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Author Topic: MtGox vs. Tradehill  (Read 1953 times)
IamFuzzles
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June 13, 2011, 10:38:59 PM
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Anyone have personal experiences with either? Both? Just wondering what the pros and cons of each are? Also, anything to read up on specifics on using it? I've never used it, nor Dwolla. Thanks
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Stephe
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June 13, 2011, 11:23:08 PM
 #2

I haven't used TradeHill, but it looks like they take a much bigger cut at least with instant buying and selling...
TradeHill Buy: 20.12
TradeHill Sell: 17.64
MtGox Buy: 17.51
MtGox Sell: 17.50

$2.48 vs. $0.01 difference, seems like a obvious choice.  You should take note that MtGox takes a 0.65% fee, so to actually buy 1 BTC it would be $17.62 and to sell 1 BTC it would be $17.39.  So in reality the difference between MtGox's buy and sell is currently $0.23 vs TradeHill's $2.48.  I'd recommend MtGox with Dwolla.  Dwolla is simply enough to use and add a bank account to.
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June 13, 2011, 11:33:22 PM
 #3

Yeah, but that difference in prices (called spread) is due to the liquidity difference between the exchanges. MtGox still has a lot more users, because TradeHill has just started up. You can still place limits on any offers you make. MtGox has a commission of 0.65%. According to the Tradehill website their commission "ranges from 0.25% to 0.75% of your sale and can be found in your user profile. When you create an account using a referral code your commission rate is automatically discounted 10%."

If you need a referral code to get your discount, you can try this one: http://www.tradehill.com/?r=TH-R13422.

Mr. E
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June 13, 2011, 11:44:18 PM
 #4

I have not used either yet but I think MtGox is the biggest and Tradehill is a lot newer.
I do like the way Tradehill displays the current prices over MtGox, much easier to read.
There is also https://www.bitcoinmarket.com/ but they are invite only at the moment.
Vanquistador
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June 14, 2011, 12:39:21 AM
 #5

I have not used either yet but I think MtGox is the biggest and Tradehill is a lot newer.
I do like the way Tradehill displays the current prices over MtGox, much easier to read.
There is also https://www.bitcoinmarket.com/ but they are invite only at the moment.

Agreed, when I started out last friday I registered with all the "main" sites that I read about.  I didn't even bother with MtGox because of its interface. 

Trade Hill  Looks alot more professional.  I've traded about $60 worth of BTC so far using it.
linenoise
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June 14, 2011, 01:43:37 AM
 #6

I've used both for small transactions. Both went smooth enough.

Last week MtGox had some dwolla issue so I couldn't withdraw for a few days. Tradehill is still processing dwolla transfers by hand so it can take a bit of time putting money in.

Tradehill is new so their volume is down, you can see it in the stats. That low will show up in the buy/sell prices. Once it grows a little it may get more o parity.

I wonder how long before tradehill shows up on the bitcoincharts?

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brendio
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June 14, 2011, 01:47:01 AM
 #7

I'm not in the US and I know you need a US account to fund a dwolla account from a bank account. But does anyone know if you can open one without a bank account and fund it initially from BTC?

linenoise
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June 14, 2011, 01:57:34 AM
 #8

I don't have a bank account linked with my dwolla account. I signed up, confirmed with email, and it was active. Although the next day I did get a phone call from customer service of dwolla as a welcome call and verification. They did call my google voice number tho so I could have been anywhere.


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brendio
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June 14, 2011, 03:37:28 AM
 #9

Thanks for the info, linenoise

goodlord666
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June 18, 2011, 10:48:53 PM
 #10

Never had any problems with MtGox. Fast, reliable, etc.


osborn_20
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June 18, 2011, 10:55:14 PM
 #11

Important question, has anybody experienced any security issues with tradehill?.
geek-trader
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June 18, 2011, 11:36:35 PM
 #12

Looking at bitcoincharts.com right now, MtGox has about 20x the trade volume that Trade Hill does.  This has it's advantages and disadvantages.

One advantage is a smaller spread, the difference between the buy price and sell price.  As a previous poster noted.

One disadvantage is that hackers are going to go after the higher volume site first.

I'm on MtGox.  I started trading there yesterday, after waiting all week for my bank transfer to show up in Dwolla.  I've made 4 trades on MtGox, no issues.

I have an account at Trade Hill, but I have not used it.

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johnnyblueeyes
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June 19, 2011, 03:12:27 AM
 #13

If you are buying/selling large amounts of bitcoin, the additional liquidity and volume from MtGox will be very beneficial to you.
If you are buying/selling low volume, then nearly any reputable exchange will work for your needs.
Check bitcoincharts.com for a list of exchanges and prices.
bitcoinaddict
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June 19, 2011, 04:14:43 AM
 #14

Mt Gox lost a dwolla withdrawal of mine on 6/5 and the only response I got was that they would try the transfer again.  That response took three days.  Three days after that email I followed up again, and have heard nothing.

I sent Tradehill an email when I had a problem accessing my account after changing my password, and they responded in less than an hour.

I don't care about the spread between the two, I know where my money is going from now on.  If you can afford to have your exchange lose %25 of your profits in a week then by all means keep using MtGox.

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June 19, 2011, 04:45:03 AM
 #15

of course a smaller site/company will have better support. But i agree thats something mtgox should work on
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June 19, 2011, 05:10:03 AM
 #16

I like, forgot to put in a referral code in Tradehill to get that lifetime discount, but I totally had one :p

Till then MtGox

Also I have only experience with Gox.

tbeau1
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June 19, 2011, 07:26:14 AM
 #17

Mt Gox website is a little slow... for me anyway.
de_bert
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June 19, 2011, 08:36:01 AM
 #18

My opinion of Mt. Gox has become much worse these few days, so I'm considering using Tradehill more...
Mt. Gox just seems to have a _big_ support issue. Most support requests are not answered, and the others not in a satisfactory fashion.
I don't know about Tradehill, but support is just the single most important feature of a money exchange in my eyes.
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