Admiral Markets shifts all XRP CFDs to close-only mode
Global Retail FX and CFDs broker Admiral Markets has sent a note to clients (see full text below) indicating that all XRP pairs trades would be placed effective immediately into close-only mode.
As of January 29, the company said that it will force the closure of any remaining open positions in XRP instruments including XRPUSD, XRPEUR, and XRPBTC CFDs, at prevailing market prices.
The full text of the note sent by Admiral Markets reads as follows:
Changes to XRP trading terms
January 14, 2021 12:00
In light of the recent U.S. Securities and Exchange Commission’s (SEC) filing against Ripple Labs Inc, the company behind XRP token, we have seen numerous leading cryptocurrency trading venues are suspending the ability to trade XRP tokens.
In response to increased uncertainty regarding the continuity of XRP as a cryptocurrency, and decisions of key market participants beyond our control, we have decided to make the following changes to the trading terms of our CFDs on XRPUSD, XRPEUR and XRPBTC:
- Effective January 13th, 2021, all aforementioned XRP instruments trade in close-only mode. All clients on all account types will not be able to open a new trade or increase their existing open positions in these instruments.
- On January 29th, 2021 between 16.00-17.00 EET (our MetaTrader time zone) we will force the closure of any remaining open positions in XRPUSD, XRPEUR, and XRPBTC CFDs at prevailing market prices as quoted in our trading platform.
Please note that due to worsening liquidity conditions, we reserve the right to initiate a close out of remaining open positions on any date, including or before January 29th.
We remind you all that during anxious market conditions, trading affected instruments involves an increased level of risk. Including the risk, there is also a higher probability to encounter:
- Significantly higher spreads in affected instruments,
- Inability to obtain live market price information and to timely update accrued profits and losses on open positions,
- Longer order execution times and a higher rate of order rejects,
- Risk of orders being executed at worse prices (slippage), and
- Increased holding costs applicable to positions left overnight.
We will closely follow the unfolding situation and continue to adapt accordingly.
Best to our knowledge and according to public information available to us, no other Digital Currency we offer as a CFD instrument is subject to any similar regulatory actions which could significantly affect its trading conditions.