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A bitcoin exchange software is an online platform where traders buy and sell bitcoins with the help of different fiat currencies and other cryptocurrencies.
The aspects behind the operation of a Bitcoin exchange
Market order or limit order will be inputted for buying and selling Bitcoins
Choosing the market order option enables traders to get the best available price
Selecting the limit order option helps traders to price coins below the current ask or above the current bid according to buying or selling motive
Buyer or seller who sets the limit price is a maker
A trader who places a market order that is immediately filled is a taker
Transaction fees depend upon the volume of transactions and type of exchange
Different payment methods would be available for the transfer of funds
Currency conversion fees may be charged by exchanges depending upon their location and their in-built liquidity
Wallets used for storing coins and authorizing payments are also chargeable
These are the key things to keep in mind to know the functioning of a Bitcoin exchange.
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