FXCM Group, LLC (“FXCM Group’ or ‘FXCM’), a leading international provider of online foreign exchange trading, CFD trading, cryptocurrencies and related services, today announced the introduction of cryptocurrency baskets to its retail customers.
Named CryptoMajor, the cryptocurrency basket will enable the grouping of numerous cryptocurrencies all into one tradeable product therefore allowing traders to collate multiple digital assets in one go, without the need to independently manage them. It is made up of the 5 cryptocurrencies currently traded on FXCM’s platform: Bitcoin, Ripple, Litecoin, Bitcoin Cash and Ether.
Differing from other baskets on the market, FXCM’s CryptoMajor addresses hedging transparency issues by giving an equal weighting for each coin in the basket, ensuring the product is not overly exposed to just one crypto.
Brendan Callan, CEO of FXCM comments “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.”
The CryptoMajor basket is available on all of FXCM’s flagship platforms plus MetaTrader 4, NinjaTrader, and via API.