FCA bans the sale of crypto-derivatives to retail consumers

[Cashurkash]

US30 short position

@Guins007 That happened because the spread was huge - above $300. This is not due to markups by Trading 212 - the raw spread itself was abnormally large. We can see how that might have caused confusion so we reimbursed everyone who decided to trade the huge spread.

I was reimbursed for this as was quiet a few others. Get onto support and see what the story is as btc didn’t go near that price whatsoever.

[bondar]

checked 2 other sites and none show that candle. Wake up

[Supraman]

@Dao

all without a scrap of evidence

Where’s your “evidence” that Trading 212’s actions were “best for the affected clients”?

@Dao

often based on faulty information

Trading 212 haven’t provided any information to justify their actions. That’s the problem.

[jubin]

I am an Italian resident and even I got this notification. I had to sell crypto on trading212 as a precaution. Was going to keep them on longer for more gains

[sohailbhayat123]

So do we need to cash out from all open positions by 1AM on 27th? If positions are liquidated the profits will remain as whatever the trading price was at the time it was liquidated? I was under the impression open positions will not be affected on the platform.

[mark.goldthorpe]

I had the same thing. My stop loss hit but I’ve looked at price feed data from top 10 exchanges by volume and no price action close to this. I smell a rat.

[McSorley86]

So I take it we are going to have our positions closed on xrp and we will be out of the bull run?

[Cashurkash]

That’s absolutely correct. Get yourself onto a crypto platform and get on it

[Martin]

@sohailbhayat123

So do we need to cash out from all open positions by 1AM on 27th? If positions are liquidated the profits will remain as whatever the trading price was at the time it was liquidated? I was under the impression open positions will not be affected on the platform.

@sedateme

That’s why I posted it. This notice appears to contradict what’s previously been said. Hopefully clarification will come.

Complying early with FCA policy statement was an internal business decision. Unfortunately, we’ll have to liquidate the positions as it is becoming increasingly difficult & almost impossible to hedge cryptocurrency exposure.
Most institutions offering such services have drastically increased margin requirements or eliminated margin purchases altogether, which renders hedging practically impossible.

[FJM]

As we are being forced to liquidate, has anyone got any recommendations of where I can buy crypto please? What would be a good, trusted platform?

Thank you

[Nothappy]

I woke up this morning to see my Bitcoin cash and Bitcoin close as it says I didn’t have enough funds, however they didn’t even send a margin call or nothing and normally they do!!

[Supraman]

@Martin

Unfortunately, we’ll have to liquidate the positions as it is becoming increasingly difficult & almost impossible to hedge cryptocurrency exposure.
Most institutions offering such services have drastically increased margin requirements or eliminated margin purchases altogether, which renders hedging practically impossible

At last, an honest answer!

It seems to me that Trading 212 is using the FCA ban as an excuse to dodge expected losses.

[toms]

This is what I suspect too. Bitcoin (and other crypto) is heading in one direction and there are probably a lot of people with open leveraged positions that Trading 212 would not have the liquidity to cover.

I heard that they are going to offer spot buying of the actual crypto asset. Any word on when this might be implemented?

[Supraman]

@toms

I heard that they are going to offer spot buying of the actual crypto asset. Any word on when this might be implemented?

No, so far @Team212 have ignored my questions about this.

[sedateme]

Thanks for the update.

[Wheelerdealer]

BTC down $2k. I expect there’s far fewer complaints about closed-out positions this morning

[Merabtene]

But they should’ve sent that notice weeks prior to removal not 48 hours before.

[Supraman]

@Wheelerdealer

BTC down $2k. I expect there’s far fewer complaints about closed-out positions this morning

Why? Assuming we’re talking about long positions, those in profit will have less profits and those with losses will have greater losses.

Less CGT doesn’t make up for less profits.

[Venetia1993]

I have some on Crypto. Com’s website but I can only withdraw £100 minimum which is a scam in itself.

Sadly may have to take the loss before Jan 6th if it doesn’t improve soon.

[daindian]

Why do you have to sell? You can’t add to them after January that’s it.I thought the site you mention you actually own Bitcoin?