The expansion of cryptocurrencies continues around the world, with numerous businesses slowly accepting the new assets and products. Meanwhile, numerous brokers and various international service providers are beginning to adopt new assets, as well.
One of the most recent examples includes FXCM Group — one of the leading providers of CFDs, online foreign exchange trading, different other services, and of course, cryptocurrencies. The company has just announced that it plans to provide its retail customers with new cryptocurrency baskets, thus allowing them additional options.
Details about the new crypto basket
According to what is known right now, the new basket will be called CryptoMajor, and it will allow the grouping of a number of different coins into a single, tradeable product. In other words, the Group will allow traders to collate several cryptocurrency assets at once. There will be no need to manage each asset individually, which should speed things up for traders.
CryptoMajor consists of five different cryptos which are currently supported by the Group’s platform. That includes Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). One thing that makes FXCM’s basket different from others that can be found on the market is the fact that CryptoMajor focuses heavily on transparency issues.
FXCM decided that the best way to go about it is to provide equal weighing for every coin that the basket contains. That way, no coin will receive an advantage over the others,
FXCM Group’s CEO, Brendan Callan, stated that trading a basket consisting of digital currencies would mean that the users will be free from having to constantly monitor different markets in a constant search for good trading opportunities. According to Callan, the use of the basket will protect the customers from sudden, unanticipated market movements, which are rather common in the crypto industry.
This makes for a great opportunity for those users who are not too familiar with cryptocurrencies but wish to start participating in the crypto market. By choosing to work with CryptoMajor, these customers will not be exposed to risks such as too much overexposure. However, they will still be able to start participating in the crypto market, in the safest way possible.
The new basket will be available on every one of FXCM Group’s flagship platforms. Furthermore, customers will also be able to find it via API, NinjaTrader, or MetaTrader 4.
Who is the FXCM Group?
FXCM is one of the best-known international providers of FX trading, CFDs, as well as other related services, which include digital currencies, and now a cryptocurrency basket. The company was originally founded 20 years ago, back in 1999.
Ever since then, its goal was to provide traders around the world with access to some of the largest, most liquid markets out there. They also offer a number of highly innovative trading tools, and they employ top trading educators who are at the customers’ service. The company also provides its clients with a number of features and advantages, including mobile trading, trading from real-time charts, as well as simple order executions, available through a single click.