Mt. Gox
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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 blocks[1]), a process that can take roughly an hour.
LRUSD
There are no fees incurred when adding LRUSD funds to an account. Funds are available in minutes.
ACH
The exchange can accept transfers made via ACH and Mt. Gox reports this as being the least expensive method for funding an account. Only recently has consumer banking started to provide the ability for an account holder to initiate a payment using ACH to an account other than their own at another financial institution.
Bank wire
The exchange is charged $15 for a U.S. bank wire and $50 for an international bank wire. The exchange requests that you contact them in advance for details.
Withdrawing Funds
BTC
Bitcoins may be withdrawn at no charge.
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)[2] 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.[3]
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.
See Also
External Links
References
- ↑ How long does it take to Deposit bitcoins to MtGox?
- ↑ One member of Bitcoin-otc reports that this appears to be a 0.99% fee, not a 1.0%.
- ↑ MtGox announcement on forum