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A registrant on MtGox had at least two sub-accounts: one for bitcoins (BTC), and one for US dollars (USD or MTGUSD) or other national currency. Bitcoins were bought using funds from the trader's national currency account, and the proceeds from the sale of bitcoins were deposited into the same account. Trading always involved bitcoins as trading between different national currencies was not offered.
Trades on Mt. Gox's executed from balances on deposit with the exchange which in turn made trading on the market instantaneous, compared to most other Bitcoin markets of the time where a subsequent settlement occurred manually between the trading partners. The disadvantage of this was that a third party had to be trusted with keeping the money safe.
MtGox was originally started by Jed McCaleb in July 2010, and was sold to Tibanne Co. in Japan in March 2011. It was operated by Tibanne Co., managed by Mark Karpeles (MagicalTux).
- 1 Trading
- 2 Adding Funds
- 3 Withdrawing Funds
- 4 Customer Service
- 5 Wallet/Banking
- 6 Security Center
- 7 AML
- 8 API
- 9 Data Services
- 10 E-Commerce
- 11 History
- 12 See Also
- 13 External Links
- 14 References
Buying and selling
A buy order was executed partially or in full when the price bid could be matched against a sell order that was at or below the bid amount. A sell order was executed partially or in full when the price asked could be matched against a buy order that was at or above the ask amount. Orders that could not be matched immediately remain in the orderbook.
Unfunded orders did not appear in the order book, but were automatically inserted when a deposit was credited. For example, Mt. Gox allowed the entry of a "buy" order even if the account had insufficient funds. If possible, Mt. Gox would execute a portion of the order if it could be partially funded. If a deposit was later credited and the deposit resolves the insufficient funds status of an outstanding order, the order would be immediately activated, and if possible, executed.
Mt. Gox charged a trading fee of up to 0.6% from each party of successful trades made through the market. The fee appeared in the account history next to each trade. The trading fee was discounted for larger customers based on volume, which was calculated as a sliding window over the last 720 hours (30 days).
The fees were, by default, subtracted from the proceeds of each trade (e.g., a buy of 1.0 BTC will add to the account balance 0.994 BTC when the exchange fee is 0.6%). An account setting would allow fees to be added to the purchase amount instead (e.g., buying 1.0 BTC at $5 will cost about $5.03 when the exchange fee is 0.6%).
There were no fees incurred when transferring bitcoins to a Mt. Gox account.
The deposit address was presented along with a QR code that can be scanned with a mobile. This address did not change with each deposit request.
The Add Bitcoins function experienced issues with some browser ad-blocking utilities even though no advertisements were displayed on the website.
Bitcoins from another Mt. Gox user sent by Mt. Gox redeemable code (A.K.A. "coupon") could be deposited and would be available for trading.
- BitInstant - Cash (U.S. dollars) could be deposited at any of thousands of banks, 7-11, Walmart, CVS, Moneygram and more that BitInstant uses to transfer funds to your Mt. Gox account.
- BitInstant - Cash (Brazilian real) could be deposited using Boleto or through Banco Recomendito.
- BitInstant - Cash (Russian rubles) could be deposited using QIWI or Cyberplat
- Barclays - Cash (British pound sterling) could be deposited at any Barclays location. There was a 1.5% fee on deposits made with this method.
Funds in USD could be wired to the exchange's bank in Japan. Each wire is subject to a per-wire fee plus any intermediate fees.
An account can be configured with a wallet for each of the currencies that the exchange supports. When a wire is received in one of these currencies, that account will be credited.
- USD - U.S. Dollar
- EUR - Euro (SEPA or Int'l wire)
- CAD - Canadian Dollar
- GBP - British Pound (Domestic or Int'l wire)
- CHF - Swiss Francs
- RUB - Russian Rubles
- AUD - Australian Dollars
- SEK - Swedish Krona
- DKK - Danish Krona
- HKD - Hong Kong Dollars
- PLN - Polish Zloty (Domestic or Int'l wire)
- CNY - Chinese Yuan
- SGD - Singapore Dollars
- TBH - Thai Baht
- NZD - New Zealand Dollars
- JPY - Japanese Yen (Domestic or Int'l wire)
Funds in EUR could be added using SEPA Direct Debit for free, with funds convert to USD at the current ECB rate at the time the funds were received.
Mt. Gox doesn't directly support an ACH-based (direct deposit) deposit method. Dwolla supports ACH-based fund transfers and those funds can then be deposited with Mt. Gox.
Funds could be sent as a GBP direct deposit free of charge.
Funds could 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.
MtGox imposes a $1,000 USD limit for withdrawals per 24 hours and a $10,000 USD limit for withdrawals per month with most non-verified accounts. Bitcoins withdrawn were counted toward this limit as well and the USD value was calculated at the market rate at the time of the attempted withdrawal. Customers that have been Verified have higher limits and customers that have Trusted status have limits even higher. Any account-to-account transfers made also count toward this limit as well.
Requests for higher withdrawal limits could be submitted by email
- For higher limits for withdrawal of USD funds, email: firstname.lastname@example.org
- For higher limits for withdrawal of BTC funds, email: email@example.com
See the AML section regarding verification levels for AML purposes.
Dwolla was among the fastest and least expensive methods for withdrawing USD funds from a Mt. Gox account. The transaction fee to do so was just $0.25. Dwolla withdrawals were processed every hour during business hours (Japan time) and every 12 hours on weekends.
As of 25 May 2012, MtGox requires account holders to be "verified (level 1) - 'see below'" to withdraw via Dwolla. 
The status of the withdrawal request will show one of the following status codes:
- Preparing: System was running checks to see if the transfer can be executed.
- Confirmed: Transfer could be executed and was pending in queue.
- Todo: Transfer was near the top of the queue and will be executed soon.
- Processed: Transfer has been processed.
Bitcoins could be withdrawn at no charge.
A green address option was available though this type of transaction could experience a delay if the exchange's wallet funding level for green address transactions was insufficient. The withdrawal form also offers an "open transaction" option which forces the transaction to go through the blockchain. If the recipient of a BTC withdrawal happens to also be from Mt. Gox's EWallet, then that transfer would occur instantly and the transaction would not be broadcast to the Bitcoin network. This "open transaction" option forces a withdrawal to be broadcast to the Bitcoin network.
Mt. Gox no longer allows bitcoins or other currency to be withdrawn using a redeemable code.
There was currently no option for withdrawing funds through a direct deposit bank transaction. Funds withdrawn to Dwolla could then, in turn, be withdrawn with bank funds deposited as an ACH transaction.
Users could withdraw any amount as a direct deposit to their bank. There was a 2% fee on these withdrawals. Contact the exchange by e-mail for this service.
A per-withdrawal fee (2,000 JPY) was subtracted and the remaining amount was sent via international wire in the chosen currency. If not AUD then an exchange fee of 2.5% would be charged.
To any IBAN, SWIFT/BIC and ABA routable bank. Fee applies.
The preferred method for obtaining service was to place a request through the exchange's help desk. Another method was to send e-mail with the request.
The Security Center allows an account to be secured through the use of one or more One Time Password (OTP) solutions such as what YubiKey and Google Authenticator offer. Features can be protected where the OTP must be provided for each action and were configured independently.
For example, a typical configuration was to set OTP as being required for both withdrawals and security center changes but not for login. With that configuration, the worst damage that can happen from a compromised account or session would be that bitcoins would be bought or sold (though they could also be bought and sold over and over until funds were depleted).
- Login - The OTP must be provided for each login.
- Withdraw - The OTP must be provided for each withdrawal request.
- Security - The OTP must be provided during each configuration change to be performed.
Varying degrees of verification will allow for greater per-day and per-month total amounts to be withdrawn.
Unverified (Level 0)
Designed for basic users, consumers and Bitcoin enthusiasts where 10,000 USD (monthly) was enough for most needs.
Verified (Level 1)
The "verified" status was designed for active traders and/or small companies.
Trusted (Level 2)
The “trusted” status was designed for day traders, professionals, and companies.
Mt Gox offers an API which can be used to automate operations.
- Bitstock live watcher for trades, depth, history bitstock.info (Websockets browser required)
- Bitcoin Charts
- Clark Moody's Real Time Bitcoin Market Data including Ticker, Order Book and Time Sales (Websockets browser support required)
- MtGox Live (Websockets browser support required)
- Bitcoin Arbitrage Opportunities (Websockets browser support required)
- Bitcoin Prices market rates in multiple currencies
- MtGox-Viz, a visualization of your MtGox account history
Mac OS X
- 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
- Bitcoinium for Android on Google Play
-  firefox ticker addon
- goxsh command line ticker / depth chart
Online sellers could accept bitcoins for payment using the Mt. Gox's E-commerce Solution, which was an interface to the exchange's Merchant System API.
The exchange went online on July 18, 2010.
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 June 19, 2011 the service experienced a significant security breach. 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.
Announced on March 6, 2012 was the Merchant Solution and API
- MT. Gox exchange now defunct website
- 2011-06-07 on #bitcoin-otc: "MagicalTux: you could use the count of users on mtgox (went over 30k recently)"
- How long does it take to Deposit bitcoins to MtGox?
- Introducing a new 1.5% fee on Barclays cash deposit
- Mt.Gox Opens 15 New Currency Markets
- MTGox: Euro deposits
- MtGox - trusted vs verified
- Mt.Gox now offers international wire transfer to all US Banks
- AML Account Statuses
- 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
- Mt.Gox launches the definitive bitcoin checkout solution