The meaning of:  is “asking for refuge, or protection” When the reader says:
" ,” he is seeking the protection and refuge with Allah from Satan before starting reading.  Allah in the Qur’an said:

  
(and when you read the Qur’an seek refuge with Allah from the rejected Satan) An-Nahl 98.

1. If the reader is reading silently, he then seeks refuge silently, or if he is alone.
2. If one is about to pray the seeking refuge is also done silently.
3. If one is reading aloud, and others are present that will hear, the seeking refuge is done out loud. 
4. If the reading is done by turns (as in a classroom situation), the first reader seeks refuge out loud and the rest do it silently.
5. If the reading is cut off by coughing, sneezing, or by talk referring to the reading or meaning of the verses, then there is no need for repeating the seeking refuge.
6. If the reading is cut off by work or normal conversation, or by eating, then the seeking refuge should be repeated before beginning to read the Qur’an again.

He who says  "bismillah" has said the basmalah.  The proper way to say the basmalah is

It is necessary to read it before the beginning of every surah of the Qur'an with the exception of  "At-Tawbah" which is also called “Baraa’ah.”  

Ways of Seeking refuge when starting recitation with the basmalah and with the beginning of a surah

If the reader wishes to start his reading at the beginning of a surah, he needs to seek refuge, say the basmalah and then start reciting the surah.  There are four ways of doing this.

 1.   Cutting all three off from each other.
 Meaning seeking refuge, stopping, saying the basmalah, stopping, then starting the surah.

 2.    Joining all three with each other. 
Seeking refuge, saying the basmalah, and starting the surah all in one breath without stopping.

 3.      Joining the basmalah and the beginning of the surah. 
This means seeking refuge, then stopping, then saying the basmalah and the beginning of the surah in one breath.

4.   Joining seeking refuge with the basmalah.
This means the seeking refuge and the basmalah are joined with one breath, then the reader stops then starts the surah.