Daniel Palmer
Forex Broker FXCM Launches Basket of 5 Cryptos for Retail Investors
Foreign exchange trading platform FXCM Group has launched a basket of five cryptocurrencies aimed at retail investors.
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If you are a struggling day trader, and you only have a certain amount of money to invest with; then you may want to consider investing in crypto currency.
Dubbed CryptoMajor, the basket product includes bitcoin (BTC), XRP, litecoin (LTC), bitcoin cash (BCH) and ethereum (ETH), which are equally weighted to protect against market volatility, the firm said in an announcement Monday. The five cryptos are already traded on its platform.
Speaking on launch, CEO Brendan Callan said the product simplifies crypto investment for retail users:
“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.”
The product is targeted at customers seeking to enter the nascent crypto market, Callan said, but who “don’t want to risk too much overexposure.”
Under its previous owner, Global Brokerage, Inc, FXCM notably lost its license with the Commodity Futures Trading Commission, in addition to receiving a $7 million fine, for trading against its own customers in 2017, according to the Financial Times.