FXCM Group is an online company that offers foreign currency trading and digital currency services. They have launched a range of assets specifically for its retail clients. The CryptoMajor basket, which is also called CryptoMajor, allows retail investors to buy into multiple cryptocurrencies in one offer. This will allow them to not have to worry about each one individually.
A official press release states that CryptoMajor supports the top five assets on the market, except Tether’s stablecoin. These include Bitcoin (BTC), Ether, ETH, XRP and Bitcoin Cash (BCH), as well as Litecoin(LTC). CryptoMajor’s announcement states that it is different from other basket offerings in that the product gives an equal weighting to each supported asset in the basket. This ensures that there is no excessive exposure to any one.
Brendan Callan is the CEO of FXCM Group and explained that the new product could help protect its retail investors against sudden market changes. Callan says:
Our users don’t have to monitor the markets constantly and can trade a variety of cryptocurrencies. CryptoMajor streamlines trading and protects customers from adverse market movements. This is an excellent opportunity for customers looking to trade Crypto but not wanting to be too exposed.
The Commodity Futures Trading Commission (CFTC) temporarily revoked the firm’s license in 2017 for making untrue moves that were detrimental to the clients’ interests.
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