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Bitcoin Trading Over the Weekend

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Hi everyone

I opened a sell position on BTC last night, just before 10pm at 3707.  I didn't realise the markets closed at 10pm on a Friday and re-opened on Sunday 8am (my fault totally, should have checked that, I presumed it was 24 hour trading on crypto).

What would happen if I open my sell order at 3707 and the price is frozen at 10pm, and during Friday - Sunday morning the price moves a few hundred points against me to 2890, but before 8am the price moves in my favour back down to 3600 or so?

Do I get the price from 8am onwards or does IG take into account the price movements over the weekend?

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You get the price on Sunday 8:00 am. IG does not take into account the movements over the weekend. Also if you have a stop loss then it is based on the price going forwards from Sunday 8:00 am onwards.

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Guest Greg

This is enough of an inconvenience and un-necessary risk for me to leave this exchange and trade crypto on a proper platform which can handle 24/7 markets.

I too was unaware (my fault for not checking, when everyone else trades 24/7, you tend to assume they all do).

Too much risk when there are so many other superior options today. Deribit is solid. When they make a mistake they admit it and compensate customers.

IG's spreads are kind of an unavoidable rip-off too, on many BTC Futures platforms you can actually get a rebate and make money using Limit orders (the Market Order pays a higher fee, part of that is where the rebate comes from).

Too bad because IG have some really nice features. But this is unacceptable for me, I have no reason to take this risk, plus the extra prep pre-weekend and lack of opportunity caused by the weekly shut-downs. As long as they are shutting down on weekends, I'll be trading elsewhere.

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12 hours ago, Guest Greg said:

This is enough of an inconvenience and un-necessary risk for me to leave this exchange and trade crypto on a proper platform which can handle 24/7 markets.

I too was unaware (my fault for not checking, when everyone else trades 24/7, you tend to assume they all do).

Too much risk when there are so many other superior options today. Deribit is solid. When they make a mistake they admit it and compensate customers.

IG's spreads are kind of an unavoidable rip-off too, on many BTC Futures platforms you can actually get a rebate and make money using Limit orders (the Market Order pays a higher fee, part of that is where the rebate comes from).

Too bad because IG have some really nice features. But this is unacceptable for me, I have no reason to take this risk, plus the extra prep pre-weekend and lack of opportunity caused by the weekly shut-downs. As long as they are shutting down on weekends, I'll be trading elsewhere.

Hi, don't Deribit have a lot of hidden fees? $10 commission per trade plus maker and taker fees plus withdrawal fees.

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On 02/11/2019 at 00:46, Guest Greg said:

This is enough of an inconvenience and un-necessary risk for me to leave this exchange and trade crypto on a proper platform which can handle 24/7 markets.

I too was unaware (my fault for not checking, when everyone else trades 24/7, you tend to assume they all do).

Too much risk when there are so many other superior options today. Deribit is solid. When they make a mistake they admit it and compensate customers.

IG's spreads are kind of an unavoidable rip-off too, on many BTC Futures platforms you can actually get a rebate and make money using Limit orders (the Market Order pays a higher fee, part of that is where the rebate comes from).

Too bad because IG have some really nice features. But this is unacceptable for me, I have no reason to take this risk, plus the extra prep pre-weekend and lack of opportunity caused by the weekly shut-downs. As long as they are shutting down on weekends, I'll be trading elsewhere.

We're sorry you feel this way, we use six bitcoin price providers and take the best bid and offer then wrap our spread around it. 

I will speak with our trading desk however we do need downtime to test our systems and our desk find it most appropriate at the weekend when most markets are closed. 

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You need a stable system before you have a 24/7 one :)

 

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