International forex broker FXCM Group has launched a basket of cryptocurrency assets available for trading on its platform. The newly launched product will track the price of five cryptocurrency assets including Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin.
Dubbed CryptoMajor, the basket will be available for investing to retail investors. A press release published on Monday stated that:
“the cryptocurrency basket will enable the grouping of numerous cryptocurrencies all into one tradable product, therefore, allowing traders to collate multiple digital assets in one go, without the need to independently manage them.”
According to the platform CEO Brendan Callan, the availability of such as a basket of assets allows traders to focus less on the individual price movements of the underlying assets.
Basically, the assets are grouped together to reduce volatility. As such and unlike most baskets of cryptocurrencies available through several vendors, FXCM’s CryptoMajor will have equally weighted assets in the basket.
“Trading a basket of cryptocurrencies means our users are freed from the hassle of constantly monitoring the markets,” Callan commented.
“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.”
Similar to the several baskets that FXCM offers for trading, the CryptoMajor will be available for trading across all of its platforms as well as MetaTrader 4, and NinjaTrader. More advanced traders will be able to access data on the basket using the platform API.
According to a previous report by the Financial Times, the FXCM, which was formerly offering services exclusively towards traders in the United States lost its operating license from the CFTC after it was found engaging in financial malpractices. The company was fined $7 million for trading against its own customers.
After the scandal, the FXCM was sold by Global Brokerage, Inc, to Leucadia Investments who now own a majority of the company. FXCM has since exited the US market and is focusing on the global investor population.
The company now serves its clients up to four different baskets, three of them based on the forex market and now the fourth on cryptocurrencies.