us you would like to deposit. You can get a better rate with this type of order AND a higher deposit max.
So which transaction is right for you? Consider some pros and cons first.
“Quick” Transaction Pros:
- You can reuse the deposit address that we provide to you as many times as you would like as long as you deposit between the deposit max and minimum AND you must set the “Reuse address?” toggle to the active position or you will not be able to reuse this. PLEASE BE AWARE OF THIS!
- You only need to provide us with your receiving address and we quickly provide you with deposit address without you having to provide us with how much you want to deposit
- There is no timer to how quickly you have to deposit your coins to our address (vs. Precise where you only have 5 minutes to deposit funds)
- Assets like Counterparty that tend to move slowly broadcast funds to address fail precise transactions often as they have trouble making it to the addresses within the 5 minutes, thus quick transactions are normally the better bet
“Quick” Transaction Cons:
- The deposit max is a lower amount than with precise transactions
- The instant rate updates every 10 seconds and can change during the course of a transaction
- You are unable to lock in the rate and have to take whatever rate your transaction confirms on the blockchain at (if you order fails our zero confirmation)
“Precise” Transaction Pros:
- You can potentially get better rates as we know how much you will be sending us in advance
- You have a higher limit/max amount you can exchange
- The rate we provide to you is locked in (it will not change during the course of your order)
“Precise” Transaction Cons:
- You can only use the deposit address for a precise transaction one time
- It takes a little longer to set up, as you have to input the amount you wish to deposit and have the amount you will receive generate, then input the receiving address before we provide you with the deposit address
- You must deposit your funds within the 5-minute window in order for it to process. Otherwise, it will fail
- Slower sending assets such as Counterparty and Omni tend to send depositing coins too slowly to the deposit address, thus tending to fail often (but not always)
Posted by Emily