FXCM Group LLC announced the launch of cryptocurrency baskets today, to its retail customers. The cryptocurrency basket has been named as CryptoMajor.
CryptoMajor will enable the traders to group varied cryptocurrencies into a single, tradeable product. This will enable the traders to organize multiple virtual tokens all at once, without having to manage them independently. The basket consists of five virtual currencies that are currently being traded on FXCM’s platform: Bitcoin, Ripple, Litecoin, Bitcoin Cash, and Ether.
The feature of CryptoMajor that makes it stand apart from other similar baskets in the market is that it gives equal weight to all the coins in the basket, thereby eliminating hedging transparency issues. This ensures that the product is not overexposed to just one crypto coin.
CEO of FXCM, Brendan Callan, said that,
“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.”
CryptoMajor basket has been integrated into all flagship platforms of FXCM along with MetaTrader 4, NinjaTrader, and via API.
FXCM has been the foremost provider of online foreign exchange (FX) trading, CFD trading, and related services since 1999. They offer their customers the facility of mobile trading, one-click order execution, and trading from real-time charts. It has been the company’s goal to provide traders all over the world with access to the largest market, having a lot of liquid funds through innovative tools for trading and also educating them and providing them with information about the market and techniques to trade. The company also offers educational courses about FX trading.