easyMarkets, a forex broker regulated by CySEC, has announced that it has made updates to its dealCancellation tool. The its dealCancellation tool lets clients of easyMarkets to purchase protection afterwards against loosing deals and see the original amount invested refunded.
The updated dealCancellation now offers multiple time options for that range from 1 hour, 3 hours and 6 hours. Those purchasing the deal will have to pay a fee based on the volatility of the market which will be based on the time of purchase. This provides traders with the option to back away from a trade and only forfeiting the premium they paid, which ultimately allows them to gain from any potential movement in positive price changes.
When the dealCancellation is purchased, traders are essentially buying the option to cancel for a pre-detriment period and with it, the option to revoke this during the chosen time period. easyMarkets has stated that to date, there have been in excess of 30,000 deals that have exercised the right to purchase the dealCancellation feature. All traders purchasing the dealCancellation feature are presented with a fee before confirming they wish to accept it.
easyMarkets, when quizzed on what variety of risk management tools are in place with the dealCancellation feature stated: “Without getting too technical, we have a great risk management team with years of Option trading and pricing experience who monitor and aggregate delta, gamma, vega and theta exposures and hedge accordingly with external liquidity providers.”
In addition, easyMarkets also include another feature for hedging called “Guaranteed Stop-Loss and Take Profit”. This option is free to traders who are using its proprietary platform. Speaking on the company’s decision to expand its dealCancellation option, the CEO of easyMarkets, Nikos Antoniades said: “We have been exploring extending dealCancellation’s duration for some time, working with our technology, trading and client experts. After months of hard work, we managed to take an amazing tool, unique within our industry and make even more powerful. We are very proud of this upgraded version of dealCancellation and we are sure it will offer great value to our clients.”