The FXCM Group, an online firm for foreign exchange trading as well as digital currency services, has launched a basket of assets, specifically to satisfy its retail clientele. Called CryptoMajor, the basket is designed to pool several cryptocurrencies together in one offering, allowing retail investors buy into all of them simultaneously, and not have to worry about each of them individually.
According to an official press release, CryptoMajor supports the top 5 assets in the market, excluding Tether’s stablecoin. This includes Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC) as well. The announcement further states that CryptoMajor differentiates itself from other basket offerings because the product gives an “equal weighting” to each of the supported assets in the basket, guaranteeing that there is no heavy exposure to any single one.
FXCM Group CEO, Brendan Callan, has explained that the new product can help shield its retail investors from sudden market changes. According to 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. 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.”
In 2017, the firm temporarily had its license withdrawn by the Commodity Futures Trading Commission (CFTC), for making moves with conflicted with the interests of its clients.
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