FXCM Group Releases New Crypto Basket
The FXCM Group, a foreign exchange trading corporation that operates its exchange, has revealed a new cryptocurrency basket with five coins. This basket is being offered explicitly for the retail investor and is named CryptoMajor. The five coins that are being offered in this basket comprise of Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP. These are five coins that have been highly anticipated on the FXCM Exchange for some time now. Available now, these coins are equally weighted to safeguard traders against market volatility.
This basket is designed to simplify cryptocurrency investing for retail users and is targeted for clients that require a nascent crypto market. Brendan Callan, the Chief Executive Officer at the FXCM Group, spoke on the launch of this basket. He stated: “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 movement. There is minimal risk when it comes to overexposure.”
The FXCM Shift
Global Brokerage Incorporated previously owned FXCM Group. When GBI held this exchange, they lost their license through the Commodity Futures Trading Commission. This set FXCM back by a substantial figure, receiving a maximum of $7 Million in fines. These fines were released to the exchange for trading against their clientele in 2017. This prompted an immediate ban on the United States. Luckily, Global Brokerage Inc sold the FXCM Group to Leucadia Investments. This reputable firm took FXCM to new heights around the European Union. Today, the London-based Exchange is one of the most popular across Europe.