Bitcoin Forum
December 10, 2016, 03:11:07 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Ummm... Newbie Exchange Question  (Read 1162 times)
OrangeSun
Newbie
*
Offline Offline

Activity: 18


View Profile
June 01, 2011, 05:56:50 AM
 #1

Hey all, I found out about bitcoins last week and spent the whole long weekend reading up on it!  Safe to say I am hooked on to the idea already!

Now I am trying to buy 20-25 coins just to play with, but I have a question: why is everyone using Mt. Gox?  Even when others have better exchange rates?  Is it a tradition / exchange's reputation thing? 
Do you guys recommend bitmarket.eu exchange?  The site looks nice... but I don't know anything else about it.







Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481382667
Hero Member
*
Offline Offline

Posts: 1481382667

View Profile Personal Message (Offline)

Ignore
1481382667
Reply with quote  #2

1481382667
Report to moderator
M4v3R
Hero Member
*****
Offline Offline

Activity: 607



View Profile
June 01, 2011, 06:14:37 AM
 #2

People are using Mt. Gox, because... people are using Mt. Gox. The market got big because of few factors and now if you want to trade on a highly dynamic market, in real time, this is the place for that. But it's not the best for all. For example, here in Poland there is a far better exchange - Bitomat.pl (trading Polish zloty only). It's better, because it's totally free, and your wire money transfer is acknowledged within hours (sometimes even minutes) from sending. These transfers are also free in Poland.

On the other hand, Bitmarket.eu has a different, less dynamic model. You can place offers just like on MtGox, but to exchange actual cash, you have to contact with the other party. This has several advantages, like more anonymity (only the other party knows your private details, you don't expose them to the site), faster first reaction (you don't have to wait for your funds to come up on the site to trade) and more control. It has some disadvantages as well - most importantly - you lose the "real-time" bit, because every trade needs to be handled manually (in terms of exchanging cash). There is also a risk (albeit a small one because of verification system, and soon - rating system) of a fraudulent seller/buyer, but in that case you can contact site support and we will help you.

If you have other questions, feel free to ask.
OrangeSun
Newbie
*
Offline Offline

Activity: 18


View Profile
June 01, 2011, 04:48:00 PM
 #3

People are using Mt. Gox, because... people are using Mt. Gox. The market got big because of few factors and now if you want to trade on a highly dynamic market, in real time, this is the place for that. But it's not the best for all. For example, here in Poland there is a far better exchange - Bitomat.pl (trading Polish zloty only). It's better, because it's totally free, and your wire money transfer is acknowledged within hours (sometimes even minutes) from sending. These transfers are also free in Poland.

On the other hand, Bitmarket.eu has a different, less dynamic model. You can place offers just like on MtGox, but to exchange actual cash, you have to contact with the other party. This has several advantages, like more anonymity (only the other party knows your private details, you don't expose them to the site), faster first reaction (you don't have to wait for your funds to come up on the site to trade) and more control. It has some disadvantages as well - most importantly - you lose the "real-time" bit, because every trade needs to be handled manually (in terms of exchanging cash). There is also a risk (albeit a small one because of verification system, and soon - rating system) of a fraudulent seller/buyer, but in that case you can contact site support and we will help you.

If you have other questions, feel free to ask.

This is very helpful, thank you!  Bitomat.pl sounds like everything one would need in an Exchange!

One theory I have for the exchange size difference is that Mt. Gox seems focused on the US market, while all other exchanges are focused on European markets.  US probably accounts for a lion's share of transactions in bitcoin economy. 

IIOII
Hero Member
*****
Offline Offline

Activity: 926



View Profile
June 02, 2011, 10:26:00 AM
 #4

Liquidity at Mt. Gox is highest and payment is easily possible for US and EU - that's all the magic.

Mt. Gox is not bad, but has potential to improve (commission is a bit high).

Horkabork
Full Member
***
Offline Offline

Activity: 140



View Profile
June 02, 2011, 11:36:08 AM
 #5

While we're asking newbie questions, is there a way to do stop loss orders at Mt. Gox? If not on the website, then are people using an external program perhaps?

Me: 15gbWvpLPfbLJZBsL2u5gkBdL3BUXDbTuF
A goat: http://i52.tinypic.com/34pj4v6.jpg
FractalUniverse
Full Member
***
Offline Offline

Activity: 136



View Profile
June 18, 2011, 07:35:05 PM
 #6

While we're asking newbie questions, is there a way to do stop loss orders at Mt. Gox? If not on the website, then are people using an external program perhaps?

im not trading there yet so im not sure if it works, but what about placing opposite order to what you have at the price you want to exit with loss?
for example you bought  1BTC at 16.50 an you place sell order 1BTC at 14.50 as your sl?

BitFinex.com Leveraged BTC and LTC trading. Fee discount code: wm8ibCC9Ve
BEST bitcoin mining pool: https://bitcoin.triplemining.com
my ORBitcoin address: oRXnDBdL75vuTmWi45UX7GiscwaDmSRgLS
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!