IG, the world leading in spread betting and CFD trading has added three new cryptocurrencies. EOS, Stellar (XLM) and NEO are available to clients via CFDs or spread bet.
To compare IG’s crypto dealing offering to other CFD and spread bet brokers you can compare bitcoin CFD brokers and other cryptocurrency brokers here.
Maring rates are high, as with all cryptocurrencies, as volatility is still high and liquidity relatively low.
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If you are trading cryptos it’s also worth keeping an eye on the overnight funding charges as they can be quite high.
Our daily overnight funding rate is currently 0.0347% (12.5% per Annum) for Bitcoin and 0.0556% (20% per Annum) for all other cryptocurrency markets. At present, clients with a long position will pay this overnight funding rate, while clients with a short position will receive on the overnight funding rate. In addition, a 7.5% per-annum IG admin fee will also apply for both long and short positions.
What the above (from IG’s website) is that you’ll pay 20% of the value of your position over a year in funding charges when you trade crypto on margin.
Normal overnight funding for established markets like Index, Forex and stock CFDs and spread betting are around 2.5%. But then again, the costs for brokers to hedge cryptos are high as the market is still in it’s infancy.
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.