In order to use autosell feature of Cryptsy, you should do the steps described below. Additionally you should understand at which price your coins will be sold and what are the differences. At the moment you can not set to which currency it will be converted, so most of the coins are only converted to BTC. I guess that those coins, which can only be traded on LTC or XPM markets are converted to these cryptos.
First you have to do is to open COIN's Deposit Dogecoin & AutoSell Setup window. As an example I will use CSC(Casino coin).
- Log in into your Cryptsy account.
- Choose Balances from upper menu.
- In the list of cryptos find Dogecoin(or any other you'd like to make a deposit address to)
- Put your mouse over the name Dogecoin. DO NOT CLICK! Just place it over the name.
- The menu should appear. Here you click on Deposit/Autosell DOGE.
- The window Deposit Dogecoin & AutoSell Setup should appear.
In order to use Auto-sell feature you just have to press the button Enable Auto-sell. If everything is correct you should see the following in the bottom of the window. If this doesn't appear keep pressing on Enable Auto-sell button.
First thing to mention is an additional fee of 0.1%. So this means that auto-sell is not free.
Second you can choose the minimum and maximum amounts of money to be changed. I have to mention, that auto-sell works when cryptos are deposited to the wallet address, which you can see in the Your Deposit Addres field. This means that if you already have some CasinoCoins on Cryptsy account they won't be converted.
Third very important point is AutoSell Rule.You have a choice of four. Below you can see them all - I have also placed numbers to better identify them while explaining.
Second you can choose the minimum and maximum amounts of money to be changed. I have to mention, that auto-sell works when cryptos are deposited to the wallet address, which you can see in the Your Deposit Addres field. This means that if you already have some CasinoCoins on Cryptsy account they won't be converted.
Third very important point is AutoSell Rule.You have a choice of four. Below you can see them all - I have also placed numbers to better identify them while explaining.
- Sell at top bid (Higher Price) - The order will be placed on the current top price, which Sellers want. You have to understand that, there are some amount of money is definetely placed before you. The orders on the same price are processed in the order they are submitted. Consider the illustration below. The top selling price is 0.00001714 BTC. This means that, there are people with 0.00002430 BTC, willing to sell at this price. These orders should be sold first, before your order will be processed.
- Sell at top buy bid (Lower Price) - The order will be placed on the current top price, which Buyers want. Your order will be processed at the time it is submitted. However there is one thing you should keep in mind. Due to low volume or high volatility your order could be partially completed. Better explain it on example. There are 1054.36... CasinoCoins are traded at the price of 0.00001710 BTC, which is top buying price. This means there is somebody, who wants to buy only 1054.36... coins. Suppose you have deposited 2000 CasinoCoins. So 1054.36... CasinoCoins will be bought from you immediately, but the other 2000-1054,36...= 945,64 coins will be placed on the market waiting, while somebody wish to buy them at this price.
- Sell at the 2nd highest sell bid(Highest Price) - The order will be placed at the price next to the top, which sellers want. Here the probability of the order to be processed is lower, but in case it will be made you'll get the better price.
- Immediate and complete sell (Lowest price) - The order will be sold completely on the time of arrival at the set of top buyers prices, which would provide necessary volume. Consider an example. You deposited 2000 coins. 1054.36 will be bought at 0.00001710, 0.4452.. at price 0.00001704 and 954,0.... at price 0.00001701. So you'll get your coins sold out completely at the time of arrival, but the price won't be the best.
So which one to pick up? This is of cause up to you to decide, as only you know how much risk you are willing to tolerate.
Some general guidelines could be, that if there is enough volatility (price movement) and volumes are not big at the particular prices, then number 3 or 1 could be your choice, depending on amount of risk you are willing to take. However if you deal with low volatility coin, where price doesn't change much during the day and there are big volumes at each price level, then you probably need to think about 1 or 2. The reason of choosing point 4 I can only see for traders with really big deposit volumes, which need quick sell however. Sounds unreal, but who knows. Anyway it is the last option you have to consider choosing.
Some general guidelines could be, that if there is enough volatility (price movement) and volumes are not big at the particular prices, then number 3 or 1 could be your choice, depending on amount of risk you are willing to take. However if you deal with low volatility coin, where price doesn't change much during the day and there are big volumes at each price level, then you probably need to think about 1 or 2. The reason of choosing point 4 I can only see for traders with really big deposit volumes, which need quick sell however. Sounds unreal, but who knows. Anyway it is the last option you have to consider choosing.