We are happy to announce that Bitcoin futures are now supported on the Jigsaw daytradr™ platform.
Bitcoin Futures with symbol "XBT" on CBOE are now live and will be followed on the 18th with the "BTC" contract on the CME. You'll need to download version 126.96.36.199 of Jigsaw daytradr™ and then run the instrument download for CBOE and CME...
So far, Bitcoin Futures are not very liquid but then it is just Sunday night on the first day. The lack of liquidity makes them appear to be a high risk instrument, certainly from an outright trading perspective.
We'll be watching this instrument very closely over the next few weeks to see if Bitcoin Futures represent a trading opportunity with an acceptable level of risk. It's not often we see the birth of a totally new instrument or one with so much hype and expectation. Certainly, the meteoric rise in Bitcoin price over the last few months does feel like a bubble. Not that this is a bad thing for us short term traders!
There is a real need for electronic currency. It's just debatable whether the governments around the world will really allow private companies to effectively have a hand in the currency supply. For most of us, the majority of our transactions (value-wise) are electronic. Right now, the credit card companies are in the middle of most of those transactions, effectively becoming a tax on electronic transactions. They have had it really good for a really long time but if you aren't borrowing on your card, they don't really provide much value.
Along with governments, I am sure the credit card companies themselves are nervous about Bitcoin and the like. Add to that the fact that there's so much excitement about Bitcoin right now with many non-professionals buying into it, it does seem that we have a lot of factors that will cause volatility. As long as we can get into and out of trades at a decent price, that's a good thing. If there's huge spreads and slippage, it's probably worth a rain-check.
The video below shows how to access Bitcoin Futures on the Jigsaw daytradr™ platform. We'll keep you posted on any up