Blog, Updates & News
Yesterday, on July 6th at around 11 p.m. (UTC), the Silver market briefly fell by 10% to 14.399 USD before quickly recovering to around 15.9 USD. This phenomenon is commonly called a "flash crash" and mainly caused by a fat finger error or technical issues. It is still unclear what caused this crash, but it affected all exchanges and derivative providers around the globe.
Especially for businesses like 1Broker, who offer high-leveraged contracts, such extreme volatility leads to many unpleasant side-effects. In general, Stop Loss values are not guaranteed exit prices and many positions are force-closed with a negative value. In some cases, losses even exceeded the total account value which lead to negative account balances. Contrary to popular belief, high price volatility is not in our interest and does not increase our profits.
Apart from an outage due to high server load after this event, our trading engine worked correctly. However, we fully understand the frustration when losses are dramatically higher than the amount initially invested. Therefore, we decided to create an "emergency fund" to refund all losses exceeding the initial investments. We expect that in total ~65 BTC will be payed out in the coming hours. 1Broker will cover this amount in full from our reserves and no increase of fees is necessary.
To protect our traders in the future, we lowered the maximum leverage for our Silver and Gold market from 100 to 50.
If you have any questions, you can contact us at any time.
As announced, the name vote for our new BTC/USD trading platform, 1gox.com, is binding for us. Our community decided with a big majority that this controversial name should be changed. Thanks to everyone who participated! Here are the final results:
1134 votes in total
We spent a lot of time thinking about a suitable replacement and we are happy to announce that this project will launch under the name 1Fox.com. "Fox" can be interpreted as the abbreviation of Fast Online eXchange; however the main reason for choosing this name was because it is easy to remember and it sounds quite good.
Earlier this week, we also moved our company website from the domain 1pool.io to 1pool.ltd.
Let us know what you think about these changes on our social media channels!
Today, we made the following changes to our market hours:
- Forex pairs (except USD/RUB) now trade 24/5. The daily 15-minute break between 5:00 p.m. and 5:15 p.m. (EST) was removed.
- USD/RUB trading now starts at 10:00 a.m. and ends at 7:00 p.m. (Moscow). Until now trading started at 9:00 a.m. and ended at 5:00 p.m. (Moscow).
You can find all market hours and a conversion to your local timezone on our market hours page.
Our name choice for the new trading platform, 1gox.com, caused a lot of emotional responses and uproar in our community. Although we anticipated that the term "gox" would be controversial, we did not expect such intense reactions.
For those that do not know the history associated with the name: In February 2014 the most popular Bitcoin exchange at the time, MtGox, declared bankruptcy which is probably one of the most infamous incidents in Bitcoin-history. Many Bitcoin investors suffered losses that day - including a member of 1Broker’s dev-team.
We understand your concerns and want to sincerely apologize to all who thought this was a joke in bad taste; especially to those who suffered a loss back then.
While it may have started out as snarky working title meant to remind us of what to avoid at all costs, it simply became a short and catchy name on its own after working on this new venture for several weeks. Admittedly, it lead to controversy within our team as well but it caught on and a majority is now in favor of keeping it.
Nevertheless, we value your opinion and will not use a name for our new platform that a majority of our community dislikes. Therefore all 1Broker members who registered before May 29th, 2017 can vote on this. Voting will end on Friday June 9th, 2017 at 5:00 p.m (New York time).
This vote will be decided by a simple majority and is binding.
We would love to free the 3-letter combination “gox” from its negative connotation by building a great and reliable product on top of it. If you do not like 1gox as a name, please keep in mind that it is just a name and does not reflect any ill-willed intentions. It is simply supposed to be a short and memorable name.
We encourage you to voice your opinion and we look forward to the results.
By popular request, we lowered our minimum amount to open/copy a trade from 0.01 BTC to 0.001 BTC. Especially for API developers lower minimums are useful to test our service before risking bigger sums.
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.
With today's update we changed the calculation for our BTC/USD price index. Instead of Bitstamp, we now use Gemini Trust Company, LLC. (https://gemini.com/) as our second exchange. The new price is now calculated by the non-volume weighted average of:
- Coinbase UK Ltd. (GDAX, BTC/USD)
- Gemini Trust Company, LLC. (BTC/USD)
There are multiple reasons for this change: Apart from several technical incidents, Bitstamp's price had a big offset to other exchanges for unknown reasons in the past week. We received many complaints about the resulting price movements since they had a negative impact on the trading experience. With Gemini, we hope to have found a stable and trusted replacement.
Another change that we introduced some days ago is a "floating" spread which is automatically recalculated hourly and is based on the market conditions. We wrote about this topic and the underlying problems in a previous blog post. Unfortunately, this situation has not improved since then due to the extreme (exponential) growth of our user-base and our new Copy Trader system. Managing the risk for our BTC/USD market has never been harder for us. We want to apologize in advance for the occasional high spreads, but in order to keep this contract profitable for us, this system is required.
Less trading breaks
We are happy to announce that the (annoying) daily trading break between 5:00 and 5:15 p.m. (New York time) for our BTC/USD market is gone with one exception: A weekly trading break on Friday at the same time will remain. This time-frame is necessary to deploy software updates and make other important changes on our servers.
Keep in mind that our BTC/USD market is still in experimental mode. We reserve the right to make changes like this at any time in the future!
You may have noticed that we introduced a risk indicator for traders a few days ago. In the past, our "successful traders" list ranked users by their profit/loss in ascending order. This incentivized some users to make high-risk trades, which lead to dramatic losses for their copiers. Our new risk calculation is now included in the ranking algorithm for the successful traders list and we hope that this improves the situation.
As always, our primary goal was simplicity and transparency:
The risk level for one trade is the profit/loss percentage divided by the amount of days this particular trade was open. The risk indicator calculation uses the average risk level of all shared and closed trades for the specified duration (usually "this month"). This has the pleasant side effect that trades that were open for a very long time are treated equally to trades that were open for shorter durations. Therefore, our risk indicator estimates how fast your copied positions would have risen or fallen in value. In general, keep in mind that past performance in not a reliable indicator of future performance. We chose the following risk categorization:
|The profit/loss of closed positions changed by less than 2% per day on average.
|The profit/loss of closed positions changed by less than 4% per day on average.
|The profit/loss of closed positions changed by less than 8% per day on average.
|The profit/loss of closed positions changed by less than 16% per day on average.
|The profit/loss of closed positions changed by more than 16% per day on average.
Our update also introduced a lot of other improvements and bug fixes:
- Darkened unchecked checkboxes to improve visibility.
- Fixed a crash when the detail view of a position is displayed while the position gets closed by the trading engine.
- Removed fade-in effect from alert dialog to improve UI speed.
- Added information about how performance and other values are calculated to profile info dialog.
- Fixed issue on login page where captcha has to be solved twice when 2FA is enabled.
- Refactored and improved the chart classes. (No visible changes)
- Added API calls for position/shared/get, social/profile_statistics and social/profile_trades.
- API returns the original Stop Loss and Take Profit values for copied positions now.
- Open positions are now ordered by date_created in ascending order instead of descending order in the API.
- Added trailing stop loss field to open positions list in the user/overview.php API method.
- Changed overnight financing charge values of market/details API to a percentage value.
- Updated API documentation accordingly.
- Fixed several typos and spelling mistakes.
- Updated mobile version to latest stable interface build.
Our recent update only contains minor changes and bug fixes:
- Lowered copy reward from 25% to 20%. In return referrers now earn a 5% reward for copied positions as well.
- Links are now clickable in the profile “about me text” (need to start with http:// or https://).
- Added market hours dialog to market details.
- Added market hour data to API method market/details.
- Improved and optimized the market hour page.
- Fixed issues when reaching maximum length for the profile “about me text” when using some special characters.
- Fixed a bug where the currency conversion button did not work with the mouse on small screen sizes or on touch devices with big screen sizes.
- Advertising our new mobile app more aggressively on the website.
- Added a link to the API documentation on the access management page.
- Closed positions which were copied now show the Stop Loss and Take Profit values of the original position and not just placeholders.
- Improved several transaction descriptions in the transaction log.
- Revised chart, moved annotations. All charts now resize when the browser window is resized.
- Dozens of minor bug fixes and stability improvements.
- App does not reload after phone rotation anymore.
- Profile image upload is now possible on newer Android versions.
- Updated trading platform to newest stable version.
As always, we would love to receive your feedback. Do not hesitate to contact us!
We are happy to announce that our Android app is finally available on Google Play.
There are a few advantages over our web version:
- Selected and heavily tested software builds guarantee a stable trading experience.
- Better performance.
- No annoying URL bar at the top.
- A native interface for logging in and account creation.
We hope that you enjoy our new app and look forward to your feedback.
PS: We also plan to release an iOS version in the near future.