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Changed market hours

1 año

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.


1gox.com name vote.

1 año

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.


Lower minimums!

1 año

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.

Happy trading!


Announcing 1gox.com

1 año

1gox Banner

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.


BTC/USD changes

1 año

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.

 
Floating spread

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!


Risk indicator - May Update

1 año

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:

Risk 1
Very low

The profit/loss of closed positions changed by less than 2% per day on average.

Risk 2
Low

The profit/loss of closed positions changed by less than 4% per day on average.

Risk 3
Medium

The profit/loss of closed positions changed by less than 8% per day on average.

Risk 4
High

The profit/loss of closed positions changed by less than 16% per day on average.

Risk 5
Very high 

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.

 

Android app:

  • Updated mobile version to latest stable interface build.

April update - Referral payout changes

1 año

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.

 

Android app

  • 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!


Hello Android!

1 año

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.


Future Rollovers - Update March 27th

1 año

With today's update we added an automatic future rollover system. All FUTURE CFD orders and positions will be automatically "rolled over" to the next contract on our rollover dates. This means that the entry, limit, stop entry, stop loss and take profit prices are adjusted for the price difference on that day.

We also deployed a lot of other smaller improvements and changes. Here is the full changelog

  • Completely redesigned trading idea page.
  • It is now possible to edit copy trader settings without having to stop and start copying again.
  • Added automatic rollover for future markets like OILWTI.
  • Introduced the new contract types “STOCK” and “FUTURE”.
  • Fixed issues when entering an empty search query.
  • Comments on trades are now sorted in ascending order. (Oldest comment at the top)
  • Added dialog for stock markets where dividend dates are shown.
  • Added dialog for future markets where rollover dates are shown.
  • Added an error message when trying to copy a trader that you’re already copying.
  • A popup now warns if local (cached) files have a different version than our back-end API which lead to broken components in the past. It also offers a “Update files now” functionality.
  • Fixed a bug where open public trades were labelled as closed.
  • Fixed a bug where uncopied closed trades were shown to be a copy of themselves.
  • Allow to set a copy limit of one trade per day. Former minimum was five trades per day.
  • Fixed a bug where order creation was blocked because of using a decimal number in the profit/loss calculator.
  • Removed copy_of flag from orders since positions can no longer be manually copied (API)
  • Capitalized all letters for market/categories return (API)
  • Added STOCK and FUTURE as market types (API)

Bitcoin forking?

2 años

1Broker takes no sides in the ongoing blocksize debate.

However, with the rise of Bitcoin Unlimited hashing power, the unthinkable might happen in the foreseeable future: A (controversial) fork of the Bitcoin blockchain. This has serious implications for end users and especially businesses and exchanges. That said, we think it’s necessary to define our action plan for such a fork beforehand. In this blog post we want to answer some common questions we have received:

 

What is a fork of Bitcoin?

In short, a fork is a permanent divergence in the blockchain that occurs when nodes follow different consensus rules. By observing the Bitcoin community, the most likely event that causes a fork is when Bitcoin Unlimited miners produce a block with a size of over 1 MB. This instantly leads to network split, since Bitcoin Core nodes will not accept such a block. A few hours later some transactions will exist in one blockchain, but not in the other one. While this sounds like a minor problem Bitcoin will 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 are the implications when holding Bitcoin on 1Broker during a fork?

When a fork happens, we will instantly disable deposits and withdrawals, force-close all open BTCUSD positions and disable trading on the BTC/USD market. We reserve the right the freeze our BTC/USD market if there is a high chance of an imminent fork. Trading on all other markets will not be halted and will remain active as usual. Since 1Broker has no multi-currency support (yet), we have to decide which new base currency to support. It will take at least 2 days but not more than 3 weeks until this decision will be announced. Our decision will be based on economic factors like market capitalization, community support and the actions of other businesses.

After that we will activate deposits and withdrawals again on the next upcoming Friday at 5:00 pm (New York time). At the same time (Friday at 5:00 pm (New York time)) we will calculate the net worth of every account and set up a parallel withdraw-only platform, where users can withdraw their funds to the competing blockchain. This second platform will remain active for at least two months.

If you disagree with our action plan or want to stay as flexible as possible, please withdraw your funds before a fork happens. Due to the size of our community WE WILL NOT MAKE ANY USER-SPECIFIC EXCEPTIONS.

 

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.

 

Is a fork an attack on Bitcoin?

No. The consensus rules can be changed with enough mining power and economic support. Unfortunately, the Bitcoin community split apart some years ago because of the ongoing blocksize debate. Both communities have wealthy backers, powerful mining pools and a significant amount of people supporting them. We can't predict which of them can hold over 50% of the mining power in the long-term, but it's expected that a fork will quickly show the outcome. It will be the first time that investors can “decide” which currency is valued higher; mining power will quickly follow the higher valuated blockchain.

 

Is it possible that Bitcoin forks smoothly with enough time to prepare?

Yes, it's possible that Bitcoin Unlimited miners announce a hard fork beforehand to avoid any surprises. Observing the two competing communities it is, however, very unlikely that this process does not end in two separate currencies with a significant market capitalization. While a hard fork can be smooth and announced in advance a difficult situation is unavoidable.



When could a fork happen?

At the time of writing this blog post Bitcoin Unlimited supporting mining pools have a combined hashing power of 33.1%. Once this value reaches 50% a fork becomes a realistic scenario. While there are no plans to perform a hard fork immediately after reaching the majority power, there are potential attack vectors against the rest of the miners which could lead to a very “rough” and dangerous fork.

For the sake of Bitcoin, we hope that Bitcoin Unlimited mining pools at least announce the date for the attempted hard fork and configure their nodes properly.

 

Is this the death of Bitcoin?

No. Bitcoin has by far the largest community, acceptance and market capitalization. All stakeholders are interested in a long-term success of this currency and even if a fork happens it will survive this controversial phase. There is no danger that your funds get lost or that someone can spend them without your consent.



We will add this action plan to our Terms of Service next week and keep you updated on this topic. If you have any questions or concerns please contact us.


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