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Foreign exchange company FXCM Group announced the introduction of cryptocurrency baskets to its retail investors.
Dubbed CryptoMajor, the basket product is composed of bitcoin (BTC), XRP, litecoin (LTC), bitcoin cash (BCH), and ethereum (ETH). All cryptos are already traded in the platform and address hedging transparency issues by giving equal weighting to protect against market volatility.
It enables investors to trade different financial instruments at the same time without the need to manage them separately.
“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,” CEO Brendan Callan said, noting that the new product simplifies crypto investments.
The product aims to cater to clients who want to enter the crypto market but “don’t want to risk too much overexposure,” he said.
In May, FXCM started offering Bitcoin Cash (BCH/USD) and Ripple (XRP/USD) to meet clients’ demands and mark the latest stage of growth for its growing crypto offering.
Also known as Forex Capital Markets, FXCM is an international broker for trading on the foreign exchange (FOREX) and contracts-for-difference (CFD) markets. Other than expanding its crypto offerings, it has also updated its HTML 5 WEB Platform, Trading Station Web 2.0 by integrating Trading Central research earlier this year.
