Bitcoin ETP quistion

“Sophisticated investor” is a designation in some countries that differentiates from the common retail investor, with access to more financial instruments. (Retail investors, Professional/Sophisticated Investors, Institutional Investors, Financial Professionals.)

As a financial professional, I can access financial instruments that are blocked to the retail investors.

But waiting for an official response by Trading 212 to confirm.

Good to know, thank you

The official statement says “As of the 6th of January 2021…Bitcoin ETP (BTCE) will be placed in close-only mode”. However, can somebody confirm EXACTLY when BTCE will be set to Close Only Mode please?

It’s possible to trade BTCE between 08:00 and 16:30 in the UK. So, is the last opportunity to buy BTCE, 16:30 on Tuesday 05/01/2021, 16:30 on Wednesday 06/01/2021 or some other time on 06/01/2021?

Also, I realise that I’m probably being paranoid here, but when T212 say “This means that you will not be able to open new positions with the instrument and all existing positions can be closed at any time”, does the second half of that sentence just refer to our ability to close our positions? It sort of reads like a warning that T212 can close our positions with very little notice, as they did with all our CFD crypto positions recently?

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When happens this kind of things (“Hard-close”), it means that you can’t buy new positions, but you can sell your existing ones.

I believe the price is based on ownership of the underlying asset. The close-only mode therefore should be removed. It should be open to buying and selling beyond the 6th.

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Can you explain what you mean by this please?

EDIT: I’ve just realised what you mean. I assume the fund managers will already have argued their case with the UK government?

What platform do you guys recommend for buying Bitcoin? I’m having trouble adding the card on Coinbase - customer service doesn’t reply over a month … looking for an alternative.

Thanks!

@Rumen the wording of today’s message made it seem as though T212 could close our position at any time as well… Is that correct or would the position exclusively be closed by us selling it ourselves?

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The regulatory body has given the BUYER discretion to close their position as and when they want to. I don’t see why T12 should take the liberty to close it on our behalf. I dont believe they will following the uproar the last time. T12 has no incentive to do so this time. They don’t profit from closing people at a loss, as they do in a CFD sccount.

CFD and invest are slightly different. Here you will have the choice to close the position when you want. You just cannot add to it, after the said date. The ETP will continue to trade and price flactuations will occur. the ETP is also available on Isa. You need to remember T212 is a UK company. In theory non UK citizens can trade the ETP elsewhere as normal.

It would be good to get confirmation from the T212 team just to be sure as I understand the premise of no buying and can sell when you please but the wording of today’s message is slightly ambiguous and don’t want to find a position closed for a loss against my will.

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Binance (5% referral link)

Or Kraken as a second choice

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They won’t close it. It was added to the platform after FCA made their decision. Hanetf the owners are UK based hence why its banned

I’ve got Bitcoin Etp as part of a pie in my investment ISA. What will happen to that pie if I don’t do anything?

I currently have 11 slices in my pie, Bitcoin Etp being one of them.

10% of my auto invest goes to Bitcoin.

How will my pie be allocated during my auto invest after this new change goes live in January?

Thoughts on Bitstamp?

Decent platform, higher fees than Binance, and only a handful of coins in comparison. The interface is nice though. Worth trying a few out.

Since several questions have arisen I would like to confirm the following:

  • There will be no force closure of positions on our part. All clients will be able to terminate their positions at their own discretion.

  • The terms will apply to the whole client base of Trading 212 regardless of their risk profile (retail or professional/sophisticated) or the country they are based in.

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Thanks for the reply to some of the questions, but what about this one?:

I am not able to disclose the exact hour at this point. Will update you on that one.

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@Rumen has the market now permanently closed for buying $BTEC. I was under the understanding this was 6th Jan?