ADA/USD
Cardano is a digital coin that can be used to store value or send and receive funds. The Cardano blockchain aims to solve the scalability and sustainability problems faced by older cryptocurrencies.
Trading Hours
Please click here for trading hours.
Please note, however, that hours are subject to change based on Daylight Savings Time. Any holiday hours will be posted on here.
Spread
The ADA/USD has variable spreads that will widen and narrow subject to market conditions.
Min/Max Contract Size
Contracts are only available in multiples of 10.
The Minimum number of contracts per click (trade) for ADA/USD is 10.
The Maximum number of contracts per click (trade) for ADA/USD is 10,000.
Minimum Pip Cost (Value)
For 10 contracts ADA/USD has a minimum value of $0.1 USD per point (Your per point value may be different if your account is denominated in a different currency. Please refer to the Simple Dealing Rates Window in Trading Station for this value).
The pip/point location is shown below. Each 0.01 price movement on the ADA/USD is 1 pip/point.
Number of FXCM Contracts to one Cardano token
1 FXCM ADA/USD contract are currently equivalent to one Cardano token.
Margin Requirements
ADA/USD Margin Requirements are updated shortly after market open (Sunday 18:00 ET) and then between 17:00 ET to 18:00 ET daily.
ADA/USD is leveraged at 4:1 and the new margin requirement will be the equivalent of a quarter of the notional value of 1 contract at 5pm EST.
For E.G if the ADA/USD rate is 2.20000 between 17:00 ET to 18:00 ET daily, the Margin Requirement for 10 contracts will be updated to $5.50 USD
ADA/USD is a volatile instrument and in the event that there is a significant intraday market move, margin requirements may be updated intraday
Overnight Funding
ADA/USD does have an overnight funding charge (Displayed as Rollover in the Trading Station Platform).
The current overnight funding rate is 0% (annually) for short positions and -25% (annually) for long positions and is 3x on Fridays.
Trade Restrictions
FXCM allows long and short trading on all our trading catalog.
However due to the high volatility and low liquidity when trading crypto currencies, there may be instances where new positions are unable to be opened on Cardano (ADA/USD).
During any period in which Cardano (ADA/USD) has a trading restriction applied, any market orders or triggered pending entry orders will be rejected and deleted.
Pop ups will appear on your screen informing of the reason for the rejection.
Any restrictions are temporary and will only impact your ability to enter trades.
You will still be able to close open positions.
Other Information
ADA/USD does not have a minimum stop distance
Stops and Limits are currently only able to be set at 50% of the rate.
Please note that the ADA/USD is not available on MT4 accounts.