Commodity and stock futures are another needed tool in the formation of a capital market. We currently offer the three front months for five contracts but we will add to these as it becomes clear what areas are of interest to clients. These are all 24 hour markets, but if a contract is held between 23:59 and 00:00 GMT it is considered that the contract has been held overnight and the finance fee is applied.
Futures contract margining requirements change fairly frequently and we will email live traders of these changes. However, it is suggested that you visit the contract specification page prior to trading so you understand the way the contracts are traded, transfer of open interest and policies concerning contract settlement.
1. Go to the Registration page and enter a username, password and current email address.
2. Go to the login page and select ‘Paper Trading – Investor Service‘ from the Account Type pull down menu. Click on the Account Settings Tab and enter your details on this secure page. You will need to provide a scan of a photo ID and proof of address not more than 3 months old.
3. Within 24 hours you will receive an email verifying your account. To log in to your live account select ‘Live Trading – Investor Service‘ from the Account Type pull down menu. Go to the Deposit /Withdraw tab and follow the instructions to deposit bitcoins as margin to fund your account.
4. To trade futures contracts go to the Quick Trade or Manage Orders tab and find the contract and month you are interested in trading. For instance, June 2016 Mini S&P contracts bear the symbol ES_Jun16. Check available margin on the Order Management tab and place your buy or sell trade using either a limit or market order. See rules for Contract settlement rules for your choice of market.
We currently support buying and shorting both commodity and stock index futures. Over the coming months we will regularly add contracts to the list of what can be traded on the site.
Commodity futures are a 24 hour market. Positions held between the hours of 23:59 and 00:00 GMT will be deemed to have been held overnight and are subject to a finance fee.
Last trading day
Financially settled contracts Last trading day on First Global matches the last trading day on the exchange. If a contract is not closed by a customer it will automatically be closed Market on Close.
Contracts physically delivered Last Trading Day is the last business day before the first Delivery Notice Day. Any open positions will be closed Market on Close on this day.
Cash settled contracts
If a contract is cash settled and a position is not closed, the contract will be automatically settle at the final settlement price. Profits or losses will be converted into bitcoin at the prevailing rate and added to the account balance.
Contracts with physical settlement
If a contract has physical settlement and a position is not closed, the contract will be closed, market on close on the last business day preceding the date of first delivery. Profits or losses will be converted into bitcoin at the prevailing rate and added to the account balance.
Rolling a contract before settlement
If you choose to roll into a later contract month, a discounted fee will apply to trades where this takes place in the same calendar day. You will see the discount on the next day’s trade statement.
Fees and Income
Interest on bitcoin deposits
We automatically pay interest on bitcoin accounts over 10BTC. The interest is paid on the entire account whether or not the bitcoins are being used to finance a stock market, futures or currency trade.
Opening a contract carries a commission of $5.00.
Closing a contract carries a commission of $5.00.
A contract opened and closed on the same day has a commission of $5.00 on the opening leg and $2.50 on the closing leg. (This reabate will appear on the next day’s trade statement)
Rolling a contract
If you close a contract and open a new contract in a later month but during the same day, a commission of $2.50 will be charged for the closing leg of the trade and $5.00 for opening the second leg of the trade. These discounts will be applied as rebates to the daily trade statement.
Since you retain your bitcoins (and the growth benefit) we arrange a loan to cover the margin needed to place the trade. Positions held between the hours of 23:59 and 0:00 will be charged an overnight financing fee.
The overnight rate from day 1 – day 90 is 0.023%
The overnight rate from day 91 onwards = Fed Funds plus 2% (annual rate)
There is no fee to deposit or withdraw bitcoins from your account.
START TRADING TODAY!
Don’t let your bitcoins grow mouldy hidden under your digital mattress! You can now unlock the value in your bitcoins by using them as margin for commodity futures trading. Best of all, you get the benefit of futures trading while holding onto your bitcoins. Register now.