Leading foreign exchange trading company, FXCM Group announced the launch of a digital currency basket for its retail investors.
The cryptocurrency basket is named as CryptoMajor. It consists of five virtual coins, namely Bitcoin (BTC), Ripple, Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum (ETH). All the virtual coins are already being traded on the platform. The basket enables traders to trade varied financial instruments simultaneously without having to open separate accounts for each of them.
CryptoMajor is one of its kind crypto baskets that give equal weight to all the coins in the basket, thereby eliminating hedging transparency issues, which ensures protection against market volatility. This ensures that the product is not overexposed to just one crypto coin.
According to CEO of FXCM, Brendan Callan,
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.
The target audience of this unique product is those clients who wish to enter the crypto market but are wary of the risk involved due to overexposure.
FXCM, also known as Forex Capital Markets, is a global broker for online trading on the foreign exchange (FOREX) and contracts-for-difference (CFD) markets.
Ever since its inception in 1999, FXCM has been at the top for providing online foreign exchange (FX) trading, CFD trading, and related services. The company is also up to date with the current technological trends and provides customers the convenience of mobile trading, one-click order execution, and trading from real-time charts. FXCM strives to provide its customers and investors all over the globe with access to the leading market, having the highest volume of liquid funds through new and innovative tools for trading. The company has also taken upon itself to educate the customers and provide them with the latest update of the market and also keep them posted about the latest trends in trading techniques.