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I'm curious as to how the MtGox exchange works. I'm looking for some comprehensive information. Below are specific questions, phrased in the terminology common for stock exchanges.

  1. Is MtGox based on a limit order book? Is it an open order book?
  2. Can I get order-by-order full feeds?
  3. What type of orders can be sent? Only market and limit orders?
  4. Does the matching engine proceed on a price-time priority basis?
  5. Are there official or nominated market makers?
  6. Does MtGox offer colocation services?
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1) all orders are visible. 2) yes, you can get order feeds. 3) both. Market orders act like limit orders at what was market price. 4) yes, it had better do that. 5) no need for market makers. 6) Mtgox is too slow in general to worry about network latency.

  • Thanks. I've found the consolidated order book here, but not the order-by-order feed. Where can I get a full feed? – Randomblue Nov 9 '13 at 17:45
  • Regarding point #3: from my experience market (=instant?) orders eat up the top of the ask/bid orders. Every time I set a market order it ate multiple other orders with various prices. – Kozuch Nov 9 '13 at 22:47
  • Have a look at the API documentation at en.bitcoin.it/wiki/MtGox/API. I'm not sure if individual orders are exposed over the http API, but new orders are certainly announced over the streaming API. – pyramids Nov 10 '13 at 11:14

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