Bitcoin Forum
December 06, 2016, 12:20:02 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Buying through MtGox  (Read 1089 times)
Mafioso
Newbie
*
Offline Offline

Activity: 3


View Profile
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!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
mr-sk
Member
**
Offline Offline

Activity: 67



View Profile WWW
June 09, 2011, 08:53:36 PM
 #2

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.

Botcoin - An Open Source PHP Bitcoin bot for retrieving market data.
Enjoy it, please donate: 1K2JWmpd75ehXxco1SWtGLaceQsRytpyEv
Oldminer
Legendary
*
Offline Offline

Activity: 1022



View Profile
June 09, 2011, 09:36:13 PM
 #3

I like this thread

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
Tip me BTC: 1FBmoYijXVizfYk25CpiN8Eds9J6YiRDaX
dust
Hero Member
*****
Offline Offline

Activity: 840



View Profile WWW
June 09, 2011, 10:20:53 PM
 #4

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)

Cryptocoin Mining Info | OTC | PGP | Twitter | freenode: dust-otc | BTC: 1F6fV4U2xnpAuKtmQD6BWpK3EuRosKzF8U
mr-sk
Member
**
Offline Offline

Activity: 67



View Profile WWW
June 09, 2011, 11:24:15 PM
 #5

Quote
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.

Botcoin - An Open Source PHP Bitcoin bot for retrieving market data.
Enjoy it, please donate: 1K2JWmpd75ehXxco1SWtGLaceQsRytpyEv
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!