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Once again, cannot long bitcoin when the price is raising

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Hi IG,

 

On 20th Aug, Market open price is 4112, however I cannot open long position.

It happened again. when there is an obvious up trend, I got the error message : "You cannot currently buy this market to open a position".

I waited since 4:50 pm Sydney time, and the market opened around 5:18 pm (not as promised as 5 pm). After market opened I tried to open a long position but could not.

 

What may changed during the market close period?

There maybe some reason behind the scene.

But the result is, IG only allow small customer to lose their money, rather than earn money from the market trend.

 

This issue happens lots of times, when the price will go up, you cannot open long position, you can only short to lose money.

 

Please find a way to resolve this.

 

Thanks

 

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You can only buy USD Bitcoin from 8:00 am on Sunday 20th August 2017. The GBP and EUR versions will not be available to trade until later on in the evening. I think 8:00 pm or 9:00 pm. Cannot remember which.

 

I think IG need to seriously look at the strategy behind trading Bitcoin. It is a 24/7 7 days a week market so IG have to offer this. Some of the big moves have come over the past two weekends prior to this weekend.

 

Trend followers follow trends and if these trends occur after 10:00 pm on Friday due to some news released or announcement made whether economical, political or just crypto news then customers have to be given the platform to place a trade.

 

 

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I can open long positions now.

But the trend is going down...

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Again, the tread is going up now, and i cannot open long position any more.

 

IG trading is really a good indicator, if IG doesn't allow you to buy, then it's time to buy, if IG starts to allow you to buy, then it's time to sell.

 

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GBP and EUR Bitcoin is available from UK time of 9:00 pm on Sunday to Friday 10:00 pm of course. 

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Just tried again this morning. still cannot buy USD bitcoin. same error message.

Seem there will be a big raise soon.

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Are you working for IG?

Or just another IG customer?

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I do not work for IG. I am just another customer. I seem to be able to take both a long position and short position on USD Bitcoin. You will need to contact customer services for IG or ring them. 

 

I do not seem to be having a problem. 

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Hi 

 

The crypto markets available on the IG platform will sometimes become 'unlongable' if there are a sufficient number of clients buying. There is also a chance that you can't open a short position, or that the market is 'unborrowable'. You can see if this is the case before you trade via the Info section, or the automatic pop up on the new web trading platform. 

 

This is because we have a certain exposure to Bitcoin etc, which our risk department have laid out, and a significant number of clients who hold long positions. Where these limits (which are relatively large) are breached, we have to turn on this status options. When there is sufficient buying/selling by IG clients to bring these exposures back to a neutral position, we will turn off the restrictions. Due to the markets movement and volatility, and an overwhelming client sentiment in any particular direction, this can be switched multiple times a day/week.

 

I hope this clarifies things.  

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I have been trying to go long on USD - Ether from 5:00 am this morning to 11:00 am and have been unable to do so. Again it has been when the price has been rising. At the time of writing this message Ether is 10% up. Again this is another example of a great opportunity lost. What good is offering customers the opportunity to trade cryptocurrencies and when the opportunity arises to profit from a trade then you cannot open up a position!

 

Also the spread on GBP Bitcoin has gone up from 10 to 15. Again this is another example of where the 'house' as in IG always wins. Trading digital currencies is hard enough but when your platform makes or amends the rules in their favour and against the customers then IG win and on balance of probability the majority of customers will lose. 

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The situation described above is happening again right now to USD Bitcoin (4th Sept 11pm UK time) when there is a potential opportunity to gain by opening a buy position after today's significant price drop. This feels like an unfair obstacle and disadvantage suffered as a retail customer.

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Getting a bit stupid this, people are making some serious money from Bitcoin and its fast becoming one of the biggest traded commodities yet IG will not allow its users to open positions. This happened after the recent fork when everyone was selling off, I wait till the fork to open a short position and they not only stopped me from trading and you had to ring up to make a trade they then didn't allow you to open a position. Might be time to look for another platform ......

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This is so wired. as a trading platform , i dont think you have a right to telling people to long or short. Plus there is not notification of  that. 

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This is so wired. as a trading platform , i dont think you have a right to telling people to long or short. Plus there is not notification of  that. 

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And the price is going down now, so being too smart, or try to be smart,,, is not a good thing "IG"

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I missed another BTC rally this morning due to the market being in an 'unlongable' state. Tried to go long at 1:30am when the rally started but got my trade rejected. It really feels like high-probability trades are being rejected (i.e. when momentum is strong) which effectively means the game is rigged against us.

 

I'm now making changes to my system so that it can support alternative brokers. I foolishly coded it to work with the IG API (and IG only) and never foresaw this situation.

 

The IG API is quite good but useless if we are unable to place trades when signals are triggered. Fail to understand what the point of the market being open is if we're not allowed to take a position when we need to?

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This is a copy / paste of the reply posted on a different thread. I thought it maybe useful for those who are following this thread exclusively. 

 

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 is likely to 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.

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IG or any other broker have a limited risk exposure to all currencies, as the demand for Bitcoin rises so does trading volume. Once a broker reaches their risk exposure they can not take orders in that market 

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Can anybody recommend any other platforms to go long in Bitcoin?  And not just the tiny amounts with ridiculous spreads.

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Bitmex only accepts bitcoin as an original deposit. So that is no way to get into the market?!?!

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Good shout Pat. I've also now moved all my BTC trading to Bitmex as the market seems to be in a permanent 'unlongable' state with IG. It took a good few days to integrate our systems with the new broker but I am very happy with the results so far. The market is always open (proper 24/7) and no trade attempts have been rejected so far! 

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Currently ripple is unlongable. If I wanted to short ripple would it allow be to rebuy the position when I want to close my short? Or will an error arise - basically, can I buy if its not to open a position, but to close when its unlongable? 

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I just tested it for myself and Ripple appearing is a you cannot buy this market to open statement.

 

This is very frustrating but James (IG Community Manager) has explained the reasons behind it. It looks like you could go short as in sell. At time of writing Ripple is up 10%+ so this is typical of IG.

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Okay, I can definitely go short but I don't want IG to stop me trying to close my position when I want to. I assume it wouldn't be an issue but after reading these comments I want to be sure before I short  

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It is a good question and I am not 100% sure. IG may have answered a similar query but I just can't remember. 

 

I would want clarification from IG before even considering opening a short position to ensure it can be closed. Would the stop loss still be activated under such circumstances?

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dembepav wrote:

Okay, I can definitely go short but I don't want IG to stop me trying to close my position when I want to. I assume it wouldn't be an issue but after reading these comments I want to be sure before I short  

Hi  - if you have an open position then you will always be able to close it. The only time you may see a restriction is if you have no open position, and you are trying to increase your long exposure. 

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