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Ripple - coming soon


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I personally want to be long on ripple from the second the market opens. If we wait much longer the price will already have, as the crypto forums tend to predict, 'gone to the moon', well maybe a half way. Either way has anyone got any idea when this market will open; January? February? Next year?

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Hi James,

 

Can I be a pain? About to try a first small adventure into crypto and want to understand what I'm doing and not get any nasty surprises! Am I right that for each contract (of the minimum 10 coins) the overnight charge if long works out about 1.5p? And that like normal FX the only cost is in the spread - no additional dealing costs? Want to try one small trade first to understand what I'm doing but at the moment it all looks so easy, so checking I haven't missed something!

 

Thanks,

Cate

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Actually, something seems to be wrong with the dealing tickets unless I'm really confused. I tried opening a position to test what I needed to do, using the minimum contract size, and the ticket showed that my margin requirement for 10 contracts was about £8 but then I got a message telling me to increase the funding in my account, which suggested that the actual margin it wanted was more like about £800. I'm a bit confused now... 

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cate wrote:

Actually, something seems to be wrong with the dealing tickets unless I'm really confused. I tried opening a position to test what I needed to do, using the minimum contract size, and the ticket showed that my margin requirement for 10 contracts was about £8 but then I got a message telling me to increase the funding in my account, which suggested that the actual margin it wanted was more like about £800. I'm a bit confused now... 

Hi  

 

So 10 contracts of the $1 contract would basically be a $10 per point movement, and a notional value of $2850 (assuming a price of Ripple of 2.85). The margin required on this would therefore be about $1140 (at a 40% margin requirement) which is about £840. This is the value that should have been displayed at the bottom of the deal ticket. Please can you screenshot if you are seeing something different / the discrepancy and I can investigate.

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Hi all let me try and answer a few questions quickly.


Benny wrote:

Yes
if only you had introduced Ripple when I suggested it back in July 2017 I would have made a killing by now!

Mornin'  - We will always try and get out products as quickly as possible if there is sufficient client demand. Cryptocurrencies, however, pose a relatively new and truly unique asset class. Our priority is to make sure the offering we have when we come to market is robust, safe, and suitable for our clients and the business as a whole.

 

Other companies may have managed to get to market sooner, but I don't believe their offering is nearly as good; (markets.com charging nearly £5000 a month to hold £1 a point in bitcoin for example, or Plus charging 150 points in spread and forcing you to have a tiny exposure and roll every week...).

 

So long story short, we will work as quickly as possible to get you the best product we can, which will stand the test of time, be significantly competitive on cost, and continue to be a market leader in this space. Unfortunately this does make the delivery a little bit slower, so I apologise for that.


theroyaljester wrote:

Have searched high and low, under crypto currencies etc. Nothing, wonder - are you on the IG Australia platform?

Hi  Yes you should be able to see Ripple on the Aus CFD platform. 

 

fmradio05 wrote:

Think its not open in all markets yet. I dont see it in IG SG as well.

Hi  - apologies about the confusion - at the moment of posting I thought that this was live for all locals. I have just double checked and our Singaporean compliance office (and Dubai) need to sign off a few things before this can 'go live'. Each region has slightly different restrictions which need to be worked through. I shall try and keep you updated, but I  hope this will be today or Monday. 

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Thanks James. I think it must have just been a bug in the few hours after Ripple went live, because it's all sorted now. I do notice though that the £1 contract seems to have disappeared and there's only the $1 one now, so maybe things are still changing a bit at the moment.

 

Best wishes,

Cate

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