Feature Request – Instant Exchange

[alexg]

Hi Alex,

It would be nice to bring back the instant exchange feature (previously used with ShapeShift) but instead of using ShapeShift, we do it internally with this plugin.

It would be nice to have a feature allowing site owners to set up a markup % on the converted prices fetched automatically from the exchange rates & allow users to instantly exchange their fiat currencies into coins and vice versa with a single click. Instead of the whole exchange ecosystem, this would be simple & quick. Of course, it would be the site owner’s responsibility to actually have those coins ready to be exchanged.

[alexg]

Hello,

I have received this request several times. It is a lot harder to implement than you’d think.

Does the ShapeShift extension not work? Did you encounter a problem with it?

Back when ShapeShift started requiring KYC/AML I received a bunch of requests for alternative services and I have started implementing a Changelly extension, but this is delayed due to other work that has higher priority.

I do not plan to implement an instant exchange feature that does not use a third party service.

with regards

[alexg]

Hi Alex,

ShapeShift doesn’t support much coins available within CoinPayments.

Maybe it would be great to have an instant function for fiat-coin and coin-fiat only? or is this still as complicated as the coin-coin function?

[alexg]

Thank you. Yes, ShapeShift does have this limitation.

I did not provide enough details in my previous post.

I do plan to add an instant market order in the near future. Users of the exchange can then have a choice of limit or market orders. An instant order will either execute (possibly with some slippage) or fail if there is not enough liquidity. It does not matter if the coins are fiat or crypto, the implementation would work for all coins. The instant market order will not be part of the next release of the Exchange, but will come soon after.

What is often requested, however, is to “package” this into a nice UI where people can send coins to an address and receive them on another address at the other chain. This is what services like ShapeShift do, and this would be an extension of its own: It would have to expose an API, make some kind of estimate/guarantee to the user about maximum slippage, and handle any failures gracefully. Thus I don’t have time to develop such an extension at this time. Perhaps in the far future.

with regards

[alexg]

The latest version 1.1.0 of the Exchange extension now features market orders. Release notes: https://www.dashed-slug.net/instant-market-orders/

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