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Bitcoin, Ethereum and bitcoin cash


Servian

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...to reply to "3hoursdrive" (with thanks)

that statement of closing positions at their discretion is referred to the hard fork.

 

"If the hard fork results in a viable second cryptocurrency, we may create an equivalent position on client accounts to reflect this. However this action is at our absolute discretion, and we will have no obligation to do so. If, and when, the second cryptocurrency is tradeable on a major exchange, we will endeavour to represent that value. We’ll do this either by making the product available to close based on the valuation on that venue, or by booking a cash adjustment on client accounts. If, within a reasonable timeframe, the second currency does not become tradeable on major exchanges or is otherwise deemed not to be viable as a currency (for example, it is not mined), we may delete any positions that had previously been created at no value on client accounts. We will take steps to notify you when we have taken this action."

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Looks like a world wide technical issue. If IG does this, I.e. Close positions due to their own discretion, they would have lost global recognition and this would be detrimental to their future business. I do hope someone from the team can address this issue for us.

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Thanks Stefano. I didnt quite understand how the fork scenario can work but its the only basis which I can find where IG would be able to close client positions. Perhaps they are temporarily adjusting their positions and I hope that client positions will be restored once the markets are reopened. IG please explain.

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is it not to do with IG no longer making a market in certain positions:

 

did you get this email?

 

 

Changes to non-USD cryptocurrency pairs
Dear Mr. 

With effect from Monday 1 January we’ll no longer offer the following non-USD cryptocurrency markets:
Bitcoin (GBP)
Bitcoin (EUR)
Bitcoin Cash (GBP)
Bitcoin Gold (GBP)
Bitcoin Gold (EUR)
What will happen to my positions?
If you have any positions in these markets that remain open after 10pm UK time on Monday 1 January, we’ll re-book them to a USD pair. 

Your new position will be in the equivalent size and price to your current position, so you maintain the same level of exposure, as illustrated in the example below. Where applicable, positions will be converted basis IG’s respective FX mid-price at 10pm on Monday 1 January. 

Any working orders for non-USD cryptocurrency pairs will also be migrated in the same way.

This change means you’ll be able to trade all cryptocurrencies seven days a week, with our recently introduced weekend trading facility.
Example
Current position New position*
Buy £25 per point of Bitcoin (GBP)contract from a price of 10000.

Non-guaranteed stop level @ 9500

Limit level @ 20000

Exposure = £25 x 10000 = £250,000.

Buy £18.7266 per point of Bitcoin (USD) contract from a price of 13350.

Non-guaranteed stop level @ 12682.5

Limit level @ 26700

Exposure = £18.7266 x 13350 = £250,000.

*Conversion using GBP/USD rate of 1.335 for illustrative purposes.
Please manage your positions with these changes in mind.

Please note if you are trading via the MT4 platform this may affect your Expert Advisor/automated strategy. Do check your code to see if this applies to you. If you are unsure then you may want to consider disabling your strategy over this period.
We're here to help
If you have any questions about this or need help with your account, our highly trained client services team is available 24 hours a day from 8am Saturday to 10pm Friday.
 
 
Kind regards 

IG 
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I didn't get that email and just searched. When did you receive it.

 

I've open positions on usd bitcoin still showing as open but not in any searches or watch lists. Assume above implies some serious reprogramming today.

 

What time is bitcoin open again to trade? Instead of watching on coinbase, currently 13220

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My positions too were only USD, and all got closed at the original opening levels. Some of these had been running for several weeks. I have reviewed the past statements, and the daily FX interest charged has not been refunded. I just hope it is a system error. No one we can talk to until 21GMT today when Asia re-opens

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