trading crypto

[Guest b4atts]

Just a bit of advice on IG's crypto spreadbetting

Ive made some trades and left a position open on the friday night in a profit (stop loss active) -at 10pm the market closed. Crypto currency is open 24/7 however - i didn't know but I've found online  that because IG staff leave at 10pm friday they close the spread betting market platform. 

My issue now is Crypto (bitcoin) has large swings especially over weekends lately, so a few questions on this:

 

  1/ does IG close your crypto trade down at 10pm friday (the markets still open but IG arnt- 'this leaves me open to large losses- IG dont actually mention this as I would have closed my trade down pre 10pm)

 

2/ Is my stop loss active even though IG have gone home and shut up shop (it should have triggered already for a small loss if so).

 

3/ Worst case scenario, IG resume my crypto trade Sunday 8am, ignore my stop losses as they were closed and sting me for the losses.

 

Any Help? many thanks

PS, i cant believe they offer crypto spreadbetting when they are only open 5 days on a 24/7 platform, closing me out of being able to manage my position on an active market!

[Guest b4atts]

I was trading a small short position with a close stop loss.... Then the platform closes ( the whole platform actually went offline for about 2 hours- technical issues).

I'm potentially looking at a large loss when IG open up Sunday. Really disappointed, they shouldn't offer crypto or as you say make people aware at least so i could have closed down the short.
I actually watched their video on crypto beforehand and read the readilly accessible information they give on their cypto guide and no mention of it, for something so big in my eyes, it should be very clear.

I got the impression when talking on the phone to IG today that they think everyone knows that trading closes for the weekend and a guaranteed stop will protect you when we are closed, the reason IG close is because the markets not very liquid? I'd say the crypto is very liquid. Its all good information when you know IG stop you trading a 24/7  market for 2 days.

I was trading crypto elsewhere then thought I'd use IG because I like the layout... Bad mistake. Really not happy, I don't think they inform customers very well on this, Caught me completely by surprise

[JamesIG]

Hi  thanks for your question, and to  for the information he provided. 

 

BTC and ETH will be traded from 8am on Sunday morning through to 10pm on Friday night (London time) (market holidays permitting), with this information on the primary page and FAQ's. You can see that for Bitcoin here. 

 

I appreciate that the current crypto markets are traded outside of these hours, and there are a few clients who want to trade these assets throughout the weekend. I will make sure to pass this onto our dealing desk as feedback and client sentiment, and I know we are looking at our full crypto offering given the recent increase in popularity and trade activity. 

[Guest Yada]

1. It's Nov 27  now. Looks like IG still trades 5 days.

2. Being new I was happily trading ETH until I met with the "Not Longable" restriction.

 I think those who trade on IG will just have to live with the situation.

Sad I do like IG's other conditions re BTC and ETH.

 

Until IG does otherwise may I suggest an alert to tell us when the cryptos are not longable

and when the restriction is removed. Thanks

[Guest oilfxpro]

This type of instrument is very difficult to trade, psychologically and emotionally.It is not wise to short it and longing it requires a gambler's mindset.

[Caseynotes]

Good basic advice in this article on trading, transferring and storing crypto.

 

https://www.exponentialinvestor.com/blockchain/5-fundamental-rules-of-crypto/?utm_content=bufferbc1e5&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

 

 

[Guest kgx]

Any ideas *why* it's not longable? 

 

I had a very good position, it hit my stop loss (with profit) and now I can't get back in. Annoying.

[Guest kgx]

Never mind, found my answer: https://community.ig.com/t5/IG-Trading-Support-and/Cannot-go-long-on-bitcoin-this-morning/m-p/15328#M265

 

[Guest Sue001]

I read your comment saying it reopens 8am Sunday instead of actually in the terms it reopens 8am Saturday, I could have mad a good profit for all my hard work his week waiting for the market to bottom if I realised that actually it reopens 8am Saturday, please correct your notes.

[Caseynotes]

Ouch, , that's a bit harsh, not really practical to expect people to continually update old posts. Instead of gathering news from a 7 month old post that was correct at the time of posting, a better bet would be to simply type 'weekend trading hours' in the search box on he IG home page and you will get this (which coincidentally I had posted in an other thread just 2 posts before yours on the 'all posts' list).