CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.
Important Notice:
Cryptocurrencies are not legal tender or securities. Cryptocurrency Contracts For Differences (CFDs), which are derivatives of cryptocurrency, are not regulated by the Monetary Authority of Singapore (MAS). Investors should be aware that they will not be entitled to legislative protection when trading cryptocurrency CFDs. If you choose to invest in unregulated products, you will not be protected under MAS regulations. Other risks associated with cryptocurrencies include high price volatility, lack of transparency and cybersecurity risks. Please ensure that you are fully aware of these risks, and if in doubt, you should consult an independent financial adviser. For more information on cryptocurrencies, their derivatives and associated risks, please refer to the MoneySense website here.
If you can’t go long (open a ‘buy’ position) on CFDs on cryptocurrencies such as bitcoin, ripple, or ether, the most likely reason is we have reached our internal limits on these products, and so the market is set to ‘unlongable’. This means we are unable to accept any new long trades either by phone or online – but you’ll still be able to close existing positions online if you have either a long or short position.
Please note that if you currently have both long and short existing positions and would like to close your either of your position, you would be required to call in our helpdesk.
Due to the risks associated with cryptocurrencies, there’s a limit to the total amount of physical cryptocurrency we can hold as a business. When this limit is reached, we are unable to purchase more cryptocurrency to hedge your position.
This is when a market will be set to unlongable. And because we don’t know when we’ll be off of our limits, it’s not possible for us to estimate when the market may become available to trade again.
Where to see if a cryptocurrency CFD is currently unlongable?
The best way to find out if a product has any trading restrictions is via the special info area on the deal ticket.
If you are trading on one of our mobile apps, you can see this in the ‘market info’ section. In the special information at the bottom it will display whether it is possible to take long positions on the given market.
If you are using the IG Trading platform you will need to open a deal ticket and click on the information symbol. On the old platform you will need to click on the downward facing arrow and click on the ‘get info’ section that shows the dealing, expiry, margin requirements and special informations.
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