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JamesIG

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Everything posted by JamesIG

  1. Hi all - for clarity this is for Singapore only. Previously the regulators were happy for us to classify gold/silver as an FX asset, however now they are classifying as a Commodity. The effect of this a regulatory requirement to increase margin rates. hope this clears it up.
  2. Please be aware that due to year end market factors we are seeing significant moves in the funding rates for most FX pairs. This has been observed across the market, although some pairs are looking to be worse affected than others (most notably if you are short US dollars). These factors include financial institutions balancing their books before the end of the year, putting a strain on certain currencies. You can see overnight funding charges on FX pairs by using the link to the right. This is currently only available in desktop/web trading platform for leverage accounts. What does this mean for you Funding rates for FX pairs can be extremely volatile, resulting in your daily funding adjustments being much higher than normal. To the best of our knowledge this will affect JPY crosses held past 10pm on the 26th December, CAD crosses and USDTRY positions held past 10pm on the 28th December, and most other pairs including gold and silver held past 10pm on the 27th December. As an example, for a normal 2-day roll charge on EURUSD you would receive 1.7pts for a short position and pay 1.79pts for a long position (+/- IG’s admin charge). Current rates are indicating receiving/paying 6 times these amounts should you hold your positions through year end snapshot dates, but these rates can change. All things being equal, the FX tradeable price should adjust to reflect these rates but this is out of our control. The funding rates shown on the platform are indicative and subject to change.
  3. JamesIG

    Nationality

    @Caseynotes @TrendFollower - strange... let me investigate why you can't see it.
  4. JamesIG

    Nationality

    thanks @TrendFollower - please also remember there is a 'report port' button which we can react to quicker. Thanks for the heads up.
  5. JamesIG

    Market impact

    You should be able to on the CFD platform (with deals executed via DMA) and share dealing, however not on spread betting as we don't want any ambiguity or conflicts of interest executing trades from OTC bets for our own listed company.
  6. JamesIG

    Market impact

    Whilst there is a certain level of complexity in what we offer, the basic premise is this: We take the underlying market data streams and present them to our client base in the form of CFD and Spread Bets. We have nearly 200,000 clients, and because of this it means we don't need to hedge or replicate every trade in the underlying market, because statistically it's likely that opposing views on the market direction will be met by our clients. For example, if someone trades £10/pt long on the FTSE, there's a high likelihood that someone else will trade £10 short on the same market within a few minutes meaning that we don't need to hedge or replicate each and every trade directly in the market. We therefore have a specific risk profile which we are happy to accept in any one direction for a specific amount of time before hedging those cumulative trades. We therefore have no opinion on market direction, we don't know or mind which way the market moves, and therefore we are impartial bullish or bearish market movements as long as we can replicate and hedge those trades. An absolute priority is to fill each individual client's position at the best possible price via best execution policies, and therefore by a very rough analogy we act as an intermediary "broker" giving our client base access to the markets in a leveraged fashion. Hopefully this clarifies?
  7. JamesIG

    #IGCommodityChat: Base Metals

    Exploring base metal markets Join us on Thursday 6th December at 1pm for the final #IGCommodityChat, when we will be talking to economist Daniel Lacalle and mining analyst John Meyer about base metal markets. Put your questions to the experts as part of the live Q&A by using #IGCommodityChat using the comments section below. Submit your questions now There will be a live Q&A during the session, so you can put forward any topics you want answered. Post your questions to the #IGCommodityChat using the comments section below, and check out one of the latest #IGChats we recently posted on oil and gold to get a flavour of what to expect. The show will be broadcast live from within the dealing platform as well as via a special YouTube link and on various social channels. How political unrest impacts base metal supply What the effect of the US-China trade war has been on base metal prices How global growth (or a lack thereof) is impacting global demand The base metal mining stocks to watch
  8. Continuing our #IGCommodityChat and following our previous chat on gold, join us on Thursday the 29 November at 1pm (UK time) to discuss the future of the oil market with industry advisor Malcolm Graham-Wood and Spencer Welch, director of oil markets at IHS Markit. Submit your questions now or during the live show Use the comments section at the bottom of the blog (even if you're not an IG client or not logged in) and we'll put them to the panel. If there are any questions which we don't get to in the live show our senior sales traders will look to get you an answer and continue the discussion. We'll also look to answer questions posted here. UPDATE at 13.01: minor technical issues will cause a delay with the start of the stream. I will update when we're live. UPDATE at 13.07: This is now live on the platform only. We'll push to Community afterwards. UPDATE at 14.10: The live show is now accessible above. With so much uncertainty surrounding the future of the oil market, we’ll be taking a look at how the industry changes might influence the price of oil. You can watch the live stream at 1pm (UK time) via the trading platform.
  9. JamesIG

    Cannabis Related Stocks As A Whole

    You may find this article useful. https://www.ig.com/uk/trading-opportunities/best-marijuana-stocks-to-watch-180530 If there are any companies you would like to add to the platform, as long as they are traded via a centralised electronically matched exchange and meet out minimum requirements such as market cap and free float, we will look to add them. This is done on a case by case basis.
  10. JamesIG

    LIVE video at 1pm - #IGCommodityChat: Oil

    For anyone interested, here are some 'behind the scenes'.
  11. JamesIG

    LIVE video at 1pm - #IGCommodityChat: Oil

    Hi all - apologies about the earlier issue @nightingale @Caseynotes @Whiterose @sanjayish and anyone else who may have been watching. You can now watch the video back using the link below, or updated video in the main blog.
  12. JamesIG

    #IGCommodityChat: Oil

    For those following this chat, please see the video link below.
  13. JamesIG

    LIVE video at 1pm - #IGCommodityChat: Oil

    UPDATE at 13.07: Hi all - unfortunately we are having issues pushing to YouTube. This is now Live on the platform only. We'll push the recorded video to Community afterwards. Apologies about this - our two live shows this morning didn't have issues so we'll need to investigate.
  14. JamesIG

    Crude Oil (WTI)

    for those interested this kicks off in 40 minutes and will be available after the live show. If you want to submit any questions please do so on that link below as I won't be checking this thread.
  15. Hi @jabroni - when transferring shares out of IG you need to be in contact with the new broker you are moving your positions to. In most cases this involves you filling out a form on their side. As you noted above, the rejection seems to have come from your new broker, not IG, rejecting your form due to you not filling in the specific lines of stock (or all stock lines) you are looking to transfer. We'll look to get this resolved as soon as you have completed their requirements for transfer.
  16. There has been a significant increase in media coverage for Cryptocurrencies such as Bitcoin and Ethereum, so I thought I would create an 'IG Community Mega Thread' to answer any questions relating to trading these markets with IG. If you have any questions, please leave a comment below. We will also be updating a list of third party websites at the bottom of this post which are useful for research, fundamental analysis, market movers, news and general Cryptocurrency discussion. Please remember that these links are external to IG, and may contain views and opinions on market direction. Proper due diligence is encouraged. Please feel free to add links and articles which others may find interesting. This is a long post, but by the end all your questions should be answered. Contents History and real world uses of Cryptocurrency Bitcoin: Satoshi's white paper and the start of Blockchain How does Bitcoin work? What is the difference between Bitcoin (BTC) and Bitcoin Cash (BCH)? Ethereum: What is it and what is Ether (ETH)? How do you trade Cryptocurrencies with IG? Spread Betting and CFD Cryptocurrency trading Trading Cryptocurrencies with IG FAQs How does IG price Cryptocurrencies? What impacts Bitcoin and Ether spread? What are the overnight funding charges on Cryptocurrency? Do I need a wallet to trade Cryptocurrency markets with IG? Do you offer advanced order types? When are your Cryptocurrency markets available? What is IGs policy on Blockchain hard forks? Final notes and a list of links History and real world use of Cryptocurrencies Bitcoin: Satoshi’s white paper and the start of Blockchain In 2008 a research paper was sent to a closed mailing list of cryptographic computer scientists entitled “Bitcoin: A Peer to Peer Electronic Cash System”. This paper, written under the pseudonym Satoshi Nakamoto, was the pre-cursor for the open source Bitcoin network released in 2009, and Blockchain technology which it relies on. Bitcoin (BTC) was revolutionary in that it solved the ‘double-spend’ problem. No one, until Satoshi, had figured out a way to stop the duplication or creation of additional tokens for a digital currency, without a middle man or counterparty. This inability to be copied or created out of thin air is important because it fulfils the two attributes which give anything value; it provides utility (a payments system) and scarcity (there is a finite supply of Bitcoin, and no way to ‘double spend’ or create additional tokens). Bitcoin is both decentralised and open source. This means that any member of the Bitcoin community can edit Satoshi’s code, and then vote on whether or not to implement these changes. This is an important attribute of the cryptocurrency, which recently has resulted in Bitcoin ‘fork’. We will talk about that more in depth later. Satoshi’s identity has never been verified, and he’s had no known involvement in Bitcoin since 2010. He did however ‘pass the reigns’ to a group of cryptographers he had never met in person, who are now known as core developers of the ‘Bitcoin Foundation’. They describe themselves as a non-profit organization who aim to educate others and increase adoption for Bitcoin and Blockchain technology. How does Bitcoin work? When you send Bitcoin from one individual to another, the transaction is recorded on a public distributed ledger and sent to all the computers, known as ‘Nodes’, connected to the network. These transactions are grouped together in a ‘Block’ of data, and all the connected computers compete to validate, or ‘mine’, these transactions. The computer, and therefore individual, that first validates each Block is rewarded by automatically being sent Bitcoin by the networks algorithm. This is the only way Bitcoin is created, and therefore, there will only ever be 21 million Bitcoin in existence. A pre-defined schedule, hardwired into the protocol, restricts mining of Blocks and Bitcoin released to about 12 BTC every 10 minutes, although this pay out halves every 4 years. If you follow through with the maths, this means that the last Bitcoin to be mined will be in 2140; yes that’s correct, about 123 years from now. These Bitcoin Blocks are mathematically and cryptographically irrefutable, and once validated, create a chain of transactions leading back to the 1st ‘Genesis Block’ mined by Satoshi in 2009. All of this happens automatically and on a back end system, with a user simply seeing the movement of BTC from themselves (their BTC wallet) to another’s. What is the difference between Bitcoin (BTC) and Bitcoin Cash (BCH)? Evolution of the open source Bitcoin software is achieved through decentralised consensus. In other words, if you want to make a change to the Bitcoin code, everyone who validates the Blocks of Bitcoin transactions gets to vote on whether they wish to take up the changes. This means that there is a chance for a split opinion on which code to use. From 2015 onwards there has been a debate within the community on how to best scale Bitcoin. The fundamental issue is that each Block can only hold a certain number of transactions, 1mb worth, and with more and more people using the network, transactions were becoming slow and expensive. IGTV 9 September 2017: August has been a historical month for Bitcoin because it has split and divided opinion as a result. Ryan Radloff, XBT's head of investor relations explains what this so-called forking means for investors of the digital currency. Two ‘philosophies’, or competing code ideas, came to surface. One is known as on-chain scaling, whilst the other is referred to as off-chain scaling. There are pros and cons for each side of the argument, but lack of a clear consensus led to the Blockchain splitting, or ‘forking’, into two separate chains. This occurred on the 1st August 2017, with each group of Bitcoin miners (those who validate the Blocks) continuing to support their individual chains. The primary difference between BTC and BCH is the back end code, but this is something which could really have an impact on the price of these competing Blockchains. If one over the other is seen as more efficient or profitable to mine, then over time it could pull more miners and individual users. This increases the chance of the other chain fading away due to neglect, or being attacked by malicious individuals who want to invalidate the Block verification process. Ethereum: what is it and what is Ether (ETH)? In much the same way as Bitcoin, Ethereum runs on a decentralised, public, open sourced Blockchain. However, rather than being a peer to peer electronic cash system the network supports automatically executed scripts, or smart contracts, via the Ethereum Virtual Machine. The advantages of the Ethereum network over Bitcoin is that it provides a platform protocol for others to build decentralised applications, or Dapps, on a distributed Blockchain via a derived and widely used scripting language. These applications “run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.” The network runs on its own cryptocurrency called Ether (ETH) which is destroyed, or burnt, to process actions and automated smart contracts. Those within the community sometimes refer to ETH as ‘gas’ because it is seen as a commodity which needs to be destroyed in order to ‘run’ contracts on the Ethereum network, known as the Ethereum Virtual Machine or EVM. Blocks are still mined and individuals rewarded with ETH, however the supply isn’t finite and the distribution algorithm is more complex. In the near future Ether won’t be mined to validate the Blockchain, but instead used to stake a claim in the validity of a Block. This is known as ‘Proof of Stake’ over the ‘Proof of Work’ concept, and I will write another article explaining this at a later date. Although Ethereum and Ether are separate parts of the same protocol, many use the terminology interchangeably. For example people would say that they “own some Ethereum” even though they really hold Ether. The ecosystem was proposed and developed by a cryptocurrency researcher and programmer Vitalik Buterin who was a prominent advocate of Bitcoin, and actually co-founded the Bitcoin Magazine. The network went live at the end of July 2015 and to date, has had a very interesting history. Most notably there was a hard fork initiated by the core team which rolled back the Blockchain to invalidate a hack on a widely used Dapp, known as the DAO. If you would like to know more about this, just let me know in the comments below. All trading involves risk. Losses can exceed deposits. How do you trade Cryptocurrency with IG? Spread Betting and CFD trading Cryptocurrencies You can trade Bitcoin and Ether as an IG client via a leveraged Spread Betting or CFD account. You don’t need a wallet or additional offline storage device, and account verification and KYC checks are automatic. With IG you are not buying or selling the underlying Cryptocurrency, but instead speculating on the price movement. Once you’ve logged in to your IG account, simply navigate to the search box, search for ‘Bitcoin’ or ‘Ether’ and bring up a deal ticket. We offer BTC, BCH, and ETH in USD, GBP, or EUR. In the underlying market, cryptocurrency’s have greater liquidity against the USD, so for this community page we will continue to discuss in USD terms. If you are Spread Betting then you place a bet based on a point’s movement in the underlying market. A point is anything to the left of the decimal place, and therefore you are betting per USD movement in the market. A CFD contract will be the same, however your profit/loss per USD movement in the underlying market will be the Contract Size x Number of Contracts. It’s worth noting that you cannot trade Cryptocurrency via a Share Dealing account, ISA, SIPP or Smart Portfolio. Trading Cryptocurrency with IG FAQs The information below is accurate at the time of going to print, however due to the nature of the IG Community forum, some of the specifics below could be out of date. Please check the appropriate page on IG.com, or the ‘Info’ section on the dealing platform for the most up to date information. Unless specifically stated, the term ‘Bitcoin’ refers to both Bitcoin (BTC) and Bitcoin Cash (BCH). Please add any further Bitcoin or Ethereum questions in the comments section below and someone from the community, or an IG moderator, can answer you as soon as possible. What order types do you offer? If you want to trade now you can select the ‘Deal’ tab, fill in your size, and select one of the following: Current price or better: This default trade option will open your position at the current price or better if the market moves in your favour. Points through current: This gives you more control of your execution by allowing you to trade through the current price, up to certain tolerance as defined in your deal ticket. This is useful in reducing order rejection in a volatile or illiquid market, or if you trade in larger size. Market order: If you want to increase the likelihood of being filled, irrespective of price, you can select Market Order. To increase the chance of successful execution, the IG deal ticket will default to accept partial fills. If you use this feature, IG will only partially fill a trade as an alternative to outright rejection, and you will never be partially filled if an entire fill is possible. We also offer a range of stops and limits so you can exit your open position at specific price levels. These include trailing stops which will follow your trade if the market moves in your favour, and guaranteed stops that will always be filled at the exact level you select (even if the market gaps over the level you selected). Regular stops are available too. If you want to trade when the market gets to a certain level, use the order tab: A stop order, once triggered, will be filled at the prevailing market price, however this could be a less favorable level than you selected. A limit order will give you control over your entry point, but your entry level must be placed at a more favorable level than the current market. Once triggered your entry level will always be the price you selected or better. How does IG price Cryptocurrency? Bitcoin and Ether is priced by taking a number of different price feeds from some of the largest exchanges and liquidity providers, and wrapping the IG spread about the best bid and offer (sell and buy price) in real time. We price cryptocurrencies in a similar way to how we price our FX markets. There is a video below which is worth watching, especially from the 2 minute mark, which explains our currency pricing model. What impacts Bitcoin and Ether spread? At IG we know that spread is an important factor for our clients, and we have worked hard to create some of the narrowest in the industry for FX, commodities, futures and other asset types. We are continuing this with crypto currencies but there are unique factors affecting these digital assets which mean that the difference between the buy and sell price (the spread) is larger than normal. The market is still in its infancy and liquidity is relatively low. The majority of exchanges we deal with (which are some of the largest exchanges in the world) only have a few coins available at the touch price. For example, if you were to deal 1 CFD contract for Bitcoin (USD) your trade would be the equivalent of buying or selling 100 coins on exchange. Cryptocurrency is priced on multiple exchanges, but there isn’t a singular ‘best bid and offer’. Therefore you get a number of different quotes which need to be taken into account. The list below is an example of the divergence in price on Bitcoin/USD at the moment of going to print for some of largest exchanges by volume (for the preceding 24 hours). Exchange Pair 24hr volume Last traded price Exchange 1 BTC/USD $158,317,000 $4215.40 Exchange 2 BTC/USD $66,580,500 $4212.43 Exchange 3 BTC/USD $56,507,600 $4220.00 Exchange 4 BTC/USD $52,349,100 $4220.10 Exchange 5 BTC/USD $25,996,400 $4236.93 Exchange 6 BTC/USD $22,151,800 $4347.95 Exchange 7 BTC/USD $18,488,400 $4299.81 Exchange 8 BTC/USD $11,558,100 $4216.61 Exchange 9 BTC/USD $6,298,700 $4209.35 Exchange 10 BTC/USD $4,844,130 $4263.70 What is the overnight funding on Cryptocurrency? Bitcoin (BTC) funding will be charged at 0.0416% daily for any position that is open at 10pm (London time). Bitcoin Cash (BCH) funding will be charged at 0.0556%% daily for any position that is open at 10pm (London time). Ether (ETH) funding will be 0.0556% daily for long and short positions daily for any position that is open at 10pm (London time). There is no TomNext rate in the same way as there is for other currency pairs, so this value incorporates the primary risks for IG in offering Bitcoin. These include low liquidity at touch price, exchange risk, wallet risk, and the costs associated with cold storage. Do I need a wallet to trade Cryptocurrency markets with IG? No. With IG you are simply speculating on the price movement of Bitcoin and Ether, rather than holding the underlying asset. When are your Cryptocurrency markets available? Bitcoin, Bitcoin Cash and Ether USD markets are available from 8am on Sunday morning through to 10pm on Friday night (London time / market holidays permitting). Other markets (EUR and GBP) will open at 9pm Sunday (London time). What is IG’s policy on Blockchain hard forks? We base the price of our Bitcoin and Ether contracts on the underlying market, made available to us by the exchanges and market-makers with which we trade. In the majority of instances when a Blockchain forks, only one ‘survives’ and the old version is then discontinued by the community. In the event that one version isn’t discontinued – known as a hard fork – we will generally follow the Blockchain that has the majority consensus of cryptocurrency users, and will therefore use this as the basis for our Bitcoin and Ether contracts. IG reserves the right to determine which Blockchain and cryptocurrency unit has the majority consensus behind them. If the hard fork results in a viable second cryptocurrency becoming tradeable on exchanges we have access to, then in our absolute discretion, we may create an equivalent position or cash adjustment on client accounts to reflect its value, however we will have no obligation to do so. When a hard fork occurs, there may be substantial price volatility around the event, and we may suspend trading throughout if we do not have reliable prices from the underlying market. Final notes and list of links I hope people have found this interesting. We will continue to answer questions below, and of course post links and interesting articles which may help with fundamental analysis. Periodically we will also update a list of useful locations to check news, so if you would like to submit a link, please do so below. Coindesk - Leader in Blockchain news (submitted by ) Cointelegraph - Bitcoin & Ethereum Blockchain News (submitted by ) Coin Dance - Blockchain data to see if BTC or BCH is more profitable Ethereum Blog - Direct updates on Ethereum from the core Devs and founder Vitalik Buterin The Cryptoverse - YouTube and Podcast with daily updates on Blockchain events Cryptocoinnews.com - For Ethereum, Bitcoin and Blockchain EtherScan - Charts and analysis of the Ethereum Blockchain Blockchain Info - Charts and analysis of the Bitcoin Blockchain This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  17. JamesIG

    #IGCommodityChat: Gold

    What is the future of gold? After the recent success of the #IGCryptoChat and #IGForexChat we'd love you to join us on Thursday 22 November at 1pm (UK time) to discuss the future of gold on our first in a three part series on commodities for our #IGCommodityChat. We’re sitting down with professional investor Simon Popple and Ross Normal, CEO of Sharps Pixley, to discuss what the future might be for gold markets, and giving you the chance to ask him questions as part of a live Q&A. Gold discussion topics The discussion will cover a wide range of topics that relate to gold, including: Could companies halt operations if the cost of gold falls too low? How does a lack of new deposit discoveries impact the price of gold? Where is the demand for gold coming from? Why does the price of gold respond to market volatility? What is the relationship between gold and the US dollar? What are the gold stocks to watch at the moment?
  18. I have just had a look at your account and it looks like it's open and ready for you to trade on. Please try again and if you have any issues let me know.
  19. Hi - unfortunately this isn't an option I'm afraid.
  20. thanks for the request. this has now been added.
  21. JamesIG

    Gold & Silver in a LT rally

    Hi all - just wanted to drop this in as it seems contextual to the conversation. Any questions or comments feel free to add them to the post
  22. Hi all - the margin floor has change to 2% for all professional and retail non-ESMA. As stated above this is likely to last going into 10PM tonight for new positions only, and will be reevaluated on Monday. This is of course subject to change and based on the underlying landscape. Noted. Blue is generally used for informational updates (and we try and stay clear of red etc which can look like errors or issues). I'll try something else.
  23. Unfortunately this isn't possible due to audit reasons. The individual position will need to be closed at the market price as currently quoted, and then reopened on the new platform. If we start closing levels off at opening levels or prices where the market isn't currently (for the manual transfer) then it can cause issues. Alternatively you can wait until you want to close the position and then manually move your cash over the course of a few days / hours.
  24. JamesIG

    Marketinfo.crSpacing

    crSpacing is probably something relating to Guaranteed Stop distance spacing, where cr generally is in reference to 'controlled risk. What is the context of the question?
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