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Bitcoin, Ethereum and bitcoin cash

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Thanks Griffer

 

All of my positions were in USD as well.  Like I said, I have been using IG markets for 10 years to do all of my trading.  I have never had any issues and for the most part it has been a brilliant trading platform.  I believe this is due to internal adjustments of markets and (I hope) that positions will be reopened at whatever the spot price is for the relevant crypto currency. 

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I have checked the daily statement that is automatically generated and I am comparing the 31 Dec 17 vs the 01 Jan 18 (I am in Asia timezone). The statement shows a list of trades under Trade Recaps, same underlying (I had several mini-bitcoins) but all different closing prices. Odd...

I guess we will have more visibility once they open in Australia. Their helpline is likely to be flooded with calls.

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Thanks but no email in search everywhere, no worries. Roll on 9pm

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IG markets opens at 10am AEDT.  I'll be sure to contact them upon opening and I'll provide updates to the forum once I know more 

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We need to calm down guys. They probably should have sent an email saying they were going to close all positions and reopen them later. 

 

Still they have sent an email saying they will #1 Open bitcoin gold, so why would they close all our positions including bitcoin gold? #2 They are consolidating their crypto positions and getting rid of the big and the mini contract.

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Good news, my positions have reappeared.  It seems they have scrapped the mini contracts and replaced with USD $1 contracts.

 

I will sleep much better tonight!

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Is there an expiry for ether CFD? Do we need to enable roll over? I'm intending to hold my position for longer term, and afraid if there's any expiry for my position. I don't want my position to be closed unexpectedly.

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So everything has been re-instated. I guess they could have communicated better. 

The new contracts are essentially US$ based, with a minimum size of $50 for BTC. I think this is hugely bullish for crypto, and especially for BTC, as it enable investors to get exposure for fractions of BTC, similar to a stock split.

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There shouldn't be any expiry, but you need to carefully watch the length of time you remain invested. Remember that you get charged a daily margin rate, and for crypto it is not cheap (0.0416% per day, that is more than 15% cost per annum). While crypto goes up in leaps and bounds, that's ok, but the year btc only goes up 10%, you essentailly book a loss.

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It's worse got ether. The margin rate is almost 28% per annum. They raised it recently actually. I should look for alternative.

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eToro has wider spread, but does not allow leverage in cryptos, and so doesn't charge daily margin. Worth trying them.

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Will bitcoin open at 9pm tonight Jan 1? Frustrating watching a good close position on coinbase where I'd sell right now (sell bet)

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