Bitcoin is a global form of digital currency. Unlike traditional currencies, which were frequently backed by gold and silver, bitcoin is based on distributed computing. While traditional currencies are printed by central banks, bitcoins are created or “mined” by distributed computer networks.
Another way bitcoin differs from traditional currencies is that it is decentralized, meaning that it is not controlled by any single institution. As a result, miners around the world create new units of the currency and confirm its transactions.
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BTC/USD has a periodic expiration.
FXCM expiration dates for BTC/USD are located in the FXCM CFD Expiration PDF.
Clients that hold an open position on the ‘FXCM Expiration’ will be closed at our bid/offer during the market break for BTC/USD, which means the client will realise any floating P/L at the time it is closed. When BTC/USD expires, all pending Entry orders and Stop/Limit orders that are associated with the expiring contract will be cancelled. Clients will need to re-establish another position if desired after the expiration and reinsert Stop and Limit orders to the new open position.
The BTC/USD has variable spreads that will widen and narrow subject to market conditions.
Max Contract Size
The maximum number of contracts per click (trade) for BTC/USD is 500.
Minimum Pip Cost (Value)
BTC/USD has a minimum value of 0.01 USD per point (Your per point value may be different if your account is denominated in a different currency. Please refer to the Simple Dealing Rates Window in Trading Station for this value).
The pip/point location is shown below. Each 1.00 price movement on the BTC/USD is 1 pip/point.
Number of FXCM Contracts equal to one Bitcoin
100 FXCM BTC/USD contracts are currently equivalent to one Bitcoin.
BTC/USD Margin Requirements are updated shortly after market open (Sunday 18:00 ET) and then updated daily during the market break (Between 16:45 ET to 18:00 ET Daily).
BTC/USD is leveraged at 4:1 and the new margin requirement will be the equivalent of a quarter of the notional value of 1 contract at 5pm EST.
For E.G if the BTC/USD rate is 8000.00 during the market break, the Margin Requirement for one contract will be updated to $20.00 USD
BTC/USD is a volatile instrument and in the event that there is a significant intraday market move, margin requirements may be updated intraday
BTC/USD does have an overnight funding charge (Displayed as Rollover in the Trading Station Platform).
The current daily overnight funding rate is displayed within the Trading Station and is 3x on Fridays.
FXCM allows long and short trading on all our trading catalog. However due to the high volatility and low liquidity when trading crypto currencies, there may be instances where new positions are unable to be opened on Bitcoin (BTC/USD). During any period in which Bitcoin (BTC/USD) has a trading restriction applied, any market orders or triggered pending entry orders will be rejected and deleted. Pop ups will appear on your screen informing of the reason for the rejection.
Any restrictions are temporary and will only impact your ability to enter trades.
You will still be able to close open positions.
BTC/USD does not have a minimum stop distance