Blog, Updates & News
We are happy to announce that we improved our formula for calculating financing charges. This leads to less fees for all traders holding positions overnight.
The old formula calculated the charge based on the total position size. Since the beginning of this week, we use the total position size minus the margin for calculating the fee. This means that unleveraged positions are completely freed from overnight charges.
We believe that reducing fees for traders, who hold unleveraged positions for a longer period of time, is an important step, since it encourages investing rather than speculating.
You can read more about our overnight financing charges on our fees page.
The see the new formula simply go to our overnight financing calculator.
Considering the upcoming expansion of our tradable markets we want to make sure that our platform keeps as responsive as usual. Therefore we moved our trading platform to a brand new dedicated server. Moving smoothly to a another hardware means a lot of planning and we are quite happy with the outcome: Our platform had only a downtime of about 30 minutes on Sunday, when all markets were closed.
Some hardware specifications of our new system:
- AMD Octa-Core 8x 2.3 GHz
- RAID 2, 2x 1000 GB Enterprise HDD
- 32 GB DDR3 RAM
- Direct connection to the 170 Gigabit/s datacenter-backbone
The new hardware will be able to handle at least 500 concurrent traders without any performance issues.
Today we enabled Two-Step-Token (RFC 6238), also known as Google Authenticator, for withdrawals. This can be used as an alternative to our smsTAN system for users who:
- cannot receive text messages properly
- do not trust a 3rd party (mobile carrier, SMS gateways)
- do not want to provide their phone number for privacy reasons
- are fans of a purely cryptographic 2-factor authentication
Implementing this feature required some considerations about replay attacks and brute force attacks. After some days of testing we are confident that our implementation is finally ready. You can find more details about this feature on your account settings page.
In cryptography we trust!
On Sunday evening our 1000th trader joined us. We want to take this opportunity to thank you all for your trust and feedback. Although this number might appears low, it means a huge responsibility for a start-up like us. (see statistics below) We think that, slow and organic growth is the key to a successful Bitcoin related business. It allows to continuously improve personal and technical security systems and collect experience about cryptocurrencies in general. Since 2009 there were more than 1.000.000 Bitcoins (currently worth 350.000.000$) stolen from countless platforms due to hacks, thefts and frauds. The majority of the hacks resulted from amateurish written software code, not tested enough for production environments. Instead of improving or rewriting code, fast growing businesses are buried with performance issues and customer support. From the beginning our highest priority was to avoid this fate and we strongly advise anyone who intends to start a Bitcoin related business to grow slowly. It really matters!
To keep this blog entry a bit informative here are some insights:
Data from: Launch - October 29th, 2014
|Total Volume BTC (Total/Margin)
||3,592,682 BTC / 72,344 BTC
|Total Amount of Positions
|Long Positions/Short Positions
||55.2% / 44.8%
|Total BTC Deposited
We are happy to announce that we reduced our spreads for the following markets:
|DOW Jones 30
We also increased our limits for all markets:
We hope you enjoy these changes and wish you a successful trading week!
With today's update we enabled overnight financing costs for holding positions overnight. This is a crucial change for expanding the number of our markets in the near future. We try to keep our rates as low as possible starting at only 0.0077% per day!
Overnight Financing costs are industry standard, and are employed by almost all brokers. The necessity behind these fees comes from the process of hedging your trades in the underlying markets.
You can find all informations about overnight financing on our fees page.
Are positions affected which were opened before 2014-09-20?
No, currently not. We have a transition phase until 2014-10-20 where old positions are not affected by financing costs. After 2014-10-20 all positions are subject to overnight financing.
Is this really necessary or are you just trying to maximize your profits?
It is absolutely necessary! With the current volume and amount of tradable assets we reached the limit to hegde positions in a profitable way. Financing costs allow us to add new markets and handle new traders.
Financing costs will not be charged this week, due to technical difficulties. We postponed our planned spread changes and the start of this new system to September 22nd, 2014.
Today's update brings a new design for our content-based sites and multiple minor updates.
This only the first of many huge updates coming in the near future.
- Completely redesigned homepage
- Replaced 'Dosis' with 'Open Sans' as our headline font
- Captchas were added on multiple page actions to improve security
- Simplified navigation bar
- Added a "Features" page
- Added a "Risk Warning" page
- Announcing our new financing costs on our "Fees" page
- "News" renamed to "Blog" (Blog will get weekly entries in the future)
- FAQ improvements
- Huge OOM related code improvements under the hood
- Multiple security fixes relating to non-critical XSS problems
Next update comes next week :)
With today's update, we added a profit/loss calculator
to our platform. We are sure that this tool is quite helpful for most traders, especially those, who are new to CFD trading.
More good news: The fee for Bitcoin withdrawals was reduced to 0.001 BTC.
Our BTC/USD market will be closed on Monday, November 18th 2013, 4:00 pm (GMT+1).
There are multiple reasons behind this decision:
- This market was hardly profitable for us. The extreme high volatility makes it also extremely risky for market makers to offer a derivative. The only way to fight this is with low limits and high spreads, which both lead to unsatisfied traders.
- The data connection to most Bitcoin/U.S. Dollar exchanges is unstable or comes with huge lags. Many exchanges don't have a real-time data stream or (re)move such APIs without warnings.
- We had to put extraordinary much time and resources into managing this market.
- Although we have ideas to overcome the above problems, a new implementation is complex and needs a lot of work.
Is 1Broker bankrupt?
No, we currently have roughly two times the amount of all users' assets as reserves.
Will open positions get force-closed?
Yes, on Monday 4:00 pm (GMT+1) we will close all open BTCUSD positions with a market order. If you want to avoid this please close your position until then.
Wait .. you have collected the spread and now my position needs to be closed?!
Before the weekend, the spread will be lowered to 0.01 points to make this a non-issue.
What is the future of 1Broker?
We will concentrate on the other markets and improve the whole platform even faster. In the near future we will add a lot of new markets.
Will the BTC/USD CFD come back?
We don't know yet, but if yes, it will be in a completely different form.
Why is 1Broker so incompetent? Offering derivatives is easy!
Great, we would gladly outsource the management and risks of this market. If you have enough know-how and financial reserves just contact us.