FXCM Takes it to Another Level by Launching a “Cryptocurrency Basket”

Last Updated on

FXCM provides FOREX for investors online. This time, the firm is launching a basket of crypto cryptocurrencies – Ether, Litecoin, Ripple, Bitcoin Cash, as well as Bitcoin.

The firm announced this on Monday, saying that it wants to expand its crypto offerings.

But, instead of launching a single digital currency, it’s gunning for a basket of the major currencies in the market.

With this unique offering, investors do not need to manage single instruments when trading multiple instruments.

The basket, known as Cryptomajor, provides trading convenience to investors. They can have all of their trading instruments and trade multiple times on one platform.

From the announcement, this crypto basket is a unique one different from other baskets in the market. This one weighs each of the coins equally, which means there is less burden on a single coin.

According to the CEO of FXCM Brendan Callan, who commented on the development, the basket will relieve the stress of continuously observing the markets. They can monitor the market at once.

Investors will always welcome whatever that will minimize the hassles in the trading process. It simplifies the trading process and offers protection to investors against adverse market change.

According to him, the basket offers investors the chance to invest in cryptocurrency. Those who do not want to risk too much in the market can also benefit from the package.

FXCM still expanding its FOREX and Crypto Offerings

The provider continues the expansion of its FOREX and Crypto offerings, according to reports.

The company included two CFDs to two new cryptocurrencies – Ripple and Bitcoin. And it seems the expansion into other tokens will continue.

The crypto basket is not the first time the company has offered such a unique product. In early July, CFD and FX trading provider set-up similar baskets for retail clients.

FXCM is also launching three additional baskets – the Index Basket for emerging markets, the Yen basket, as well as the Dollar Index basket.

Traders and investors have a cause to smile as FXCM has made things easier for them. With the investments all in one basket, investors will be able to manage each of the instruments properly.

More firms are allowing non-cryptocurrency traders to invest in digital coins. With the crypto basket, forex traders can enter the market while maintaining a low-risk trade.

FXCM’s retails offering will also allow traders to expand their portfolio.

Generally, Forex trading has a lot of risks as markets can swing too fast against the trader. But with a cushioning using the CryptoMajor basket, they could cut down their risk.

After the launch, the company intends to introduce the basket even to its FOREX customers.

With the one-click order execution customers are already enjoying, there could be better days ahead for the firm’s customers.

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.