FXCM Expands Retail Offering to Include Forex Baskets
- The broker has added three different baskets - the Dollar Index, the Yen Index, and the Emerging Markets Index.
Online foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and contracts-for-difference (CFD) trading provider FXCM announced this Thursday that it has expanded its product offering to include forex baskets for retail clients.
A foreign exchange or forex basket is a mix of several currencies that all begin with the same equivalent value. Traders can then buy or sell a base currency against a mix of multiple currencies that are included in the basket. The value of the basket is dependent upon how the base currency performs against the other currencies in the basket since its inception.
Initially, FXCM is offering three different baskets - the Dollar Index Basket, the Yen Index Basket, and the Emerging Markets Index Basket. These will be available to the New York-headquartered broker’s retail customers globally.
Breaking down FXCM baskets
According to the statement released today, the Dollar Index basket, as the name suggests, has the US dollar (USD) against four majors - the British pound (GBP), Euro (EUR), Japanese yen (JPY) and Australian dollar (AUD).
The Yen Index measures the value of the JPY against the AUD, GBP, EUR, and the Canadian dollar (CAD). The Emerging Markets Index uses the USD as its base currency and pairs it against the Chinese Renminbi (CNY), Mexican Peso (MXN), Turkish Lira (TRY), and South African Rand (ZAR).
FXCM's CEO Brendan Callan
Commenting on the new product, Brendan Callan, the Chief Executive Officer of FXCM, said: “Our customers typically trade different currencies at the same time to broaden their portfolio, diversify risk or hedge an existing position."
“Trading a basket of currencies offers them an efficient way to trade against multiple currencies. This reduces the risk of exposure or adverse movements in a single currency and lowers trade costs.”
FXCM continues to expand its investment offering. In addition to expanding its forex offering, the broker continues to venture further into cryptocurrencies. As Finance Magnates reported, in May, the firm added CFDs on two new Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term - Bitcoin Cash (BCH) and Ripple (XRP).
Online foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and contracts-for-difference (CFD) trading provider FXCM announced this Thursday that it has expanded its product offering to include forex baskets for retail clients.
A foreign exchange or forex basket is a mix of several currencies that all begin with the same equivalent value. Traders can then buy or sell a base currency against a mix of multiple currencies that are included in the basket. The value of the basket is dependent upon how the base currency performs against the other currencies in the basket since its inception.
Initially, FXCM is offering three different baskets - the Dollar Index Basket, the Yen Index Basket, and the Emerging Markets Index Basket. These will be available to the New York-headquartered broker’s retail customers globally.
Breaking down FXCM baskets
According to the statement released today, the Dollar Index basket, as the name suggests, has the US dollar (USD) against four majors - the British pound (GBP), Euro (EUR), Japanese yen (JPY) and Australian dollar (AUD).
The Yen Index measures the value of the JPY against the AUD, GBP, EUR, and the Canadian dollar (CAD). The Emerging Markets Index uses the USD as its base currency and pairs it against the Chinese Renminbi (CNY), Mexican Peso (MXN), Turkish Lira (TRY), and South African Rand (ZAR).
FXCM's CEO Brendan Callan
Commenting on the new product, Brendan Callan, the Chief Executive Officer of FXCM, said: “Our customers typically trade different currencies at the same time to broaden their portfolio, diversify risk or hedge an existing position."
“Trading a basket of currencies offers them an efficient way to trade against multiple currencies. This reduces the risk of exposure or adverse movements in a single currency and lowers trade costs.”
FXCM continues to expand its investment offering. In addition to expanding its forex offering, the broker continues to venture further into cryptocurrencies. As Finance Magnates reported, in May, the firm added CFDs on two new Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term - Bitcoin Cash (BCH) and Ripple (XRP).