Mt. Gox: Difference between revisions
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====BTC==== | ====BTC==== | ||
There are no fees incurred when transferring bitcoins to a Mt. Gox account. Funds are available once [[confirmation|confirmed]] (6 blocks), a process that can take roughly an hour. | There are no fees incurred when transferring bitcoins to a Mt. Gox account. Funds are available once [[confirmation|confirmed]] (6 blocks<ref>[http://www.bitcoin.org/smf/index.php?topic=3851.msg55220#msg55220 How long does it take to Deposit bitcoins to MtGox?]), a process that can take roughly an hour. | ||
====LRUSD==== | ====LRUSD==== | ||
Revision as of 01:51, 27 February 2011
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MtGox is the most widely used bitcoin currency exchange market. It deals mainly in LRUSD. Historically, due to the way that MtGox works, it has a higher exchange volume than any market in the bitcoin economy. This is mainly because MtGox requires all traders to deposit balances with MtGox which in turn makes trading on the market instantaneous. MtGox is run by Jed.
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.
Dark Pool
A dark pool allows large quantities to be sold without the orders being visible. This helps to lessen the price moves that would likely result when the price and size of a large order is known.
Dark Pool Only Orders
Can be filled only by other dark pool orders or a single normal order that is larger than the dark pool order. This means that if there is a single normal order that would fill the dark pool order both will be filled.
Dark Pool + Normal Orders
Can be filled either partially from the normal orders or the dark pool.
Fees
Mt. Gox subtracts a 0.65% trading fee from each party of successful trades made through the market. The fee is drawn from the amount received as the result of the trade.
Adding Funds
BTC
There are no fees incurred when transferring bitcoins to a Mt. Gox account. Funds are available once confirmed (6 blocksCite error: Closing </ref> missing for <ref> tag Liberty Reserve will subtract $0.99 ($99 less a 1% fee) leaving a net amount at Liberty Received of $98.01.
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 a trading API which can be used to automate operations described above. There is also a Perl module for interacting with the API.
History
MtGox went online on July 18, 2010.[1]
On October 10, 2010 MtGox announced that their PayPal account had been suspended as a result of a scammer using stolen Paypal accounts to transfer funds to MtGox. Fraudulent PayPal transactions and chargebacks were also reported by Bitcoin Market customers around this time. Mtgox 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.