Cryptos

From fascination to everyday use, cryptocurrencies appear to be here to stay. Now you can trade cryptos online as a CFD on the illustrious ScopeMT4 Platform.

Symbol Description Shorting is allowed Contrat Size Commission Position Limit Weekday Margin Weekend Margin
BTC Bitcoin Yes 1 Zero 100 Lots 10% 20%
BCH Bitcoin Cash Yes 1 Zero 100 Lots 50% 50%
ETH Ethereum Yes 1 Zero 1000 Lots 50% 50%
LTC Litecoin Yes 1 Zero 2000 Lots 50% 50%
XMR Monero Yes 1 Zero 1000 Lots 50% 50%
XRP Ripple Yes 100 Zero 500 Lots 50% 50%
ZEC Zcash Yes 1 Zero 100 Lots 50% 50%

Our cryptocurrency spreads are variable depending on underlying market prices.

Scopemarkets uses the price of cryptocurrency contracts on the underlying market, made available to us by the exchanges and market-makers with which we trade.

Our products are non-deliverable CFD’s so you can’t transfer your positions to wallet accounts in cryptocurrency exchanges.

Just like Forex products, cryptocurrencies are tradable 5/24 from 5pm NYT on Sunday until 5pm NTY on Friday.

Weekend margins are applied at 3pm NYT on Friday and margin levels turn back to normal levels at 7pm NYTon Sunday. Clients are expected to follow margin changes for their open positions. Scopemarkets doesn’t accept responsibility for any losses that may occur due to changes in margin.

There are maximum position limits defined for each cryptocurrency as shown above and clients are expected to follow these limits. Excess positions over these limits will be closed by the system without prior notice.

Overnight Financing Charges (Swaps) are 0.41% daily for BTC and 1.37% for others.


Trading Example for Bitcoin

1 lot Bitcoin equals to 1 Bitcoin and if the quotation is 4210/4223, you can buy it from 4223 and sell from 4210. In case you buy 3 lots Bitcoin from 4223 and assuming prices moved higher and it starts trading 4350/4364. You can liquidate your position by selling your 3 lots Bitcoin at 4350.

In this case your P&L ( profit& loss ) will be :

( 3*1 ) * ( 4350 – 4223 ) = 381 USD profit


General Formula for Calculating Profit/Loss

You can apply the formula :

( +/- 1 ) * ( Lots Traded * Contract Size ) * ( Closing Price – Opening Price )

to find out your trading P&L. If you open a Long Position , you need to use +1 as multiplier and when you open a Short Position , you need to use the -1 as the multiplier.