Bitcoin exchange matches buyers with sellers. As with a traditional exchange, traders can choose to buy and sell bitcoin by entering a market order or a limit order. Once a market order is selected, the trader empowers the exchange to buy and sell digital currency at the best price on the online market. When a limit order is set, the trader instructs the exchange to trade digital currency for a price below or above the current bid, depending on whether they are buying or selling. To trade bitcoin on an exchange, a user must first register on the bitcoin exchange and go through a series of verification processes to verify their identity. After the authentication is successful, an account is established for the user where he can transfer the other currency that he will spend in order to purchase the digital currency. Different exchanges have different payment methods that can be used to deposit funds, including money order, EFT, credit or debit cards, bank drafts, or even gift cards. A merchant who wants to withdraw funds from his account can do so using options such as bank transfer, PayPal transfer, check, cash payment, EFT, bank transfer or credit card transfer provided by the exchange.