One of the biggest Forex exchanges FXCM has launched a brand-new basket of cryptocurrency basket a for retail traders. The new collection of coins will include the “majors” – Bitcoin, Ethereum, XRP in addition to Litecoin and Bitcoin Cash. In a somewhat refreshing development, the basket will contain equal weighing of all 5 assets contained within “CryptoMajor”.
We are seeing an increase in the prominence of these “baskets” of coins. With most notably FTX providing a much larger selection of similar products. This means that retail traders and investors who have an active interest in the crypto markets, but don’t necessarily have the time to monitor the charts all day can invest and trade into the space, without being overexposed to a single asset.
FXCM CEO Brendan Callan, emphasised this point, outlining that “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 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.”
With the market still very much in its infancy, baskets such as CryptoMajor offer a good option for novice retail traders.