FXCM Forex Platform Debuts New Cryptoasset Basket With Five Coins For Retail Investors
A forex trading platform known as the FXCM Group recently created a new product that consists of a basket of five cryptos. The new product is aimed at retail investors who want to enter the crypto market, called CryptoMajor.
According to the reports, CryptoMajor will include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTX) and Ripple’s XRP, mostly the top assets of the market. All five assets are equally weighted. This, the creators of the product affirmed, is important in order to protect the clients against the volatility of the market.
At the moment, the five crypto's are already being traded on the platform and they can be acquired by themselves. However, CEO Brendan Callan believes that it is important to simplify the product for new investors.
According to the CEO, a basket means that the users will have more protection against having to monitor the markets constantly. This streamlining of the process is good for retail investors, as they often do not have the time to spend their whole days looking at the crypto market.
Callan affirmed that the product is more aimed at younger investors who are just entering the market right now. They are mostly curious but often don’t really want any trouble or to risk too much.
The FXCM Group was restructured recently. Before operating under the leadership of Leucadia Investments, the company was owned by Global Brokerage Inc. During this time, the group lost its license with the U. S. Commodity Futures Trading Commission and its founders were banned from the U. S. financial industry. After the company changing hands, however, the situation was stabilized.