The first step for opening a Mt. Gox account is to “sign up” for an account. You will have to create a user name, provide an email address, and create a password. You will also be provided with the terms of service, which you should read through.
As the terms of service point out, you must be 18 years or older to register for an account. The terms also explain the basics of the exchange. Mt. Gox works by allowing you to submit offers to buy and sell Bitcoins. You can also make deposits from your bank into your account, in the case where your currency must be converted, there is a 2.5% commission fee charged. Please refer to the terms of service for more information. There is also a lot of important information in the liabilities section.
We suggest you pay extra close attention to this section. To the extent allowed by law, Mt. Gox is not liable for damages. Mt. Gox will also not be held responsible for any loss of internet connection or down time on the website. Mt. Gox will also provide information to authorities, to the extent of any relevant legal requirements. Mt. Gox will also freeze your account when asked by a “competent” authority, so keep that in mind.
Mt. Gox fees start at .6% for 100 or less Bitcoins and drop down to .25% for 500,000 or more Bitcoins. While this may not seem like a lot, be careful because fees can really add up over time. This is especially true if you are a short term trader who makes frequent trades. There are cheaper exchanges, through they may not be as stable.
Once you have signed up for an account, a registration email will be sent to your email address. This email will contain a link and a confirmation code. You will be required to fill in all of your contact information. This information is required to confirm your identity, but will be kept confidential to other Bitcoin traders. You will have to upload photographic evidence of your identity, such as a photo of your passport. If you are creating a corporate account, you will have to upload a variety of corporate documents.
After all of this is taken care of, you will be able to log into Mt. Gox and start trading! The Mt. Gox system is pretty simple to use. If you don’t already have Bitcoins to link to Mt. Gox through their wallet, you will have to deposit funds. The easiest way to do this is probably to do a bank transfer. You will need a bank account, and all of your account information to do so.
Once you have all of this information, you can buy Bitcoins. You can set the number of Bitcoins you want to buy (or sell) and at what price you want to make a transaction. Then, if anyone else is interested in selling their Bitcoins (or buying yours), you will be able to make a transaction. Not every offer you make will be accepted, but with time and patience you will get a good handle on the system.
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