Jump to content

Bitcoin trading


Pneumo

Recommended Posts

Guest RobertR

Hi , thanks for your post.

 

You're absolutely right that Bitcoin is a 24/7 market. The restriction in trading is due to all trading being closed with IG from 10pm on Friday until 8am on Sunday.

 

The Bitcoin market will reopen for Sunday trading, so for this reason we do offer it for as long as currently possible. I do appreciate that the gap between Friday night and Sunday morning does pose the risk of the market moving, however in order for us to offer the product on our leveraged platform, it requires the full dealing staff to be available.

 

I'll of course pass this on as feedback to them, but apologise for any inconvenience in the meantime.

 

Thanks,


Rob

Link to comment
  • 3 weeks later...

Thanks for your reply ,

 

Currently, the bitcoin markets are unavailable to me because the mini contract values are very high. Because the price has gone up a lot with this market it has increased the requirements to participate. At what point will the minimum size per point be reduced?

 

On the Bitcoin product details page, it shows the minimum price per point available is £0.1, €0.1 and $0.1. However, these options are not available, the minimum spread available in the markets is €0.12 & $0.13. How do I find the lower size options?

 

Thanks,

Pneumo

Link to comment
Guest RobertR

Hi , thanks for your reply

Our minimum spread bet deal sizes are indeed £0.1, €0.1 and $0.1, and you'll be able to enter a trade using a deal ticket with these sizes - are you receiving an error when you try to do so?


The spread is separate to the minimum sizes, and depends heavily on the underlying market spreads.  We will always offer our tightest spreads where possible, but should the market prices widen, we'll need to reflect this too.

Please let me know if I can help further!

Link to comment
Guest giutor

Hey Robert,

 

I attached screenshot of the spread betting ticket, it says 5pt minimum. Can you please clarify?

 

Thanks.

Untitled.pnggiutor

Link to comment
Guest RobertR

Hi ,

 

Since my last post we've actually made some changes to the pricing of Bitcoin.

 

As you'll see from your deal ticket, we've scaled the price down by a factor of 100, meaning that a price of 293940 is now 2939.4. Because of this we also reviewed the minimum trade size, which is now $/£5 per point. In the previous pricing, this would have been the equivalent trade size of $/£0.05 per point, so they've both been scales by the same proportions.

 

The reason for this change is simply because Bitcoin has gone up so significantly in price since we started to offer it, and its volatility is such that the trade sizes needed reducing by a certain fraction.

 

I hope this answers your question!

 

Thanks,

 

Rob

Link to comment
  • 5 months later...

Quote from

Hi everyone - I just wanted to let you all know that over the last few days I have been collating this feedback and will be passing it on to the FX & crypto dealing desk, and to senior management. I understand how frustrating it can be to get rejected on a trade and I want to reassure you that we always try and reduce the likelihood of any rejection across our deal execution service. It's in our interest not only from a financial perspective (IG generates revenue based on dealing spread and commissions which obviously requires a successful execution), but also from a customer service perspective.

 

For those who are unaware, let me explain how our cryptocurrency offering works on the back end so you have a clearer understanding of why bitcoin and ether are sometimes 'unlongable' or 'unborrowable'. This has been posted elsewhere on the IG Community, so you may have already read it but I thought it may be useful for people in this thread.

 

When you open a long position on the trading platform that trade feeds into IG's total global exposure for that asset. We do not run a speculative position on any market including bitcoin, ether and other cryptocurrencies. This is important for a number of reasons. First it means that we never have a view of where a market is trading or the direction in which it is trading. It is never in our interest for a stop or limit to be triggered incorrectly, and it is only important that the market actually trades at those levels and that the best execution is met every time basis your stops / limits / orders. We do not reject trades based on the market’s direction, but rather on whether or not our internal limits are met. Secondly, it means that as a company if there is ever a large market move in any one direction, IG will be flat and continue to be able to offer services to our clients. This business model has allowed IG to become a leader in spread betting and CFD trading.
 

 

When there is an overwhelming sentiment on any one asset type in a single direction, IG’s global exposure will move to our maximum risk levels one way or the other. With bitcoin and ether it's common to see a strong speculation in one direction. We can therefore become max long or max short more often than in other markets, and this causes that specific asset to be restricted from trading until we see more buyers or sellers in the market. We have internal limits on many tradable instruments however the liquidity for these are far greater. There are also some unique risks for crypto currencies specifically which need to be taken into account (for example the risk of holding 'x' amount of bitcoin in a wallet).
 

 

I appreciate that this can be frustrating, however it does mean that we can continue to offer leveraged trading on cryptocurrency. We do need to have these limits in place so that our risk levels are kept proportionally adequate to the underlying risk of cryptocurrencies in general.

 

I hope the above clarifies things, and let me just reiterate that all sentiment will be passed onto the relevant parties. We continue to review, refine and improve all offerings at IG, from platforms to deal execution, and we shall continue to do this for our crypto offering.

 

Hi all - thanks for your feedback on bitcoin and our crypto markets. Let me just direct you to the above quoted message which I posted on another thread which explains the issues you are having. I appreciate how frustrating it can be, but please be assured that I am passing all comments and feedback back to senior management and the dealing desk. Thanks. 

Link to comment

Archived

This topic is now archived and is closed to further replies.

  • General Statistics

    • Total Topics
      22,107
    • Total Posts
      92,972
    • Total Members
      42,495
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    nonemo
    Joined 03/06/23 15:54
  • Posts

    • I don't know but it looks like a really awesome service Because I have come across all sorts of mixers in my work  
    • Charting the Markets: 2 June Indices rally as US agrees debt ceiling bill. EUR/USD, GBP/USD rally while EUR/GBP stabilises as US debt ceiling bill is passed. And WTI recoups recent losses while gold, silver on track for first weekly advance. Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 02 June 2023               This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
    • It was a blockbuster number yesterday for the ADP private payrolls, showing 278,000 jobs opened in May, while forecasts had been for 170,000.  Jeremy Naylor | Analyst, London | Publication date: Friday 02 June 2023 IGTV’s Jeremy Naylor suggests a similar upside surprise could see almost 300,000 jobs created under the non-farm payroll count with estimates for 190,000 job creations. The unemployment rate is seen rising one notch to 3.5%. (Video Transcript) NPFs: what to expect Could yesterday's strong private payrolls number from the ADP reading give us an insight into the potential upside risk to today's non-farm payrolls? That report from ADP yesterday showed 278,000 jobs opened in May - forecasts had been for 170,000. Now the NFP expectations, 190,000 job creations are forecast for the month of May proportionately using that ADP surprise. That would mean an upside reading for NFPs close to 300,000. Why the increase? Now, the unemployment rate is seen rising one notch to 3.5%. Why is that rising? When you've got that rise in the number of job creations, the unemployment rate is not taking the same data that the jobs numbers themselves are being produced from average hourly earnings. We're looking there for that to go up 0.3% month-on-month, 4.4% year-on-year, still below the rate of inflation. Now, this chart shows the unemployment rate back to pre-Covid-19 levels. It's clear that jobs have been created at an appreciable rate and this alongside a relatively strong GDP number and inflation coming down, there may yet be a soft landing for the US economy. But if the Federal Reserve (Fed) does continue to raise rates, things may get a little bit more sticky for the economy and a little bit more difficult to predict. This is a comparison of fed funds rates and US consumer price inflation (CPI) since January 2021. So you can see here the rate at which the US central bank has been piling the pressure on the monetary markets with that rise to five and a quarter percent. And at the same time, the CPI number is coming down, which is a good thing, but it's still not down to the 2% level, 4.9% is a long way away still from the 2% target. So the Fed is entitled still to have an excuse to raise interest rates. US dollar basket Let's take a look at what's been happening with the US dollar basket. Yesterday, we saw a pullback coming through as we saw money going into risk assets because of that rubber stamping from the Senate or the vote in the Senate to approve the budget that's now gone for the presidential seal. EUR/USD And we've seen a second day in a row of losses or the euro for the dollar basket as far as the euro/dollar is concerned, bouncing away from that 76.4% retracement. And I think now, you will have been stopped out if you were short on this, you would have been stopped out on this and hopefully you would have got some profits on the way down. So that's where things are ahead of non-farm payrolls out today at 13:30 UK time. And we will be live on the IG platform at 13:25 today.
×
×
  • Create New...