Yet, this definition suggests otherwise:
Not sure what saw in there, but that only says that you won't pay more than you bid or sell for less than you asked.
Each exchange has differing order matching methods and some have fees, liquidity rebates and other things that make them not all equal.
But Mt. Gox, for example, will use standard best price matching.
So if the order book has the following Asks:
Qty 10 @ 13.60
Qty 10 @ 13.61
Any you put a bid for 15 @ 13.65,
then Mt. Gox will buy you 10 BTC at $13.60 and then 5 BTC at $13.61.
If you are selling the the inverse occurs. For the Bids:
Qty 10 @ 13.50
Qty 10 @ 13.49
And you sell 15 AT $13.45,
then Mt. Gox will sell 10 BTC at $13.50 and then 5 BTC a $13.49.
That confuses me as its not symmetric - the system has favoured me (first as buyer and then as seller) in both situations.
Shouldn't the system always be trying to get the best price for the buyer? In your second example, the buyers are the two bid orders:
Qty 10 @ 13.50
Qty 10 @ 13.49
Since I have put in an ask of:
15 AT $13.45
Shouldn't it try to get the best price for the two bidders, and sell at my ask price, just as it did in your first example when I was the bidder?
Sorry if this seems obvious, I'm new to the whole thing!
Cheers, Paul.
