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.
Maring rates are high, as with all cryptocurrencies, as volatility is still high and liquidity relatively low.
|Market||Dealing hours ||One point means||Minimum bet||Minimum spread ||Guaranteed stop premium ||Retail margin required ||Professional margin required |
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.