Understanding Instant Crypto Orders
Instant buy and sell orders allow you to quickly trade cryptocurrencies at current market prices. This guide will walk you through the process step-by-step while explaining key concepts like crypto spreads and transaction minimums.
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How to Buy Cryptocurrency
Follow these steps to purchase crypto instantly:
- Navigate to the Trade Tab
Access the Crypto section in your Skrill account and select the "Trade" option. - Select Instant Buy Order
Choose "Buy with Instant order" from the available options. Choose Your Cryptocurrency
Select your desired crypto and enter either:- The amount you want to spend (fiat currency)
- The amount you want to receive (crypto)
Note: Minimum amounts vary by cryptocurrency and will display automatically.
Review Transaction Details
The summary page will show:- Applicable fees
- Current exchange rate
- Total spend amount
How to Sell Cryptocurrency
To convert crypto back to fiat currency:
- Access the Trade Tab
Go to the Crypto section and select "Trade." - Initiate Instant Sell
Click "Sell with Instant order." - Select Crypto and Amount
Pick which cryptocurrency to sell and specify the amount. Confirm Transaction
The system displays:- Transaction fees
- Exchange rate applied
- Total amount you'll receive
Important Considerations
Trading Limitations
- Some cryptocurrencies (like DSSH and ATOM) can only be traded against Bitcoin
- Minimum buy/sell amounts vary by cryptocurrency and display during trade setup
Understanding Crypto Spread
The spread refers to the difference between:
- Buy Price: Typically higher (what you pay to purchase)
- Sell Price: Typically lower (what you receive when selling)
Key notes about spreads:
- Portfolio values display using sell prices
- Immediate negative portfolio movement after buying is normal
- Non-EUR accounts incur currency conversion fees
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Frequently Asked Questions
What's the advantage of instant orders?
Instant orders execute immediately at current market prices, ideal for traders who want quick transactions without waiting for price movements.
How often are crypto prices updated?
Prices update continuously based on real-time market data to ensure you get competitive rates.
Are there limits on instant orders?
Yes, minimum order amounts apply and vary by cryptocurrency. These limits appear automatically when you initiate a trade.
Why does my portfolio value drop right after buying?
This occurs because portfolios display values using sell prices (which are lower than buy prices), reflecting the spread's impact.
How are currency conversions handled?
For non-EUR accounts, transactions include:
- Crypto buy/sell spread
- Currency conversion fee
- Foreign exchange rate
Can I set price alerts for crypto?
This feature isn't currently available through the instant order interface, but may be added in future updates.