During the past few weeks, we have been (rightfully) criticized for the current market conditions in our BTC/USD market. Due to the high volatility and the extreme growth of our user-base, it reached a point where we have to react accordingly. The increased spread, high overnight-financing charges and constant full allocation of the available funds is against our philosophy of offering a transparent and low-fee trading platform. Apart from the unprofitable nature of this market, many traders are frustrated, which we can accept no longer: Starting on Thursday 25th, 2017 (2:00 p.m. New York time) no new orders can be created on our BTC/USD market. Open orders and positions can be closed until Friday June 9th, 2017 (5:00 p.m. New York time). On this date all remaining BTC/USD positions and orders will be force-closed.
With a volume of over 100,000 BTC per month, this market is one of the most popular. Unfortunately, our underlying system and hedging strategies were not created with scalability in mind; when adding this contract some years ago, we never anticipated this volume or popularity to increase so quickly.
However, this is just the beginning of a new era: We are already working on a completely new and dedicated trading platform for this market: 1gox.com A unique trading engine and business model will make this project a sibling of 1Broker.com. 1gox will launch in Q3 2017, so make sure to follow its dedicated social media channels to stay up to date.
We hope you join us on this exciting journey.