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I set up a sim account with Tradovate to check it out. It looks good, plenty of volume and can actually trade futures small enough for beginners not to blow thousands in a day. It has $5 tick, worth $.05 a tick, with intraday price action that seems superior to currencies.
Only issue is the chart seems to lag horribly. Really horribly. Watched the DOM, and seems very active, but changes in last price don't seem to correspond order activity like I am use to seeing. Maybe nuthin but a crypto thing?
Can you help answer these questions from other members on NexusFi?
Was watching it some more today, very active, just doesn't jump around like I would expect. Thinking either overwhelming limit orders or maybe the Fair-X exchange matches orders differently. Maybe that's what it looks like when the little isn't getting screwed with
Not that I trade it much but I would have to have a good reason to trade a futures contract that isn’t regulated. Is there any advantages over CME? How are they going to enforce margins? Will the money be available at the end of the day for withdrawal? I haven’t looked into it at all but it feels like it’ll have a bucket shop type of operation. Then there’s the whole Coinbase experience I’ve had so far. There are MANY glitches in the system when you sign up that takes days to weeks to fix. The front line customer support seems to be there to listen to the problem and do nothing about. You have to make a scene to get to the next agent that can actually do something to help. So tell me the advantages of trading futures on Coinbase, I’m really curious.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
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The answer used to be size!. The CME Bitcoin contract is 5 coins (approx $185k at time of writing) but the Micro Bitcoin is only 0.1 coins which is a much smaller, about $3700 notional. I know on coinbase you can buy/trade much smaller amounts but the fees will kill you.
Agree with everything else you said. I've heard horrific things about Coinbase customer support, especially with regards to account freezes and withdrawing money. Maybe those are rare and people are blowing them out of perspective but still something I would rather not deal with.
I’ve been trading the nano BTC futures on Coinbase. I’ll say that the volume being 5x the cme volume is comforting but the actual platform is terrible compared to TradeStation. Very limited tools and no open interest. Fees are currently comparable to my TS rate though. My only other issue is that the contract is tiny and I often put single contract orders in for one instead of 10 to match the CME micro. I still don’t trust customer service to be helpful though. I just learned today that the NinjaTrader platform can trade Coinbase futures so that could be a fix.
In the amount of BTC, yes. But it seems to be much more liquid and I haven’t seen a gap on the 5 minute chart yet. I see gaps on the 5 minute micro often. I’m more confident that a market order will fill at my desired price rather than jumping 100 points. I guess the smooth price movement without gaps makes me feel warm and fuzzy.
