Leading foreign exchange trading platform, FXCM announced Monday, the launch of a new cryptocurrency basket that will enable retail investors to purchase different cryptos as a single product.
The new feature dubbed CryptoMajor currently tracks the five digital currencies — Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH), which are already traded on FXCM’s platform, as per the announcement.
Notably, the core benefit of such a product just launched by FXCM is that traders would be able to collate several digital assets at a time, without the need to self-manage the assets.
“Trading a basket of cryptocurrencies means our users are freed from the hassle of constantly monitoring the markets, Brendan Callan, the CEO of FXCM, said.
Unlike several other baskets on the market, CryptoMajor claims it addresses hedging transparency problems, by giving an equal weighting for each crypto in the basket. It ensures the product is not too exposed to a particular cryptocurrency than others.
The CEO further noted that the CryptoMajor product,
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.
FXCM rolled out support for Bitcoin Cash and Ripple contracts-for-difference (CFD) offering on its platform in May, in response to increased demand from the clients. The company before that point offered CFD for only three digital currencies, namely, Bitcoin, Ether and Litecoin.
While the new product being launched by FXCM is a boost for retail investment in cryptocurrencies, Coinfomania reported that authorities in Texas issued a warning concerning another foreign exchange and CFD platform, FxBitGlobe.
In the document, the authority noted that the exchange illegally conducted several investment plans, while falsely presenting itself as a registered broker-dealer and publishing fake address and forged government records.
