Mt.Gox: now accepting many currencies

[MagicalTux]

MtGox is now accepting many new currencies, our multi-currency system is finally up and running, which means you can have "wallets" in any of our 15 new currencies (or USD) and deposit/withdraw directly from/to those via our bank in Hong Kong, or via our intermediate in Poland.

Official announcement: https://support.mtgox.com/entries/20413328-mt-gox-opens-15-new-currency-markets

You can choose on your settings page how deposits in different currencies are to be handled.

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[MaGNeT]

Nice!

How about other digital currencies? (SolidCoin / NameCoin / i0Coin / ixcoin)

[MagicalTux]

Nice!

How about other digital currencies? (SolidCoin / NameCoin / i0Coin / ixcoin)

We are considering adding support for other digital currencies, however we are a bit worried by the security of those. We will probably have to wait for "merged mining".

[TechCF]

Great! I don't like the dollar, so I changed it to EURO right away. I see the Swedes and Danes got their Krone, but not the Norwegians...

With EURO SEPA transfers too, this is perfect. Moving back from TradeHill.

[ampirebus]

will MTgox users in the USA be able to trade these currencies? I noticed the posting on mtgox.com listed this service for "international traders" and got confused.

[Gabi]

Wow, nice

[MaGNeT]

Nice!

How about other digital currencies? (SolidCoin / NameCoin / i0Coin / ixcoin)

We are considering adding support for other digital currencies, however we are a bit worried by the security of those. We will probably have to wait for "merged mining".

I'm looking forward to it! More coins = profit!

[miernik]

MtGox is now accepting many new currencies, our multi-currency system is finally up and running, which means you can have "wallets" in any of our 15 new currencies (or USD) and deposit/withdraw directly from/to those via our bank in Hong Kong, or via our intermediate in Poland.

Official announcement: https://support.mtgox.com/entries/20413328-mt-gox-opens-15-new-currency-markets

You can choose on your settings page how deposits in different currencies are to be handled.

Tell us more how this works.

So lets say I change my main currency to EUR. And I set the option to put all incoming deposits to that wallet. So I send some EUR, and have them in my wallet. No 2.5% fee is charged.

So far so good. Now, how do I buy some BTC with that EUR? I mean, the trading is still done in US Dollar, and bids are placed in US Dollar. So how do I place a bid having only EUR in my account?

Will EUR get converted to US Dollar when my bid executes (or when I place the bid)? Will 2.5% be charged then? More importantly how will I know the exchange rate of EUR/USD at the time of the trade?

When I sell BTC, does the fiat it also land in my EUR wallet? Exchange price was in USD, do does 2.5% get charged then? Does it mean anyone selling BTC for EUR will get 2.5% charged at the time of the sale?

Lots of unanswered questions.

[miernik]

or via our intermediate in Poland.

Are you saying that MtGox has account in the EU now again?

Nothing about it in the "addFunds" form.

[Convery]

Is there any chance of adding PayPal as a withdrawal option? I don't know too much about Paypal but I doubt you can scam the sender..

[koin]

Lots of unanswered questions.

the other currency markets are announced but not yet functional.

this probably was done so that customers have the ability to add funds for the other currencies so that once those other markets do open funds for buying on those markets will be possible right at launch.

[tsvekric]

hm, this seems really nice.
I wonder what kind of withdrawal methods/fees there will be for each currency. 

[MagicalTux]

hm, this seems really nice.
I wonder what kind of withdrawal methods/fees there will be for each currency. 

All currencies except PLN are eligible for international withdraw.

USD also has deposits/withdraw via Dwolla, Paxum and LR.

Deposits for CAD and EUR are also possible via Paxum. We'll add Paxum withdrawals in those currencies eventually (once there are enough deposits).

GBP deposits are possible via Barclays, and withdrawals will be implemented soon.

CAD deposits and withdraws will be possible soon via a new bank in Canada (things have been moving slowly).

EUR deposits and withdraws will be possible once we settle the case with the French bank, or once we open those in Poland.

PLN deposits and withdraws are live via Bitomat acquisition.

[miernik]

PLN deposits and withdraws are live via Bitomat acquisition.

You mean "will be" not "are"?

I don't see any PLN deposit option at https://mtgox.com/users/addFunds

[miernik]

GBP deposits are possible via Barclays, and withdrawals will be implemented soon.

Are GBP deposits via Barclays sent from the bank before the "multicurrency thing" was introduced, and the 2.5% announced, are they exempt from the 2.5% currency conversion fee?

Still, users who only read https://mtgox.com/users/addFunds and read "If you have a bank account in UK, you can send GBP direct deposit IN GBP to our UK bank account, free of charges", and deposit GBP hoping that it will be converted to USD free of charge, may now be surprised by the 2.5% fee, and it would be fair to put a notice there (at the GBP deposit form with Barclays bank details) that if you don't set an option to create a GBP wallet, your GBP will be converted to default USD wallet at a 2.5% fee, not free of charge like it was before.

You should not change rules/fees like that (free GBP/USD and now suddenly 2.5%) without informing users using this method at a place they are likely to notice (the deposit form with UK bank account data). Not everybody reads the support pages, and now the only place one can find out its gonna cost 2.5% is https://support.mtgox.com/entries/20413328-mt-gox-opens-15-new-currency-markets and not everyone even knows or have been at support.mtgox.com pages, I suspect most users never been there. Hey, even this page: https://mtgox.com/users/settings?page=settings doesn't say anything that it's gonna cost 2.5%. Before GBP->USD conversion was free at forex rates, so one would assume that the new conversions also.

[Stephen Gornick]

Before GBP->USD conversion was free at forex rates, so one would assume that the new conversions also.

Probably will be cheaper to simply buy BTC on Mt. Gox's BTC/GBP market than to try to convert GBP into USD first.

Looks like orders can be placed for all 16 of Mt. Gox's markets now.  

[miernik]

Before GBP->USD conversion was free at forex rates, so one would assume that the new conversions also.

Probably will be cheaper to simply buy BTC on Mt. Gox's BTC/GBP market than to try to convert GBP into USD first.

Looks like orders can be placed for all 16 of Mt. Gox's markets now.  

No, it would not be cheaper: orders can be placed on all 16 markets, but the prices of orders which where not placed in the currency you are trading, have a 2.5% markup in them.

But still it makes more sense to keep the deposits in the wallet in the currency you deposited, because then you might possibly do a trade with someone selling in that currency and then you save the 2.5%.

[Stephen Gornick]

it makes more sense to keep the deposits in the wallet in the currency you deposited,

That's what I was saying.  The post I was responding to was describing deposits of GBP, so I suggested placing BTC/GBP orders -- keeping everythingin GBP and avoiding the 2.75% conversion fee.