Online foreign exchange and contracts for difference (CFD) provider FXCM has announced the launch of a cryptocurrency basket for its retail clients, which includes five cryptocurrencies.
According to a press release, the cryptocurrency basket, named ‘CryptoMajor’ will let the firm’s retail clients gain exposure to bitcoin, XRP, litecoin, bitcoin cash, and ether. It weights each coin equally instead of adding more exposure to bitcoin like most other baskets on the market.
Brendan Callan, the firm’s CEO, noted that trading a cryptocurrency basket means FXCM’s users are “freed from the hassle of constantly monitoring the markets.” Callan added:
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.
In May, FXCM reportedly added CFDs for two cryptocurrencies, BCH and XRP. A CFD is an arrangement where the difference in the settlement between the open and closing prices of an underlying asset is settled in cash, meaning there’s no physical delivery of the cryptocurrency.
As CryptoGlobe covered leading cryptocurrency exchange Coinbase offered its users a Bundle product, which allowed them to buy a basket of cryptocurrencies with fiat currency. The Bundle had greater exposure to bitcoin, but was discontinued earlier this year.
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