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FXCM PRO announces partnership with Your Bourse

FXCM Group, LLC (‘FXCM Group’ or ‘FXCM’), a leading international provider of online foreign exchange and CFD trading, announced that FXCM Pro, the institutional arm of the business, built a partnership with Your Bourse, a technology company providing liquidity aggregation and risk management platform for MT4/MT5 brokers with hosting in Equinix data centres.

Through the combination of FXCM liquidity and Your Bourse technology, this partnership will allow FXCM clients to access FXCM liquidity through Your Bourse’s Liquidity Hub. With the growing demand for improved low-latency solutions and the drive to reduce costs, this partnership will allow FX and CFD brokers to optimise their processes.

Mario Sanchez, Managing Director & Global Head of FXCM Pro Sales, commented: “Today’s priorities for FX and CFD market participants are focused around cost saving opportunities as well as execution efficiency. Through partnering with Your Bourse, FXCM clients will have one of the latest innovative technologies, able to enjoy greater flexibility while accessing multi-asset liquidity, as well as allowing MT4/MT5 traders to experience a host of low latency solutions at a reduced cost.”

Andrey Vedikhin, Your Bourse CEO, commented on the partnership: “We are excited to add FXCM to our network of liquidity providers and thus allow more brokerages to get access to FXCM multi-asset liquidity at an affordable cost. Clients will also benefit from the low-latency connection with an opportunity to reduce the execution speed even further by utilising a cross-connect between FXCM and Your Bourse infrastructure hubs in Equinix data centres (LD4, LD5, NY4, NY5, CH1, HK1, TY, and FR2).”

Click here to learn more about FXCM Pro.

FXCM launches basket of five cryptos for retail investors

Foreign exchange trading platform FXCM Group has launched a basket of five cryptocurrencies aimed at retail investors.

Dubbed CryptoMajor, the basket product includes bitcoin (BTC), XRP, litecoin (LTC), bitcoin cash (BCH) and ethereum (ETH), which are equally weighted to protect against market volatility, the firm said in an announcement Monday. The five cryptos are already traded on its platform.

Speaking on launch, CEO Brendan Callan said the product simplifies crypto investment for retail users:

“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.”

The product is targeted at customers seeking to enter the nascent crypto market, Callan said, but who “don’t want to risk too much overexposure.”

Under its previous owner, Global Brokerage, Inc, FXCM notably lost its license with the Commodity Futures Trading Commission, in addition to receiving a $7 million fine, for trading against its own customers in 2017, according to the Financial Times.

After two of the company’s founders were banned from the U.S. financial industry, the London-based company exited the U.S. market. It’s now majority owned by Leucadia Investments, part of the Jefferies Financial Group, according to the FXCM website.

FXCM Adds ForexBaskets to its Retail Offering

FXCM announced today the introduction of foreign exchange baskets to its retail customers.

A foreign exchange or forex basket is comprised of a mix of several currencies, each initially starting with the same equivalent value. It allows traders to buy or sell a base currency, e.g. USD, against a basket of multiple currencies. The value of the basket will be determined by how the base currency performs vs the other currencies in the basket, since the time of the basket’s inception.

FXCM customers in all global regions, including the UK, Australia and South Africa, will initially be able to trade three different baskets: The Dollar Index Basket, The Yen Index Basket and The Emerging Markets Index Basket.

The Dollar Index basket reflects the change in value of the US dollar and is measured against a basket of major, highly-liquid currencies: the British pound (GBP), Euro (EUR), Japanese yen (JPY) and Australian dollar (AUD).

The Yen Index acts a Japanese benchmark and is designed to reflect the change in value of the Japanese yen against the Australian dollar (AUD) British pound (GBP), Euro (EUR) and Canadian dollar (CAD).

The Emerging Markets Index is designed to reflect the value of the USD against the Chinese Renminbi (CNY), Mexican Peso (MXN), Turkish Lira (TRY) and South African Rand (ZAR).

Brendan Callan, CEO of FXCM, commented: “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.”