FXCM Expands Product Offering, Launches Stock Baskets

FXCM announced a wider launch of its Stock Basket offering to its customers this Tuesday, with the basket products now available for trading by its users via its entities based in Australia and South Africa.

Already, FXCM offers foreign exchange (forex) and cryptocurrency baskets, but the firms stock basket products combine the shares of multiple companies from one sector into a single tradeable instrument.

In particular, the international provider of online FX and contracts for difference (CFD) trading, offers six stock baskets to its retail clients – Big US Tech (“FAANG”), Esports & Gaming (“ESPORTS”), Biotech, Cannabis, China Tech (“CHN.TECH”) and China E-commerce (“CHN.ECOMM”).

The FAANG basket is comprised of Facebook Inc., Amazon.com Inc, Apple Inc, Netflix Inc and Alphabet Inc. Class C (Google). By having a stock basket, traders are able to speculate on sectors as a whole, instead of just a single company.

Commenting on the launch, Brendan Callan CEO of FXCM said in the statement: “The stock baskets are another step in our continued journey into stock CFD trading. These baskets provide customers an easy one-stop opportunity to speculate over sectors and subsequently trade stocks related to that particular industry.

“Trading stocks can often be quite a daunting experience when first entering the market, however baskets can provide an excellent opportunity for traders to spread their investment across a number of different companies, hedging their risk and benefiting from potential trading opportunities.”

FXCM to launch more stock baskets in 2020

Today’s announcement comes less than a month after FXCM launched its commission-free Share CFD offering, as FortuneZ reported, enabling retail clients to trade CFDs on individual company shares like Tesla, Apple, Facebook, and others.

According to the statement published today, the FX and CFD broker plans to launch trading on more individual companies and stock baskets later in the year.

(Photo: pxfuel)

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