Jump to content
Sign in to follow this  

trading crypto

Recommended Posts

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!

Share this post


Link to post


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

Share this post


Link to post

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. 

Share this post


Link to post

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

Share this post


Link to post

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.

Share this post


Link to post

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.

Share this post


Link to post

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.

Share this post


Link to post

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).

 

we1.PNG

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      12,821
    • Total Posts
      65,801
    • Total Members
      86,821
    Newest Member
    Eleanoralice
    Joined 29/10/20 08:36
  • Posts

    • Start the conversation The US election is scheduled for Tuesday 3 November 2020, when all 50 states and Washington DC will cast their votes. The vote spans six different time zones, so the first exit polls will be available at around 11pm (EST) when West Coast voting closes. In the UK, that will be around 4am (GMT) on Wednesday 4 November 2020. The election is likely to create opportunities for traders, with price movements expected across a range of forex pairs, indices and commodities in the run-up to polling day. Volatility related to the election could continue until congress certifies the result on Wednesday 6 January 2021, or even until the winner is inaugurated on Wednesday 20 January 2021. What should traders expect to see during the US election? All US markets tend to experience increased volatility in the run up to a presidential election, including USD forex pairs, indices and commodities. That’s because many investors will attempt to lock in positions before the result is announced – using polls to gauge public sentiment. The aim is to take full advantage of the price moves that occur when the country’s political direction is confirmed. At the top level, early indications suggest that the following could be on the cards if one of these two main candidates win: Donald Trump A Trump win could see an escalation of the trade war, potentially causing problems for some US exporters and having a negative impact on the value of the dollar. However, this effect could be offset by reassurances that tax cuts and deregulation will continue – boosting the US economy. Joe Biden A Biden win could see tensions in the trade war cool, providing a boost to US exporters and the dollar. However, these effects could be offset by tax increases for high-income households, and more limited deregulation.   How will markets react to the different candidates? Market commentary by IG Senior Market Analyst Joshua Mahony Stocks Markets hate uncertainty, and historically the perception has been that a new president might bring policies that could be harmful for stocks. This happened in 2016 when analysts were confident that a Trump presidency would spark a market collapse. But, we are now seeing that same fear creep in as people consider a Biden presidency and the potential uncertainty it could cause. Biden is openly more left-leaning, and his policies are expected to be geared towards human needs rather than those of investors and traders. This sentiment isn’t helped by suggestions that Biden would reverse Trump’s tax cuts, and it is likely that markets will rise alongside the potentially increased chance of a Trump victory as we approach the election. USD The value of a currency is supposed to reflect the health of an economy and its future prospects. Many are expecting Biden to be less focused on the markets than his Republican opponent, so the dollar could weaken in the event of a Biden victory. However, this effect could be offset if Biden is able to improve relations between the US and China after years of market anxiety. In this scenario, it would be the Chinese yuan which may benefit the most, with the trade war having sparked huge upside for USD/CNH. Keep in mind that if the wider markets fall on a Biden victory – including US stocks and indices – the dollar would likely rally in the short-term to reflect a risk-off move as investors turn to USD. Gold The prospect of a more expansive fiscal policy under Biden, and from a government which is happy to embark on substantial spending programmes, could provide a boost to precious metals. There’s a caveat here too, because in the past precious metals have also followed the same patterns as the stock markets during times of crisis. So, any collapse in equity markets that may come from a change at the White House could drag gold lower in the immediate period. Plus, while Trump has finally seen the kind of stimulus he would have hoped for, a Biden win could result in a more substantial stimulus package if the Democrats gain a foothold in Congress.   How are you trading?
    • Dax has been volatile today. Down 600, Dax down 4% on COVID fears. US open in 10 minutes. 
×
×