easyMarkets Extends dealCancellation Tool Duration to 6 Hours

dealCancellation now allows traders to ‘undo’ their trades within different durations, from 1, 3 to 6 hours.

CySEC-regulated forex broker easyMarkets has updated its dealCancellation tool, which allows ‎clients to buy ‘protection’ against losing deals after opening them and ‎have their original investment refunded.‎

dealCancellation now allows traders to ‘undo’ their trades within different durations, from 1, 3 to 6 hours. The tool incurs a fee of a few pips, based on market volatility, once the ‎deal is opened. When faced with a losing position, it provides the trader with the ability ‎to back out of this trade, losing no more than the premium he paid, while ‎allowing him to gain from any positive price movement.‎

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When traders opt-in to dealCancellation they essentially buy a ‎cancellation option for the pre-detriment period giving him the right to ‎revoke the deal at any time during this period.‎

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easyMarkets claims that their traders have used the dealCancellation feature with more than 30,000 trades to date. Of note, there is a fee to use this tool that is clearly shown to the trader before they accept and open their deal, but it does not depend on the P/L of the deal. The fee, quoted in advance, is based on market volatility, which is updated on a streaming basis and can be seen prior to adding dealCancellation to a deal.

When asked before about what kind of risk management tools they have in place for this feature which sounds very costly for the company, easyMarkets said: “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.”

easyMarkets also provides another hedging feature called Guaranteed Stop-Loss and Take Profit, which the company offers at no additional charge to clients when using its proprietary platform.

“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,” easyMarkets CEO Nikos Antoniades said.

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