Bitcoin (BTC/USD, BTC/AUD, BTC/EUR, BTC/GBP)
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.
**Trading Hours **
Please click here for trading hours.
Please note, however, that hours are subject to change based on Daylight Savings Time. Any holiday hours will be posted on here.
The BTC 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 is 500.
Minimum Pip Cost (Value)
BTC has a minimum value of 0.01 CCY 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 is 1 pip/point.
Number of FXCM Contracts equal to one Bitcoin
100 FXCM BTC contracts are currently equivalent to one Bitcoin.
BTC Margin Requirements are updated shortly after market open (Sunday 18:00 ET) and then updated daily between 17:00 ET to 18:00 ET
BTC is leveraged at 2:1 and the new entry margin requirement will be the equivalent of half the notional value of 1 contract at 5pm EST.
For E.G if the BTC rate is 8000.00 between 17:00 ET to 18:00 ET, the Entry Margin Requirement for one contract will be updated to $40.00 USD
BTC is a volatile instrument and in the event that there is a significant intraday market move, margin requirements may be updated intraday
BTC does have an overnight funding charge (Displayed as Rollover in the Trading Station Platform).
The current overnight funding rate is 0% (annually) for short positions and -25% (annually) for long positions 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). During any period in which Bitcoin (BTC) 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 does not have a minimum stop distance