I wanted to understand the 2 different account types on Bovada.

When you sign up you can select USD or mBTC. Is the following correct?

1. Selecting the mBTC option means your funds are held as bitcoin the entire time they are on the Bovada site. Thus, if you wish to deposit and withdraw in BTC they are not subject to any fluctuations between the BTC-USD exchange rates in place at the times of deposit and withdraw.

2. However, if you wish to withdraw in USD with a mBTC account, your funds will be subject to the then current exchange rate.

3. In either case (USD or mBTC account), deposits could be made in BTC or USD, , but a conversion between the currencies would be used if exchanging.


4. In either case (USD or mBTC account), withdrawals could be made in BTC or USD, but a conversion between the currencies would be used if exchanging. (Not sure about this one)

5. Bovada sets that exchange rate.

If 5 is correct, how are Bovada's exchange rates? Say I have a USD based account and want to deposit using bitcoin. I go to an exchange and get the bitcoin from USD. Send to Bovada. They will convert back to USD at their exchange rate. How does it compare?

Thanks