1Pool, the company behind bitcoin-denominated trading platform 1Broker announced today a new dedicated service for BTC/USD trading to launch in Q3 called 1gox. During the past few weeks, the company has been criticized for price variances in its BTC/USD market on 1Broker. Due to the high volatility and the extreme growth of the company user-base, it reached a point where it had to react to fix the issues.
The 1Broker team stated:
“The increased spread, high overnight financing charges and constant full allocation of the available funds are against our philosophy of offering a transparent and low-fee trading platform. Apart from the unprofitable nature of this market, many traders are frustrated, which we can accept no longer: Starting on Thursday 25th, 2017 (2:00 p.m. New York time) no new orders can be created on our BTC/USD market. Open orders and positions can be closed until Friday, June 9th, 2017 (5:00 p.m. New York time). On this date, all remaining BTC/USD positions and orders will be force-closed.”
A new era for BTC/USD market
As mentioned, 1Pool is now working on a completely new and dedicated trading platform for the BTC/USD market at newly set up 1gox.com. The 1gox platform will offer a unique trading engine and business model. The service will specialize in the BTC market and be a sibling service to 1Broker.com. More details are still to come on the mechanics behind the new and improved trading infrastructure.