Coinbase Financial Markets (CFM) is open for application to legal residents of the United States who have a U.S. address and social-security number (SSN)/Individual tax-payer identification number (ITIN). Application qualifications include age, trading experience, occupation, income, and net worth.
Note: You'll need to have an existing account on Coinbase Inc. for spot trading before opening your Coinbase Financial Markets futures account.
Futures trading is available via Coinbase Financial Markets at Coinbase Advanced.
In the mobile app, you can view your CFM futures positions and orders. You cannot establish new positions on the mobile app, but you are able to de-risk by closing existing positions or canceling open orders.
Developer documentation can be found here.
To apply for Futures via Coinbase Financial Markets:
Sign in to your Coinbase.com account on web and go to Coinbase Advanced
Select the Futures tab near the top or the banner on the right
Why was my application rejected?
To trade futures contracts via Coinbase Financial Markets, you must meet certain regulatory requirements. You must be a legal resident of the United States with a U.S. address and a SSN/ITIN. We also conduct a review of your age, experience, employer/title, income, and net worth to determine suitability. All information must be verified and a photo ID is required.
For your application to be processed, please ensure:
Your information is complete and accurate
Your legal name on the application matches the name on your Coinbase account (see how to update your legal name)
Your social-security number is correct
Note that more than three application attempts in one day will lead to a cool down period of seven days before you’re allowed to re-apply.
If I made a mistake during my application, can I reapply?
Yes, but note that more than three application attempts in one day will lead to a cool down period of seven days. If you believe there is an error in your rejection, please contact us.
Do I have to be a U.S. resident?
Yes. Futures trading with Coinbase Financial Markets is currently only open to legal residents of the United States who have a U.S. address and SSN/ITIN.
What if I’m a U.S. resident who is temporarily traveling abroad?
Futures trading on Coinbase Financial Markets is still open to you if you reside in the U.S. and have a U.S. address and SSN.
What if I move abroad after being approved?
Futures trading on Coinbase Financial Markets is only available to you while you are a U.S. resident. If you move, you must change your address on your Coinbase Inc. spot account. If you no longer have a U.S. address, the futures order screen will no longer be available to you. Any open positions must be liquidated prior to moving, as you will no longer have access to the order screens. If you have any open positions or orders and no longer reside in the U.S., Coinbase Financial Markets will liquidate your positions and close your orders for you.
Why do you need my social security number?
Coinbase Financial Markets is regulated by the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) which means there are rules and regulations that apply to the trading of futures contracts. Collecting social security numbers is one of those requirements. All data is encrypted and kept private.
Why can’t I access my Coinbase Financial Markets futures account?
You may lose access due to a variety of reasons, including moving outside the U.S. or failure to adhere to rules and regulations. For further details, please see your account agreement and let us know if you still have questions.
How do I close my account?
If you'd like to close your Coinbase Financial Markets futures account, you first need to close your futures positions, cancel any open futures orders, and transfer any funds from your CFM futures account back to your CBI spot account. If you prefer, we can do this during the closure process. Note that transferring cash from CFM to CBI takes up to two business days.
To close your account, select Close futures account near the end of your profile page.
Note: You must close your futures account before you can close your Coinbase Inc. account.
How much leverage is available to me if I’m eligible to trade futures?
The amount of leverage to trade a futures contract is determined by the notional value of the contract (calculated as the price of the underlying asset multiplied by the contract multiplier), divided by the initial margin requirement for that contract. When a new order is placed, the exact amount of leverage for that position will be displayed on the order entry page.
As a reminder, the risk of loss in futures contracts can be substantial. Leverage in futures trading can work for you or against you. The risk of loss using leverage can exceed your initial investment amount.
Example:
You open a long position of 10 nano Bitcoin futures contracts with an entry price of $25,000. Because a nano Bitcoin futures contract is 0.01 of a Bitcoin and you are buying 10 contracts, this results in a notional value of $2,500. Assume the percentage of notional value required for initial margin is 25%.
Your initial margin for this trade is now $25,000 * 0.01 * 10 * 25% = $625.
You now sell 3 nano Bitcoin futures contracts with an entry price of $25,000. Assume the percentage of notional value required for initial margin is 32%, which is different from before.
If you did not have any other open positions or orders, your initial margin for this trade would have been: $25,000 * 0.01 * 3 * 32% = $240. However, since you did have a prior long position, this short trade actually reduces your risk, so you free up some funds and your required additional margin for this trade is $0. Your portfolio’s required margin drops to $625 - $240 = $385. The market can also move against you, resulting in a potential loss.
Can my maximum leverage change throughout the week?
Depending on the direction of your portfolio, your maximum available leverage will differ accordingly. Margin requirements may change during overnight and weekend trading hours due to changing market conditions for example. Your maximum leverage is reflected in the trade screens.
What is the minimum contract size I can trade?
To ensure broader access to the futures markets, we offer Nano BTC futures contracts that are sized at 1/100th of a Bitcoin, and Nano ETH futures contracts that are sized at 1/10th of an Ether.
What is the maximum number of contracts I can trade?
You have limits on the number of positions you can hold across both Bitcoin and Ethereum contracts based on your income and net worth qualifications. To increase your Position Limit Tier, you must certify that you meet additional financial requirements. Our maximum position size is applied per instrument at the portfolio level. Your maximum position size includes existing positions that have already been executed as well as open orders. Note that maximums are subject to change with market conditions.
What does a futures trade cost?
Futures trading through Coinbase Financial Markets is currently available through Coinbase Advanced. Coinbase Advanced users can access futures fees through the platform. Existing Coinbase Advanced users can access their account here.
Why was my stop-limit order rejected?
A stop-limit order can get rejected for various reasons:
Price Conditions not met: For a buy stop-limit order, the limit price must be set above the stop price, while for a sell stop-limit order the limit price should be below the stop price.
Aggressive Limit Price: Futures exchanges have safeguards to prevent overly aggressive orders. If your specified limit price is too aggressive, the exchange may reject your order. What constitutes an aggressive price is determined by the exchange and can vary based on market conditions and specific contracts.
Other factors can also lead to the rejection of a stop-limit order, such as trading halts, market pauses, price gaps, volatility, or technical issues. It's essential to be aware of these factors and adjust your order parameters accordingly to increase the likelihood of a successful execution.
What days and times can I trade futures?
Futures markets are open for trading from Sunday at 6 PM ET until Friday at 5 PM ET with a one-hour break each day from 5 PM - 6 PM ET. No trades can be made outside of the open hours or during market trading holidays.
Day | Time (all times are ET) |
|---|---|
Sunday | 6 PM - 12 AM |
Monday | 12 AM - 5 PM, 6 PM - 12 AM |
Tuesday | 12 AM - 5 PM, 6 PM - 12 AM |
Wednesday | 12 AM - 5 PM, 6 PM - 12 AM |
Thursday | 12 AM - 5 PM, 6 PM - 12 AM |
Friday | 12 AM - 5 PM |
Saturday | Closed |
Why did I receive a “Form 40 Large Trader” notice from the CFTC?
Active traders may receive a routine email from the CFTC if they hold large futures and options positions. If you hold more than 25 futures contracts for BTC or ETH at market close, the CFTC may ask you to complete Form 40. To avoid potential trading restrictions or penalties, complete the "Statement of Reporting Trader" Form 40 when asked. The CFTC's email will include a 9-digit code in the subject line, a link to their portal, a due date, and additional filing information. Note that reaching a reporting level doesn't guarantee a Form 40 request.
For more information and assistance, please visit the CFTC’s FAQ page.