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Author Topic: Buying through MtGox  (Read 1124 times)
Mafioso
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June 09, 2011, 08:44:27 PM
 #1

Hi,
Apologies if this has already been discussed, I have no idea what to search for. So I bought my first Bitcoins through MtGox just now, and have a question. When I placed the order, I set "Price per coin per dollar" to 29.0, when the lowest ask price was 29.20 or so... A few minutes later I checked and the order had gone through, but for 29.1897. Why is this?

Also, when I check my account history it says there are several columns: delta BTC, delta USD, total BTC, total USD.

What is the delta BTC? I understand the concept of a delta, but this figure is 29.805 - far away from what the BTC's were bid for or bought at.

Grateful for any help!
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mr-sk
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June 09, 2011, 08:53:36 PM
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Its called slippage, and it happens in all markets.

There's a difference between the bid and the ask, that's the spread.
Unless you place a limit order (which I don't think MtGox provides) your order got executed at market. But when the order went to execute at 29.0 (what you set) the market moved and it's a market order so it executed a bit higher. I don't know really.

They should treat you setting a "price per...": as a limit order. Which they are not.
The other explanation could be the commission / fee is baked into each BTC value, so you're seeing not what you paid per bitcoin, but what you paid (29.0) + a fee.

Again, MtGox is like ... not very organized for a brokerage house.

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June 09, 2011, 09:36:13 PM
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I like this thread

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June 09, 2011, 10:20:53 PM
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The other explanation could be the commission / fee is baked into each BTC value, so you're seeing not what you paid per bitcoin, but what you paid (29.0) + a fee.

This is correct.  Mtgox only offers limit orders. (29 * 1.0065 = 29.189)

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June 09, 2011, 11:24:15 PM
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This is correct.  Mtgox only offers limit orders. (29 * 1.0065 = 29.189)

Cool - I just started trading on MtGox this week and one of my weekend todo's is reconcile my trades to know exactly what commission / slippage is. Thanks, at least now I know and won't be wondering where the money is going heh.

I noticed someone had opened an options market heh. I wonder how that's going to fair over time.
Being a brokerage is a great way to many make money by charging fees ... you win every time on every trade heh.

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