Retail FX and CFD broker FXCM Group announced expanding further its Stock Basket offering to customers. The broker had previously introduced a portfolio of Stock Baskets in May 2020 and now they are expanding this offering with the addition of seven new baskets.
At the moment, FXCM offers six Stock Baskets to its retail clients. They include some of the most widely traded companies globally and are made up into the following: Big US Tech (“FAANG”), Esports & Gaming, Biotechnology, Cannabis, China Technology and China E-commerce. These baskets are popular with customers of the company and as a result FXCM are expanding this area with a host of new products.
The newly added sectors include Airlines, Casinos, Travel & Hospitality, US Automotive, US Banks, US E-commerce, and ‘Work From Home’.
FXCM’s Stock Basket products combine the shares of different companies from one sector into a one tradeable instrument. This allows customers to speculate on sectors as a whole rather than having to depend on the performance of a single company.
For example, the ‘Work From Home’ basket includes the companies that have become front and centre of every day life for many under lockdown, including Zoom Video Communications Inc, Slack Technologies Inc, Twilio Inc, as well as Chewy Inc and Peloton Interactive Inc. During the pandemic, there was a lot of interest from FXCM’s customers to invest in them. The ‘Work From Home’ basket pools these companies and allows smaller investors to invest in some of these key companies.
Brendan Callan, CEO of FXCM said:
Brendan Callan Source: LinkedIn
We are always looking to create new opportunities for our customers to capitalise on, and this is continued with these new baskets reflecting some of the industries that have seen the biggest market movement during the pandemic. Their addition to our offering will provide our customers with the ability to speculate on the fluctuation of companies that have dominated the headlines throughout 2020 in a more cost-effective way, while minimising their risk by spreading exposure across multiple stocks in just a single click.
This addition follows a year which saw FXCM launch US, UK and European Single Shares trading, with the broker expected to add trading on more individual company stocks and new exchanges throughout 2021.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.