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A bitcoin exchange is an electronic market where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that serves as an intermediary between buyers and sellers of all their cryptocurrency.

Bitcoin exchange platforms match buyers with sellers. Like a traditional stock exchange, traders can opt to buy and market bitcoin by inputting either a market order or a limit order. When a market order is selected, the trader will be authorizing the exchange to exchange his coins for the best available price in the online market.

For instance, on a bitcoin exchange, three coin sellers are asking for BTC/USD 2265.75, BTC/USD 2269.55, and BTC/USD 2270.00. A trader who initiates a market order to buy bitcoins are going to have his order filled at the best ask price of 2265.75. If only five bitcoins are offered for the best ask and 10 coins are available for $2269.55, and the trader wants to buy 10 at market, his order will be filled with 5 coins @ $2265.75 and the remaining 5 @ $2269.55. .

However, a trader who thinks that he can get bitcoins to get a better price could decide on a limit order for, say, $2260.10. If a seller matches his/her request price with this purchase or puts a price under this figure, the buyer will get filled.

Online bitcoin marketplaces usually designate bitcoin participants as both makers or takers. When a buyer or seller places a limit order, the exchange places adds it to its order book until the purchase price is matched by another trader on the opposite end of the transaction. When the price is matched, the buyer or seller that place the limit cost is known as a maker.

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All bitcoin exchanges have transaction fees which are applied to each completed buy and sell order completed within the exchange. The commission rate is dependent on the volume of bitcoin transactions that is conducted. For example, bitcoin exchange Poloniex has its rate ranging from 0 to 0.25%, GDAX fees range from 0 to 0.30%, Krakens fees range from 0 to 0.36 percent, and Paxful costs 1 percent of the amount of a sale to the vendor but buyers don't get billed. .

To transact in bitcoin on an exchange, a user has to register with the exchange and undergo a series of verification procedures to authenticate his or her identity. Once the authentication is successful, an account is opened for the user who then has to transfer funds into the account prior to s/he can purchase coins.

A dealer who'd like to withdraw money from his or her account could do so using the options provided by his exchange which could include a bank transfer, PayPal transfer, check mailing, money delivery, bank card, or credit card transfer. .

Making deposits and withdrawals come at a price, depending on the payment method chosen to transfer funds. The higher the chance of a chargeback in the payment medium, the greater the fee. Making a bank draft or wiring money to the exchange has a lesser risk of a chargeback in contrast to funding your account with PayPal or a credit/debit card at which the funds being transferred can be reversed and returned to the user upon his/her request to the bank. .

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In addition to transaction fees and funds transfer fees, traders may also be subject to currency conversion fees, best site depending on the currencies which are accepted by the bitcoin exchange. In case a user transfers Canadian dollars to an exchange that only deals in US dollars, the bank or the exchange will convert the CAD to USD for a commission.

Foreign exchange spreads are important steps when transacting in bitcoin and vary depending on how liquid the bitcoin exchange is. By way of example, on May 31, 2017, the best bitcoin bid and ask on Kraken, a bitcoin exchange system, was XBT/USD 2,314.07 and XBT/USD 2,317.75, respectively. Another online exchange, GDAX, had its best bid and ask time for the same time window as BTC/USD 2314.99 and BTC/USD 2319.00.

(Note that the Bitcoin ticker is either XBT or BTC( depending on the exchange). .

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Note that a bitcoin exchange is different from a bitcoin wallet. While the former offers a platform through which bitcoin buyers and sellers can transact with each other, the latter is only a digital storage support for bitcoin holders to store their coins safely. To be more technical, bitcoin pockets store personal keys that are used to authorize transactions and access the bitcoin speech of an individual.

Actual exchanges, like MtGox or even Bitstamp, are actually just a medium between dealers. Folks can set limit orders to buy / sell bitcoins for a certain cost. The exchange will suit buyers and sellers when conditions of both the buyer and the seller are fulfilled.

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