What is changing?

New trading pairs are available on our Spot and Futures markets.
All Futures are denominated in USD.
Your equity will be displayed in USD.
Eligible collateral for futures trading includes EUR, GBP, and USD.
This means you can now open positions using collateral that is different from the quote asset. In other words, you can use EUR, GBP, or USD as collateral when opening a position.
1 minute settlements on your futures position will be paid out in USD.
USD profits can be withdrawn in a fiat currency of your choice - EUR or GBP.
We now offer a unified account experience, allowing you to trade spot and futures from the same account without creating sub-accounts or moving funds around.
EUR trading pairs are removed from the Spot markets, except for USDC/EUR.
Spot markets will support an expanded number of USDC pairs.
You can still trade EUR pairs via Instant Trade.
USD deposits coming soon.

Why is One Trading making changes?

Most global crypto markets operate in USD, where spreads are typically tighter than in EUR markets. As a result, traders benefit from better pricing and more efficient execution. By switching to USD, overall liquidity and trade quality will improve.

Can I deposit or withdraw USD?

No. USD deposits and withdrawals are not directly supported. This functionality is planned to be added shortly after launch. In the meantime you can use our conversion feature in order to facilitate any USD-related conversions.

How do I deposit USD without using a bank wire?

You can deposit USD by converting your existing EUR or GBP balance into USD using our built-in conversion feature. The conversion is instant. Once completed, the USD funds will be available in your account right away.

Please note that currency conversions are not processed during the weekend.

How do I withdraw USD without using a bank wire?

To withdraw USD, first convert your USD balance into a supported currency such as EUR or GBP using our built-in conversion feature. The conversion is instant. After converting, you can withdraw the funds directly to your bank account.

Please note that currency conversions are not processed during the weekend.

What is a haircut and why is it applied to my collateral?

A haircut is a small percentage reduction applied to the value of your collateral when it is calculated into USD for margin and risk management purposes. It is designed to account for short-term foreign exchange fluctuations between USD and your collateral currency.

Applying a haircut helps reduce the impact of sudden currency movements and ensures that margin requirements remain stable, especially during periods of high market volatility. The current haircut applied is 1%.

Can I convert USD profits to EUR or GBP during the weekend?

No. Currency conversion from USD to EUR or GBP is only available when currency markets are open in order to offer the best rates to our customers. As a result, conversions are not processed during weekends.

Will the value of my open positions fluctuate because of USD/EUR or USD/GBP rates?

Yes. Your open position itself continues to fluctuate based on market price movements. However, because futures are priced in USD while your collateral is held in EUR or GBP, changes in foreign exchange (FX) rates can affect the USD value of your collateral. Significant FX movements may increase your margin requirements and can lead to liquidation even if the market price of your position remains relatively stable.

For more detailed information about the associated risks, please review our Risk Disclosure

Can I still trade EUR spot pairs on the exchange?

All EUR spot pairs will be delisted except for USDC/EUR. EUR spot pairs will remain available on Instant Trade.

Does any of this change the Futures Eligibility appropriateness test?

No. The Futures eligibility process stays the same.

Do I need to retake the Futures appropriateness test?

Does 10x leverage still apply?

Yes. Leverage limits remain unchanged.

What happens to my current open Futures positions?

During the product launch, all previous open positions will be closed and settled. You will be able to open new positions denominated in USD. Note: The closing of these positions may create a tax liability.

Will my margin requirements change?

Your margin requirements won’t change if you use USD to open a position, as there is no haircut for USD. If you open a position with EUR or GBP collateral, a 1% haircut is applied therefore in this case your margin requirements change.

Do I still need a separate sub-account to trade futures?

No, you no longer need to create a separate futures sub-account. You can now trade futures directly from your main account using cross-margin, which means all eligible collateral in your main account can be shared across your open futures positions.

What is cross-margin and how is it different from isolated margin?

Cross-margin uses all eligible collateral in your main account (EUR, GBP and USD) to support your futures positions. Your entire eligible balance acts as a shared margin across all open positions, which can help reduce liquidation risk by pooling margin rather than assigning it to individual positions.

Can I separate risk between futures positions?

Yes. While futures trading on your main account uses cross-margin, you can create a separate sub-account if you want to isolate funds from your main balance. Funds held in a sub-account do not interact with your main account and are margined independently, allowing you to limit the amount of collateral exposed to futures trading.

How is my equity calculated in USD?

We show your total assets in USD by using the most recent foreign exchange pricing.

Example:

You have 100 EUR in your account.

The current EUR → USD FX rate is 1.15 (i.e., 1 EUR = 1.15 USD).

Account Equity

Your equity in USD terms: 100 EUR x 1.15 (FX rate) × 99% (haircut) = 113.85USD

How do liquidations happen with the new changes?

We have a full article how liquidations work including the new changes here for you:

A Guide to Futures Liquidations

Summary

Futures contracts → USD denominated
New Listings → 10x New futures contracts to trade
Spot pairs → USDC denominated
New Spot pairs
Collateral → EUR, GBP, USD
PnL → calculated in USD, withdrawn in EUR/GBP
No USD deposits/withdrawals at the moment
Better pricing and tighter spreads due to USD markets

FAQs: Changes on the Exchange