IG set to offer Coinbase trading to leverage clients
Coinbase is listing soon and electronic trading major IG is set to add Coinbase shares to its offering.
Coinbase Global Inc (COIN) will list on the Nasdaq on April 14, 2021. This will be a direct listing rather than an IPO. IG expects trading to begin at any point from 14:30 (UKT) onwards, but realistically probably not for the first few hours.
Coinbase’s market cap is expected to be in the region of $75 billion.
IG is set to make trading in Coinbase shares available to all leverage clients from day 1 (April 14, 2021). Clients can only go long until there is borrow available in the market, or IG has sufficient internal inventory to lend out.
Guaranteed stops will not be available for Coinbase trading, IG warns,
Regarding availability of Coinbase for non-leverage trading, I says that it is still confirming with its broker regarding potential restrictions. It will update once more information is available.
Coinbase will be available during the Main session (14:30-21:00 UKT) only online. Clients can call in to access the pre and post.
Margin requirements will be as follows:
- Tier1 25%: £250k
- Tier 2 40%: £1m
- Tier 3 50%: £1.25m
- Tier 4 75%: £1.25m+
There are unlikely to be equity options from the outset, but IG will be able to offer them once they begin trading.