IG mulls adding Ripple, Litecoin to offering

Maria Nikolova

“We feel we are at a point where we can add Ripple and Litecoin to the IG dealing platform”, IG informs its customers.

Electronic trading major IG Group Holdings plc (LON:IGG) is planning to enlarge its cryptocurrency offering soon. In a Community post, a representative of the broker said that Ripple and Litecoin are set to join the offering soon, although the precise timing is uncertain.

“We feel we are at a point where we can add Ripple and Litecoin to the IG dealing platform. We shall be doing this shortly however I can’t give a guaranteed date as it’s dependent on a couple of other factors”.

It would be relatively easy to add a new cryptocurrency, IG’s representative explained, however “we need to make sure that the offering we create can work for 150,000 clients who may all overwhelmingly want to deal in one direction. There is significant due diligence which needs to be done to make sure clients can always exit their leverage positions easily and quickly, that their positions are safe, and that there aren’t any systemic risks”.

Regarding the possibility to trade cryptocurrency crosses, IG notes that a true crypto cross will be when one cryptocurrency is quoted against another cryptocurrency (Bitcoin, for instance, is quoted against Ether). One would therefore trade BTC/ETH, ETH/BCH, BTC/BCH, for example. At present, IG’s clients are able to replicate this by buying one cryptocurrency and selling the other, however, this new offering should wrap it all into one simple trade.

After an analysis of historical clients trades, IG concludes that there aren’t many who execute like this so it hasn’t been a priority, however, the broker is still looking at it based on a few client requests. This would also allow for crypto trading on the different ratios between pairs which should, in theory, internalize more flow and reduce the likelihood of unlongable / unborrowable.

IG already offers trading in Bitcoin and Ethereum, with the latter added to the lineup in August this year.

Read this next

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

Digital Assets

EQONEX leaves “crowded crypto exchange space” amid crypto winter

“The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Digital Assets

FTX and Paradigm partner for spreads trading: lower risk, lower fees

“This structured spread trading product is the first that will enable crypto investors to utilize cash and carry trades through FTX and Paradigm.”

Industry News

SEC uncovers online retail brokerage hacking scheme

Fraudsters were able to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds, the SEC alleged. 

Executive Moves

Cornerstone FS taps James Hickman as CEO

“I see great potential in the business from its proprietary technology to its regulatory permissions. It is already delivering an exceptional service to its SME customers and the scalable platform is ideally positioned to add further product capability.”

Retail FX

FCA warns of Lite Forex Pro as crackdown on clone scams continues

The UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating LiteForex‎, which rebranded last year as LiteFinance.

Digital Assets

Novogratz’s Galaxy Digital backs out of $1.2 billion deal to buy BitGo

Crypto merchant bank Galaxy Digital would not move forward with its bid to buy digital-asset custodian BitGo.

Executive Moves

OctaFX elevates Nikolas Charalampous to executive director role

OctaFX has promoted its head of dealing, Nikolas Charalampous, to the role of executive director, which saw the expansion of his day-to-day responsibilities and oversight.

<