Forex Broker FXCM Trading Group Introduces New Crypo Basket Service for Retailers

UTC by Tolu Ajiboye · 3 min read
Forex Broker FXCM Trading Group Introduces New Crypo Basket Service for Retailers
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The FXCM Group has introduced a crypto basket that pools together five of the six largest digital assets in the market, allowing investors to diversify.

The FXCM Group, an international online platform that offers foreign exchange (FOREX) trading, digital asset trading, as well as contracts-for-difference (CFD), has announced the start of a new offering for cryptocurrency baskets, targeted at the company’s retail patrons.

According to an official FXCM press release, the new crypto basket is called CryptoMajor and will allow retailers handle a pool of five different digital currencies at once. The announcement specifies that the assets available in the basket are the five cryptos already supported on the platform. These include Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC). The company also suggests that CryptoMajor will be different from other available baskets by other providers because it assigns an “equal weighting for each coin in the basket.” This is the company’s way to ensure an unmatched level of transparency, and also to control exposure.

FXCM CEO, Brendan Callan, has also commented on the new offering. According to Callan, CryptoMajor not only eases cryptocurrency investments for traders, but also to some extent, protects investors from the market’s high volatility levels.

“Trading a basket of cryptocurrencies means our users are freed from the hassle of constantly monitoring the markets. CryptoMajor therefore streamlines the trading process and protects our customers from unanticipated and adverse market movements. It is a great opportunity for our customers who are looking to move into Crypto trading but don’t want to risk too much overexposure,” commented he.

The release also states that the CryptoMajor basket is accessible to traders via the company’s flagship platforms, including MetaTrader 4, NinjaTrader and also through the API as well.

In the traditional financial clime with fiat currencies, basket trading describes an offering that lets interested investors buy into a collection of different stocks all at the same time. This is usually used as a great way to expand a person’s investment portfolio, without having to specifically worry about, or monitor every single stock separately. Crypto baskets work in just the same way. It allows the investor buy or sell a pool of digital assets more seamlessly than having to do the same for each one.

Even though this is the first crypto basket offering from the FXCM Group, this isn’t the first basket offering. A few months ago, the company also introduced three baskets targeted at foreign exchange offerings, for its retail clients. They include Dollar Index Basket, Yen Index Basket and also the Emerging Markets Index Basket.

For the Dollar Index Basket, the U.S. Dollar (USD) is used to trade against the British pound (GBP), Euro (EUR), the Australian dollar (AUD), as well as the Japanese yen (JPY). For the Yen Basket, the JPY is the base currency and is traded against the EUR, GBP, AUD as well as the Canadian dollar (CAD). The Emerging Markets Index uses the USD as the base currency and trades it against other currencies such as the South African Rand (ZAR), the Turkish Lira (TRY), the Mexican Peso (MXN) and the Chinese Renminbi (CNY) as well.

Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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