Chart updates, crypto pairs, and weekend funding
Entry posted by JamesIG
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IG Product Update July 2018
We recently made a post on Community showcasing a number of ways you can leave feedback and suggest improvements regarding our products and services. I wanted to follow up with our first ever ‘Product Update’ post so you can see some of the recent improvements we have made on the back of our continued two way communication which has helped IG become the global leader.
The recent updates include,
- Partially close positions via charts
- Market name watermarks for all charts
- New ether/bitcoin (ETH/BTC) crypto pair (and vote on which NEW crypto asset you are most interested in)
- Changes to weekend overnight funding
- An improved way to get in contact with Trading Services
Partially close positions via charts
This brand new feature is now available on charts for both the web trading platform and on mobile. When ‘1-click dealing’ is not enabled you will be able to confirm whether or not you want to close the whole position, or to partially close via a pop up dialogue box. To use this functionality click 'close' (1) on the chart, change the 'Sell' value (for example in this screenshot you can change 4 to 2 to only close half the position), followed by 'Submit'. The window will show the ‘Closing P&L’ as well as the ‘Margin Returned’.
Market name watermarks for all charts
To add clarity and ease of use it is now possible to display the name of the market in the background of the charts. This feature is disabled by default but can be activated from the “customise appearance” menu which is brought up by right clicking on the chart, ticking the “show watermark” checkbox, and clicking 'Apply'. Once activated every charts will start showing the market name. The watermark will also be displayed on the image produced using the “export chart” option.
This should be an incredibly useful feature for those who have a number of charts open at the same time, as well as those who share their chart set ups online, with friends, and on IG Community.
New ether/bitcoin cryptocurrency pair
The ETH/BTC pair has been a tradable cryptocurrency asset on the IG platform for a couple of months and is calculated by taking the mid-price of ether and dividing it by the mid-price of bitcoin. We then adjust the decimal (in much the same way as we do for our FX pairs) to make the number easier to trade on the IG platform. A single point is anything to the left of the decimal.
For example;
Ether price: 440 USD
Bitcoin price: 6150 USD
ETH/BTC: 440 / 6150 = 0.07154
IG platform price: 715.4
One point means: A price move from 715.4 up to 716.4 (or down to 714.4) would be one point.
This is a great addition to our cryptocurrency offering as it gives a new way to gain exposure to the sometimes volatile market conditions of virtual currencies. Unlike trading other highly correlated cryptos, the ETHBTC pair gives a different trading opportunity which trend followers, technical analyst, and fundamental traders alike may enjoy.
We are also looking to our IG Community members and other IG clients to see which new crypto asset they are interested in (which IG doesn't currently offer). You can check out this poll to vote on which new crypto asset you are most interested in. Feel free to add comments and questions to the post if you would like to chat further.
Changes to weekend overnight funding
We have also changed overnight funding on cryptocurrency positions held over the weekend. Previously, we were charging three nights funding on Wednesday to account for the weekend (in the same way as the majority of conventional FX pairs are calculated on a T+2 basis), but seeing as we offer these markets on Saturday and Sunday it is more appropriate to charge on a daily basis.
We will also begin charging overnight funding for weekend index positions held through 10pm (UK time) Saturday and Sunday. The charges will be calculated in exactly the same way as our weekday indices. It’s also worth noting that anyone with AUD denominated contracts will be charged based on their positions at 10pm (UK time).
An improved way to get in contact with Trading Services
If you have ever had a query relating to your IG account, your trade activity, or the financial markets then it’s likely you’ve spoken to one of our Trading Services representatives. Over the last couple of years we have also rolled out IG Academy, a Help and Support Centre, and a new IG Community to better answer your questions.
Recently we have rolled out a brand new ‘Contact Us’ page on IG.com. This page contains a web browser contact form which will automatically allocated your contact query to the correct department, increasing the speed of a resolution and reply.
I hope you find the above updates useful.
You can find out how to submit feedback to IG here if you want to continue to help shape the future of IG.
Any questions, just ask.
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