<p>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.</p>

CC BY-SA 3.0
2013-11-09T17:45:03.560Z
Thanks. I've found the consolidated order book [here](https://mtgox.com/api/1/BTCUSD/depth?raw), but not the order-by-order feed. Where can I get a full feed?
Randomblue
CC BY-SA 3.0
2013-11-09T22:47:43.323Z
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
CC BY-SA 3.0
2013-11-09T17:39:30.890Z
2013-11-09T17:39:30.890Z
user7636
<p>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.</p>

<ol>
<li>Is MtGox based on a limit order book? Is it an open order book?</li>
<li>Can I get order-by-order full feeds?</li>
<li>What type of orders can be sent? Only market and limit orders?</li>
<li>Does the matching engine proceed on a price-time priority basis?</li>
<li>Are there official or nominated market makers?</li>
<li>Does MtGox offer colocation services?</li>
</ol>

<exchanges>
Internals of MtGox
Randomblue
# Internals of MtGox

(Asked by: username_0 on 2013-11-09)

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?

**Tags:** exchanges


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## 1 answers

### Answer by username_1 on 2013-11-09. Score: 2 | Accepted answer

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.

> **Comments:**
> **username_0**: Thanks. I've found the consolidated order book [here](https://mtgox.com/api/1/BTCUSD/depth?raw), but not the order-by-order feed. Where can I get a full feed?  
> **username_2**: 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.  

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