Mt. Gox: Difference between revisions
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Funds in USD may be wired to the exchange's bank in Japan. Each wire is subject to a per-wire fee plus any intermediate fees. | Funds in USD may be wired to the exchange's bank in Japan. Each wire is subject to a per-wire fee plus any intermediate fees. | ||
====AurumXChange USD, EUR and CAD=== | ====AurumXChange USD, EUR and CAD==== | ||
Funds may be wired to [[AurumXChange Company]] as USD, EUR or CAD (the latter two of which would then be exchanged into USD) for for purchase of a Mt. Gox USD redeemable code (voucher). The code can be used to load USD funds into an account with Mt. Gox. | Funds may be wired to [[AurumXChange Company]] as USD, EUR or CAD (the latter two of which would then be exchanged into USD) for for purchase of a Mt. Gox USD redeemable code (voucher). The code can be used to load USD funds into an account with Mt. Gox. | ||
Revision as of 08:30, 29 July 2011
The most widely used bitcoin currency exchange market[1]. Bitcoins are bought on using funds from the trader's MTGUSD balance with Mt. Gox and when bitcoins are the funds from the proceeds are added to the trader's MTGUSD account with Mt. Gox.
Trades on Mt. Gox's execute from balances on deposit with the exchange which in turn makes trading on the market instantaneous, compared to some other Bitcoin markets where a subsequent settlement occurs manually between the trading partners.
Trading
Buying
A buy order is executed partially or in full when the price bid can be matched against a sell order that is at or below the bid amount.
Selling
A sell order is executed partially or in full when the price asked can be matched against a buy order that is at or above the ask amount.
Fees
Mt. Gox subtracts a 0.65% trading fee from each party of successful trades made through the market.
When buying bitcoins, the fee will cause the number of Bitcoins bought to be 0.65% fewer. In other words, after buying 1.0 BTC the BTC balance for the account will increase by just 0.9935 BTC (1.0 BTC less the 0.0065 BTC fee)[2]. The per-BTC trade price reflected in the account history shows an amount recomputed to reflect the fee. The Quantity X Trade Price from the buy order will total the same dollar amount as is subtracted from the account after the trade executes.
When selling bitcoins, the fee will cause the proceeds of the sale to be 0.065 lower. After selling $100 worth of bitcoins the USD balance for the account will increase by just $99.35 USD ($100 USD less the $0.65 USD fee).
Adding Funds
BTC
There are no fees incurred when transferring bitcoins to a Mt. Gox account. Funds are available once confirmed (6 blocks)[3], a process that can take roughly an hour.
Note: Even though the site displays no ads, some browser ad-blocking utilities will interfere with the exchange's web site, specifically with the Add Bitcoins function.
LRUSD
There are no fees incurred when adding Liberty Reserve LRUSD funds to an account. Funds are available in minutes.
Dwolla
This option is among the fastest and least expensive methods for adding funds to a Mt. Gox account. The transaction fee on Dwolla costs just $0.25. The process is automated and the funds are available for trading within an hour[4].
Bank Wire
International USD
Funds in USD may be wired to the exchange's bank in Japan. Each wire is subject to a per-wire fee plus any intermediate fees.
AurumXChange USD, EUR and CAD
Funds may be wired to AurumXChange Company as USD, EUR or CAD (the latter two of which would then be exchanged into USD) for for purchase of a Mt. Gox USD redeemable code (voucher). The code can be used to load USD funds into an account with Mt. Gox.
Direct Deposit
EU
Funds in EUR may be added using SEPA Direct Debit for free, with funds convert to USD at the current ECB rate at the time the funds are received[5].
U.S.
Adding funds to Dwolla from a bank account will use ACH though. The bank wire funding method has been temporarily disontinued due to difficulties in processing. Another banking relationship is being pursued.
UK
Funds may be sent as a GBP direct deposit free of charge.
Australia
Funds may be sent using direct deposit (BPay) for a AU$2.00 per-deposit fee. The funds will be converted to USD at the current rate.
Withdrawing Funds
MtGox imposes a $1,000 USD limit for withdrawals per 24 hours and a $10,000 USD limit for withdrawals per month. and Bitcoins withdrawn are counted toward this limit as well and the USD value is calculated at the market rate at the time of the attempted withdrawal. Any account-to-account transfers made also count toward this limit as well.
Requests for higher withdrawal limits may be submitted by email
- For higher limits for withdrawal of USD funds, email: aml@mtgox.com
- For higher limits for withdrawal of BTC funds, email: btcupd@mtgox.com
Dwolla
Dwolla is among the fastest and least expensive methods for withdrawing USD funds from a Mt. Gox account. The transaction fee to do so is just $0.25. Dwolla withdrawals are processed every hour during business hours (Japan time) and every 12 hours on weekends.
BTC
Bitcoins may be withdrawn at no charge.
There have been sporadic reports where withdrawing the entire bitcoin balance results in an error message. This could the be the result of a possible error where the amount available for withdrawal gets miscalculated due to a rounding error. In at least one instance, a subsequent attempt to withdraw all but the last 1 BTC completed successfully.
LRUSD
There are two fees incurred when withdrawing LRUSD. Mt. Gox themselves subtracts 1% of the transfer amount as a fee before transferring away. Liberty Reserve then subtracts as a transfer fee 1% from the amount they've received.
For example, to withdraw $100 LRUSD, Mt. Gox will send $99 ($100 less a 1% fee)[6] Liberty Reserve will subtract $0.99 ($99 less a 1% fee) leaving a net amount at Liberty Received of $98.01.
AurumXChange USD, EUR and CAD
Funds may be withdrawn by sending a Mt. Gox redeemable code (voucher) to AurumXChange Company and then wired to a USD, EUR or CAD bank account.
Paxum USD
Funds may be withdrawn to a Paxum account.
Direct Deposit
U.S.
There is currently no option for withdrawing funds through a direct deposit bank transaction. Funds withdrawn to Dwolla may then, in turn, be withdrawn with bank funds deposited as an ACH transaction. The direct ACH withdrawal method has been temporarily disontinued due to difficulties in processing. Another banking relationship is being pursued.
EU
You may withdraw any amount as a direct deposit to your bank. There is a 2% fee on these withdrawals. Contact the exchange by e-mail for this service.
Australia
A per-withdrawal fee is subtracted and the remaining amount is converted to AUD and sent through Technocash.
Transfers to Other Customers
Mt. Gox funds, either USD or BTC, may be sent to another Mt. Gox customer using a redeemable Mt. Gox code (voucher).
Customer Service
The preferred method for obtaining service is to place a request through the exchange's help desk. Another method is to send e-mail with the request.
Wallet/Banking
An account at this exchange can be considered to be an eWallet. This service also offers eCommerce merchant payment services.
API
Mt Gox offers an API which can be used to automate operations.
Criticism
After the addFunds form is displayed, it is not apparent to the user how to determine that address again. An account holder could become confused as to whether or not the correct address was used but after closing that page, there's no way to know at a later time what address "Send Bitcoins" had yielded.
Data Services
Web
- Bitcoin Charts
- Clark Moody's Real Time Bitcoin Market Data including Ticker, Order Book and Time Sales (Websockets browser support required)
- CodeStream's Adjustable Depth Chart (Websockets browser support required)
- MtGox Live (Websockets browser support required)
- BTCBids trader view
- Bitcoin Arbitrage Opportunities (Websockets browser support required)
- Bitcoin Prices market rates in multiple currencies
Windows
- Sierra Chart MtGox Bridge trading and charting tool.
- ToyTrader command line trading tool
Mac OS X
- BitTicker for Mac OS X
- MtGox Watcher for Mac OS X
Mobile
- BitcoinX mobile app with bid, ask and 24 hour history. For Android
- MtGox Live Bitcoin Trader with buy, sell, send, chart and depth for Android and iOS
History
The exchange went online on July 18, 2010.[7]
On October 10, 2010 the exchange switched from PayPal to Liberty Reserve as the main funding option as a result of this attack. Former PayPal customers still had the possibility to withdraw their USD using alternative methods.
On March 6th, 2011 ownership of the exchange changed hands[8].
On June 19, 2011 the service experienced a significant security breach[9]. The incident caused a selloff down to BTC/USD of $0.01 due to fraudulent trading. The site was disabled and all trading following the point that fraudulent trading began was rolled back. Complicating this breach was the release of a list of the exchange's accounts including username, email address and a password hash, which forced the exchange to implement an account recovery method for customers to regain control of their accounts.
In July, 2011 it was observed that the exchange no longer allows new registrations to occur without having a valid e-mail address.
On July 19, 2011 a press release announced that MtGox had acquired MtGox Live.[10]
See Also
External Links
References
- ↑ 2011-06-07 on #bitcoin-otc: "MagicalTux: you could use the count of users on mtgox (went over 30k recently)"
- ↑ Dear Mt. Gox. Please make your accounting easier to understand.
- ↑ How long does it take to Deposit bitcoins to MtGox?
- ↑ Dwolla to Mt. Gox vs. Dwolla to TradeHill
- ↑ MTGox: Euro deposits
- ↑ One member of Bitcoin-otc reports that this appears to be a 0.99% fee, not a 1.0%.
- ↑ MtGox announcement on forum
- ↑ Mtgox is changing owners
- ↑ Huge Bitcoin sell off due to a compromised account - rollback
- ↑ World's Leading Bitcoin Exchange, Mt.Gox, acquires MtGoxLive.com