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Bitcoin Cash claim tool

4 días

We believe that our users should benefit from blockchain forks whenever possible. The Bitcoin Cash blockchain proved to be valuable and stable and therefore we implemented a new "claim" interface: https://1broker.com/trade/#snapshots

On August 1st, 2017, when the Bitcoin Cash fork happened, we snapshotted all balances (this includes open positions and orders). If you had a positive balance on this day, you can claim this amount with the new tool by entering a Bitcoin Cash (BCH) address where we can send your funds to.

This is a semi-automatic system, which means that it can take up to 7 days until we make the transaction. You can find this claim tool in the trading interface by toggling the options menu and pressing the "Fork Claims" button.

Bitcoin Cash claims will be possible until December 31st, 2017.


Segwit2x action plan

2 semanas

Update November 9th

The Segwit2x community suspended its plans for the planned protocol change. It is not expected that a blockchain fork will happen on November 16th. This blog entry is therefore obsolete.

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TL;DR

Once both networks (Bitcoin legacy, Bitcoin2x) are stable, we will choose a primary currency for our trading platform and offer a claim system to withdraw funds to the competing blockchain. BCH (Bitcoin Cash) can be claimed too, then.

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Around November 16th, 2017, when block 494,784 is mined, a protocol change of Bitcoin, called Segwit2x, will take place. It is not expected that this change is accepted by all members of the Bitcoin community, which means that this will lead to a blockchain fork.

 

What is a blockchain fork?

In short, a fork is a permanent divergence in the blockchain that occurs when nodes follow different consensus rules. A few hours after such a fork, some transactions will exist in one blockchain, but not in the other one. While this sounds like a minor problem, Bitcoin will be effectively split into two separate currencies then. Depending on the Bitcoin node you run, you can't be sure if your incoming and outgoing transactions are valid in the competing blockchain anymore.

 

What happens to Bitcoin stored on 1Broker during the fork?

We believe that our users should benefit from forks whenever possible. When this fork happens, all owners of Bitcoin will have funds on both blockchains. For this reason we will snapshot all of our users’ balances (this includes orders and positions). Once both networks prove to be secure and valuable, we will choose a primary base currency for our trading platform and offer a claim process for the competing currency. Trading will remain open during this time.

 

What is the timeline?

12 hours before the fork will take place, we will disable all deposits and withdrawals until both networks are stable and we chose a new primary currency for our trading platform. We expect that this will take between 2 and 14 days. A few days after reactivating deposits and withdrawals, we will open the claim system where traders can withdraw their funds to the competing blockchain.

 

How do you choose the primary currency for 1Broker?

Our decision will be based on economic factors like market capitalization, community support and the actions of other businesses.

 

Why is not possible that both currencies can be used for trading?

1Broker was designed as single-currency platform and implementing a multi-currency system is an extremely complex task. However, we plan to offer this feature in the mid-term future.

 

What happend to my Bitcoin Cash (BCH) from the August 1st fork?

Similar to the upcoming Bitcoin2x fork, we snapshotted all balances on August 1st, 2017. The claim system of your BCH coins will open in parallel with the Segwit2x/Bitcoin claim system.


Statement regarding the Bitcoin Gold fork

4 semanas

Bitcoin Gold is a proposed fork of Bitcoin, sharing its transaction history up until the block height 491407 (around October 24th, 6 a.m. UTC). After the Bitcoin Cash fork in August, we implemented a snapshot and claim system for our platform. However, for several reasons we do not plan to support Bitcoin Gold in this new claim system:

  • There is no replay protection implemented what makes it very hard to split Bitcoin and Bitcoin Gold tokens.
  • Bitcoin Gold is still under development and it is not possible to audit the final consensus rules.
  • Bitcoin Gold does not launch immediately at the point when the chains diverge. The launch date is unknown.
  • There is no big community behind this project. It is possible that the Bitcoin Gold network and its tokens will not have any significant monetary value.


We believe that our users should benefit from forks wherever possible. We will continue to monitor the Bitcoin Gold blockchain and if the Bitcoin Gold network proves to be secure and valuable, we might offer a claim process at a later point. In this case, 1Broker will not sell or keep the Bitcoin Gold tokens associated with a customer for itself. For this reason, we will make a snapshot of all account balances (including open positions and orders) on October 24th after the announced fork at block height 491407.

If you want to make absolutely sure that you receive your Bitcoin Gold tokens, please withdraw your 1Broker balance to a wallet that explicitely announced to support this fork.


10 Days - 20 New Markets

3 meses

Based on the feedback we received from our traders in the last months, we selected the 20 most requested markets and starting on Monday August 28th, we will add two markets on every weekday to our trading platform until Thursday September 12th. All categories (Commodities, Indices, Stocks and Forex) will receive additions.

List of our new markets:

August, 28th NVDA, AMD
August, 29th EUR/TRY, USD/TRY
August, 30th USD/HKD, EUR/CAD
August, 31st USD/ZAR, EUR/AUD
September, 1st ATVI, BA
September, 4th CAC 40, IBEX 35
September, 5th WMT, BRKB
September, 6th LHA, SIE
September, 7th DIS, TWX
September, 12th Natural Gas, Copper

We are very excited about these additions and hope that you enjoy our new markets.


Bitcoin Cash (BCH) - UAHF - Bitcoin ABC

4 meses

At 1Broker, our top priority is to offer a stable and secure environment for all customers. With the recent announcement of the attempted hard fork by the Bitcoin ABC community, also known as Bitcoin Cash, many users asked if we would support this new currency.

1Broker will neither support the split and distribution of Bitcoin Cash, nor return Bitcoin Cash which is sent to one of our Bitcoin deposit addresses by accident. If you want to access your Bitcoin Cash tokens, please withdraw your funds before August 1st to a wallet that supports Bitcoin Cash. As a security precaution, we will disable Bitcoin deposits and withdrawals on July 31st, 2017 at 23:00 UTC until August 2nd, 2017.

Reasons for this decision

In general, we welcome any changes and improvements to the Bitcoin protocol, including changes that require a hard fork. However, in the case of Bitcoin Cash there are several reasons why we cannot support it:

  • The hard fork was announced only a few days before the actual fork date. It is impossible to set up, test and build the necessary software around this client in such a short time frame.
  • Although we respect the community behind Bitcoin Cash, we do not think that a significant majority of Bitcoin users and businesses support an overly hasty hard fork.
  • Due to the limited time to prepare, supporting Bitcoin cash would lead to error-prone internal systems, which wouldn’t meet our high standards of security and stability. We believe that the potential issues outweigh the benefits.

 

Changes to our Terms of Service

In order to handle hard forks in a predictable way in the future, we changed the “Blockchain Hard Forks” section of our Terms of Service to the following:

“A blockchain hard fork is defined as a permanent divergence in the blockchain that occurs when nodes follow different consensus rules. This means that a crypto currency will be effectively split into two separate independent currencies. Due to the administrative complexity of distributing and splitting a hard forked currency in our system, support of any forked currency is solely at the discretion of 1Broker. If we make no public announcement regarding an attempted fork, we will not support and distribute the new currency. In the event that a hard fork has a significant consensus among the community and businesses, it is also possible that we only support the hard forked currency and do not support the legacy currency anymore.

If our customers wish to split their tokens after such a hard fork, it is necessary that they withdraw their funds prior to the fork date. We are neither liable for any damages resulting from a hard fork, nor will we return any funds accidentally deposited from a currency that our system does not support.”


Update July 24th

4 meses

New Copy Trader reward model

Based on the feedback we received during the past months, we improved one of the most important aspects of our copy trader system: The reward and fee model. In the past a trader received a part of the spread when his/her trades were copied - similar to our referral system. Unfortunately, this created an incentive to open multiple low-quality short-term trades. Our new system only rewards traders if a shared trade is closed in profit. Take a look at our updated Copy Trader page for more information.

Negative balance protection

Earlier this year Germany’s financial regulator “BaFin” started to force CFD brokers to protect their clients from negative account balances. Negative account balances can happen when highly leveraged trades are held in very volatile markets. We welcome this decision, because it protects clients from unexpected debt and, although we are not regulated by the “BaFin”, we implemented such a protection on 1Broker as well. From now on, all negative account balances are reset to 0 on the first day of each month.

 

Additional changes

  • Traders who are inactive for more than 3 months, lose all copiers.
  • Traders with a hidden profile are no longer listed on the popular/successful traders page.
  • Added API methods and documentation to start/edit/stop copying someone.
  • Increased space between buttons in mobile sidebar.
  • Switched to candlestick charts as the default option instead of line charts.
  • Fixed timezone issues in profile statistics (Wrong months in performance chart).
  • Fixed whitespace issues around charts.
  • Dozens of back-end related updates to improve the uptime and stability of the platform.

August 1st - UASF/SegWit2x

4 meses

Update: As of July 27th, BIP 91 was succesfully activated. There will be no fork between UASF and legacy nodes. However, there is a new development from the Bitcoin ABC community, who will attempt a UAHF (User Activated Hard Fork) on August 1st. You can find more information about this topic in a newer blog post.

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In this blog entry we will describe our plans for a potential blockchain fork on August 1st, 2017. We will keep this text up to date over the next days. For general information about how we handle forks, have a look at our previous blog article "Bitcoin forking?".

What will happen on August 1st?

Both, BIP 148 (commonly referred as "UASF") and BIP 91 (part of the "SegWit2x" plan), are scheduled to be activated on this date and aim to improve the Bitcoin protocol. Unfortunately, these "BIPs" are developed and pushed by two competing communities. While both proposals are compatible with each other, there is the possibility that BIP 91 gets activated too late and the blockchain splits apart regardless. If you are interested in technical details of this potential fork and the possible outcomes, have a look at "A Bitcoin Beginner’s Guide to Surviving the BIP 148 UASF".

We are optimistic that BIP 91 gets activated soon enough and nothing bad will happen on this date. Nevertheless, we will disable deposits and withdrawals from Sunday, July 30th 5:00 PM (New York time) until Wednesday, August 2nd. If a fork happens, as defined per our terms of service, it might take longer until we reactivate deposit and withdrawals. Keep in mind that there will be some price volatility during these days; if you want to have full control over your funds, please withdraw them from 1Broker.

What are the chances of a fork on August 1st?

As of July 27th, BIP 91 was activated. There will be no fork between UASF and legacy nodes. However, there is a new development from the Bitcoin ABC community, who will attempt a UAHF (User Activated Hard Fork). You can find more information about this topic in a newer blog post.

Will clients lose funds when a fork happens?

In terms of the Bitcoin you own, no funds will be lost. If both currencies survive you can even withdraw and spend your funds twice.

It is not possible to predict if the combined spot price of the new currencies is higher or lower than the Bitcoin price before the fork. This means that, expressed in USD for example, nobody can predict if your Bitcoin holdings would rise or fall in value. This will be decided by the free market.

If the Bitcoin Blockchain does not fork on August 1st, will it fork in the future?

Yes, we expect that there will be a controversial fork sooner or later. Bitcoin ABC, which will be released in the coming weeks, is yet another competing implementation of Bitcoin's consensus rules. Additionally, there is a planned hard fork to to a block size of 2 Megabytes by the "SegWit2x" supporters. It is very hard to predict the economic support of such a blockchain fork and its side effects beforehand, but we will keep you informed via this blog and our social media channels.

As always, 1Broker takes no sides in the ongoing blocksize debate.


Silver Flash Crash - Emergency Fund

4 meses

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.


1Fox.com

5 meses

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:

Keep name

30.78%

Change name

69.22%

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!


Changed market hours

5 meses

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.


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