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Ripple - coming soon

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I wonder how long we will have to wait until this is available? Do we have a time frame IG?

 

Thanks

 

Andy

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Hi - unfortunately we do not have an update at this time for Ripple. 

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James,

 

First of all thank you bringing Ripple to the IG Cryptocurrency platform.

 

However, it is extremely frustrating seeing the 'coming soon' bit. I think many of us would much rather IG just show Ripple once it is ready for its clients to trade as having it show but not being able to trade it is both annoying and pointless.

 

I do hope that Crypto's like Stellar, IOTA, Dash, etc. are all coming soon too. I think if IG can have at least the top five if not top ten by market cap available to trade on its platform then it will be extremely good to attract new clients and keep existing clients.

 

All the best

 

TrendFollower

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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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Looking at the info, I see that each contract is for 100 coins, so the minimum holding will be 1,000. I think the dealing ticket is calculating the margin for holding 10 coins by mistake? 

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Excellent James. About time. This is fantastic.

 

It is a shame we all missed out on 38000% plus 'LEVERAGE' on top which makes me dizzy just thinking about the potential returns we have missed out on.

 

'STELLAR LUMENS' next please!

 

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

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HAHA That’s if you are assuming you will not get the favourite phrase “unlongable “. In any case I don’t see it in SG IG platform for XRP yet

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I assume IG SG is IG in Singapore. It could be that Ripple is only available for IG UK. Ripple is showing under 'Cryptocurrency' on the IG UK spread betting platform.

 

Only James can clarify whether IG will be allowing non UK IG customers to trade Ripple in other countries. 

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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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How long until Ripple is longable again? Been trying for last few days, worried I’m gna miss another jump

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I would not worry as the price action does not support a long position at the moment. The overall trend has been down since it was made available to trade on IG. The smart money was made on the run up to it staggering 38000% return. You have not missed out!

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I'm actually waiting for it to be longable to build a position long too. Once the upward trend starts it will be unlongable all the way up!

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For me from a risk management perspective that is an extremely risky strategy. Remember, Ripple, went up 38000% last year. Therefore any correction could easily be in the thousands of percent!

 

I would not want to even consider a long position when the there is a downward trend in play. I would wait for signs that the trend has reversed before taking a long position. Then you can always add on any dips along the way. This then on the balance of probability attempts the chances of the trade to be successful more in your favour through no guarantee. 

 

If Ripple became 'longable' and you opened a long position. Then it went down further and you kept on adding long positions then you could just be maximising your losses instead of profits. These are just my personal thoughts.

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