CME opens BTC futures
Now the popular digital currency futures is bitcoin futures. On December 11, 2017, Beijing time, CBOE launched the bitcoin futures XBT, and the market reaction was hot, triggering the circuit breaker mechanism many times. CME of Chicago Mercantile Exchange launched bitcoin futures BTC on December 18, 2017, which brought about great fluctuation
the two major bitcoin futures procts have the following similarities and differences, which are worth noting:
1. XBT unit is 1 bitcoin, BTC is 5 bitcoins
The minimum price change: XBT is $10 / bitcoin, BTC is $5 / bitcoin XBT trading time is from 7:00 on Monday to 6:00 on Saturday, Beijing time; BCT trading time is from 7:00 on Monday to 4:15 on Saturday, Beijing time4. The position limit was 5000
Price circuit breaker mechanism: XBT price fluctuates more than 10% of the previous day's closing price, trading is suspended for 2 minutes, more than 20%, trading is suspended for 5 minutes; The BTC price fluctuates more than 7% or 13% of the closing price of the previous day, triggering the circuit breaker mechanism. The specific suspension time has not been disclosed. If it exceeds 20%, the trading will stop XBT requires 44% initial margin, which is about 2 times leverage; BTC Requires 35% of the initial margin, which is about 3 times the leverage. It is worth noting that both exchanges have indicated that the margin amount can be adjusted according to the actual situationaccording to CME's official announcement, each contract will have 50 units of Ethereum, and the derivative will be open for trading from 5 pm to 4 pm from Sunday to Friday. "Building on the success of bitcoin futures and options, the CME Group will add Ethereum futures to the crypto asset risk management solution in February," the CME said
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The delivery date of CME bitcoin futures is the last Friday of the e month, 4:00 p.m. London time. In case of holidays, one day in advance
2. The delivery date of CBOE bitcoin futures is the first two trading days of the third Friday of the maturity month, 2:45 p.m. Chicago time
extended information:
bitcoin trading scam:
1. At the end of October 2013, Hong Kong GBL platform absconded with money, with more than 20 million yuan missing. The program of this trading website is very poor. It doesn't use SSL security protocol, and even the user name is stored in clear text. They don't have some basic programming knowledge. GBL relies on the broker to develop the new customer's "quasi MLM" mode
On October 22, 2013, looking at the market of bitcoin, Mr. Qiao, a citizen of Dongyang, searched GBL company, a bitcoin trading platform, on the Internet, and recharged 90000 yuan to buy and sell bitcoin through a third-party payment. On October 26, 2013, it was found that the staff of the online trading platform were not online, and some normal trading proceres could not be implemented. It was found that the registered address of the company was false after a check, and a total of 90000 yuan was cheated3 and Western economists have a lot of worries about the current economic bubble phenomenon of bitcoin. Australian Economist John Quiggin called bitcoin "the purest example of the economic bubble." p>
Do you mean the euro? Please refer to the figure below. The figure below shows all foreign exchange transactions of CME
Account opening process
take your ID card and bank card to the futures company to handle account opening proceres. The bank card needs debit cards issued by China, agriculture, instry, construction, transportation, CITIC, Everbright and Pudong, and the bank card with credit card function cannot open an account. The specific account opening process is as follows:
code
after the customer obtains the capital account in the futures company, the futures company handles the transaction code in each exchange for the customer, and the transaction can be carried out after the code is approved
cash in
most investors use the bank transfer system in the transaction software for cash out and cash in operation (also through cash, wire transfer, draft, check, etc.). Among them, telegraphic transfer, bill of exchange and check shall be regarded as having arrived at the account only after the funds have arrived at the account of the futures company; Foreign customers can open a current account in any local bank and transfer it to the company's account through bank transfer. After the funds are in place, it will be regarded as successful
precautions
the futures company requires that the name of the fund remitter must be the same as the name of the account holder in the company in order to enter the account in the name of the account holder. Otherwise, the remitter must issue a "fund certificate" to the futures company. When remitting money, customers had better fill in "deposit account of XX" in the column of "fund use"
trading
the futures company fully opens the electronic trading. After the brokerage contract is opened, we will ask the customer to sign in the login password of online trading at the same time. After the customer signs in, please log in to the system according to the initial password and change the password as soon as possible. All entrustment can be directly entered into the exchange floor through computer
through the Internet, online customers can watch, analyze and self entrust online trading by using the special trading software provided by the futures company. When there is a problem on the Internet, customers can place an order by calling the futures company's emergency order telephone (see the account opening information of the futures company for the telephone number), reporting your trading account number and trading code. If the communication of the futures company fails, the system will automatically turn to manual order, and customers can still trade by themselves online, but the speed of order and return will be reced
1. The online trading system of futures companies is widely used in China, such as Kingstar V6
2. Market system: Boyi master (free) Fuyuan market software (free) Wenhua finance and Economics (free)
3. Other payment software
settlement
the electronic system of futures companies carries out real-time dynamic settlement, Customers can check the account information in the transaction. After the market is closed every day, the Settlement Department of the futures company will carry out the final settlement. Customers can watch the settlement results in writing, fax, e-mail, online inquiry, etc., or log in to the China Futures Margin Monitoring Center to inquire about the detailed transaction records of the current week and month
cash out
can be completed through the trading software, and most investors use the bank futures transfer in the trading software to process cash out. The financial department of the futures company can also send out the order of payment by fax, and handle the payment for customers by means of cash, telegraphic transfer, draft or check. The customer shall handle the withdrawal proceres with the withdrawal application form and the original settlement form of the previous trading day, and the futures company shall remit the funds to the designated account! Foreign customers need to send back the original of the above two kinds of documents to our company. For those in urgent need, we can record them by telephone first, then we remit them, and then send back the original
account cancellation
after the customer completes the account cancellation proceres specified by the futures company, both parties sign a termination agreement to end the agency relationship (referring to the customer and the futures company). Customers need to download the official letter on confirmation of futures trading settlement sheet, confirmation of customer withdrawal and application form for closing account of investors in futures market on the website of futures company, and then fax or send it to futures company after signing
extended data
algorithm
position Gold: total capital * (x% - y%)
single maximum allowable loss & lt= Total assets * z%
single hand opening price: (current price * trading unit * margin) + handling charge
default number of hands (maximum opening): position gold / single hand opening price
maximum stop loss points per transaction: maximum allowable loss / number of open positions / trading unit / minimum price change
the value of a price fluctuation of futures varieties: minimum change price * trading unit * number of open positions
investment risk
leverage use risk
the function of capital amplification not only enlarges the income, but also faces the risk amplification. Therefore, how to use the leverage of about 10 times, and how much, should also vary from person to person. The higher level can be more than five times or even fully leveraged. If the lower level also uses high leverage, it will undoubtedly make the risk out of control
forced balance and position explosion
exchanges and futures brokerage companies need to carry out settlement on each trading day. When the margin of investors is insufficient and lower than the specified proportion, futures companies will forcibly close their positions. Sometimes, if the market is extreme, there will even be a burst of positions, that is, all the funds in the account will be lost, and even the futures company will need to pay the part of the loss exceeding the margin of the account
delivery risk
ordinary investors do not buy soybean in a few months, nor do they short copper to sell copper in a few months. If the contract has been held until the delivery date, investors need to gather enough funds or physical goods for delivery (the payment for goods is about 10 times of the margin)
reference source: Network futures account opening
reference source: Network futures account opening