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Author Topic: mt.gox currency conversion when trading  (Read 474 times)
schutz
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November 04, 2013, 10:49:13 AM
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Can anybody explain how Mt.Gox currency conversion works?

My understanding is that on Mt.Gox trading is conducted in US dollars. If my bid is in Chinese yuan, Mt.Gox converts my money into US dollars before it enters my bid in its order book. Mt.Gox uses the European Central Bank's daily rate and charges 2.5% per conversion.

Suppose ECB's rates are:

1EUR <--> 2USD
1EUR <--> 40CNY

If I want to buy one bitcoin for 500CNY, what does my bid actually look like in the Mt.Gox order book? How is it calculated?



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