Buying and Selling on MtGox

Question

I have a quick rather "noob" question about MtGox. I've noticed many reports about MtGox being very slow at "paying out" usd, and have seen many people suggesting that you should transfer your bitcoins to Coinbase before selling them, so you can get your USD faster.

However I have a simpler question, if I want to sell a bitcoin on mtgox, am I "stuck"? Meaning if I sell 1 bitcoin for, example ($1000 usd), would the 1000 usd immediately be tried to be put into my bank account and then be "on hold"? Or could I take that 1000 usd and immediately buy another 1 bitcoin about 5 minutes later when it is $900.

I am basically trying to evaluate the possibility of a "quick turnaround" on MtGox buying and selling bitcoins, the equivalent of a "Day Trader" in the stock market

Thanks!

Answer 1

If you're looking for the 'quick around' investment, you probably should have money/coins sitting in both accounts. Bitcoins and other cryptocurrencies tranfer nice and quick, but fiat cash is alway SLOW... too slow. Expect the worse case scenario when moving fiat cash. There is no incentive to move your fiat cash quickly. (and thats why we love cryptos :D )