Quote from: michaelexeter on April 21, 2013, 12:01:08 PM

can someone supply a little more info on this please?

I am waiting for my £1000 day trading pot to arrive at mtgox (i already have some long term bit coins). I assumed that after the receiving fee, all i would be charged is the 0.6%. Which if I do a quick buy and sell would cost me £12 total.

However if I'm also losing an extra £25 in each trade, this is a huge amount. (£62 for each quick buy/sale?)

For example, a seller from USA is willing to sell a bitcoin for 100USD, everyone using USD as their main currency could buy it for 100USD
However, if GBP is your main currency, you have to pay 102.5 USD and the price displayed to you is 102.5 * 0.6565 = 67.29 GBP.
You also need to pay the 0.6% commission as usual, you pay them in bitcoins when you are buying, so you will receive 0.994 bitcoins after the trade is done.
The same logic applies when later you want to sell the bitcoins in GBP, anyone from USA will view your price 2.5% higher than the price you requested, which means that you will be less likely to sell it.
With the premise that most of the trade is done in USD, you are at disadvantage when using any currency other than USD.