bitfloor BTC prices

[Bullfrog6288]

Hey All,

I know this is a real "newbie" question, but here goes . . .

When placing a BTC order on the bitfloor website, what would be a good price to offer so that the order goes through relatively quickly?

For example, is it safe to assume that if you offer to buy the coins at let's say .25 cents (USD) over the current "Last" price then the order will complete fairly quickly?

What about if you offer to pay just a few cents over the "Last" price, will that order execute fairly quickly too???

Sorry to come across as such a novice, but this whole Low, High, Last, Ask price thing has me confused?!?

Also, if anyone can offer some insight into the difference between Market & Limit orders that'd be great!

Obviously, I don't want to spend more for my BTC order than necessary.

Thanks in advance for any advice you might offer . . .

Bullfrog6288

[stereotype]

A market order would try to buy the next available price. This is generally fine for liquid/highly traded markets, but not when theres volatility.

A limit order is a price stated by you/what you want to trade at, plus any slippage at a given time.

You sound like you just want to get in the market at a 'fair' price. In which case, you maybe should enter a price just below the current ask price.

This is a new market to me, and i have not traded yet (but i will), im just relaying what i know about other trading instruments....and my comments are most definitely not advice!!

Good luck

[Stephen Gornick]

relatively quickly?

That really is what determines what price you pay.

If you simply sit above the current highest bid, eventually someone will hit you because someone will sell at market rate eventually (and that's your bid).  What could happen is the exchange rate rises though and you have to stay above the highest bid and you could end up paying more than if you hit the lowest ask right off the bat.

So it all depends what you mean by "relatively quickly".  Since you don't when a sell order at market will come in that could be hours or more.  Or it could be ten minutes.

[stereotype]

BTW just saw a big 961Lot @ £31.31 Big numbers being played with here.   

http://bitcoin.clarkmoody.com/