Leading online foreign exchange trading platform and CFD broker, FXCM <a href="https://www.globenewswire.com/news-release/2019/10/14/1928931/0/en/FXCM-Group-Adds-Cryptocurrency-Baskets-to-its-Retail-Offering.html">announced</a> today; it has launch cryptocurrency basket feature to enable retail investors to assemble cryptos as a tradable product.
Known as CryptoMajor, the FXCM's cryptocurrency basket is said to support only the five digital currencies which are already traded on the platform. They include Bitcoin (BTC), Bitcoin Cash (<a href="https://www.cryptoknowmics.com/crypto/bitcoin-cash-bch-driving-bullish-waves-in-two-major-waves/">BCH</a>), Ether (ETH), Ripple (XRP), and Litecoin (LTC).
<h2>FXCM's Debuts Cryptocurrency Basket</h2>
The exchange, FXCM, initially began to support three digital currencies last year via contracts-for-difference (CFD), namely, Bitcoin, Ether, and Litecoin. Again in May, FXCM announced the support for Ripple and Bitcoin Cash under CFD, due to increased demand from its clients.
With the cryptocurrency basket, traders from the platform will be able to group the stated digital currencies all into a single tradable product. This also allows traders to collate different digital assets at a go.
Furthermore, the cryptocurrency basket removes the need for the users to self-manage the assets, as the CEO of FXCM, Brendan Callan explained that: "Trading a basket of cryptocurrencies means our users are freed from the hassle of constantly monitoring the markets."
CryptoMajor "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." The CEO added.
FXCM's cryptocurrency basket, unlike several other baskets in the market, addresses hedging transparency problems, as per the report. It gives an equal weighting for each crypto in the basket, which ensures the product does not expose particular crypto too fairly than others.
Following a report involving FxBitGlobe, a forex provider and digital currency trading platform, the Texas State Security Board issued a notice to the broker to cease from providing its services. The broker illegally operated several investment schemes using fake data.

Foreign Exchange Trading Platform FXCM Launches Cryptocurrency Basket for 5 Cryptos

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

Foreign Exchange Trading Platform FXCM Launches Cryptocurrency Basket for 5 Cryptos

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