The leading international provider of online foreign exchange trading, CFD trading, and cryptocurrencies has introduced a crypto basket to its retail customers, under the name of CryptoMajor and made up of the 5 cryptocurrencies currently traded on FXCM’s platform: Bitcoin, Ripple, Litecoin, Bitcoin Cash and Ether.
The basket will have a number of cryptocurrencies grouped all into one tradeable product, therefore, allowing traders to collate multiple digital assets in one go, without the need to independently manage them. CryptoMajor addresses hedging transparency issues by giving an equal weighting for each coin in the basket, ensuring the product is not overly exposed to just one crypto.
Brendan Callan, Chief Executive Officer of FXCM, said: “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.”
The basket is available on all of FXCM’s platforms plus MetaTrader 4, NinjaTrader, and via API. FXCM added Bitcoin Cash (BCH/USD) and Ripple (XRP/USD) in May 2019 after having first launched crypto CFD trading in 2018 with a first support of Bitcoin (BTC) and then Ethereum (ETH). In February 2019, FXCM added Litecoin (LTC) as its third crypto available for trading. Most recently, FXCM selected FlexTrade’s “MaxxTrader” solution for its institutional business, FXCM Pro, which provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.
Founded in 1999, FXCM is now a Leucadia company. The acquisition took place in the sequence of the Swiss “flash crash” which hit the retail FX broker hard. An emergency loan arrangement of $300 million for two years from Leucadia National Corp following the Swiss Franc spike on January 15, 2015, was utilized in covering the negative balances of clients in that shocking event which affected most of the brokers. Now Leucadia holds an economic interest in FXCM and has been involved in all major decisions of the company ever since followed by appointment of Jimmy Hallac as Chairman of FXCM, previously with Leucadia. Last year, FXCM Group rebranded its logo to add the phrase “a Leucadia company”. By that time, FXCM had parted business ties with Global Brokerage.
