Maverick FX rebrands as prop traders go crypto

Rick Steves

“Cryptos are finally coming out what we called their ‘Wild West’ period. Prior to now, cryptos lacked consistent price discovery – unless you were wired in to all the crypto exchanges, you never really knew if you were getting the best bid or best ask.”

Maverick FX has rebranded to Maverick Currencies as the foreign currency trading division of the proprietary trading firm, Maverick Trading, has allowed its traders to trade cryptocurrencies.

Maverick Trading had previously authorized its traders to trade Bitcoin futures and futures options in its Stock/Options division.

New generations will adopt crypto as a fair accompli

According to Maverick, 49% of the Millennial generation own cryptocurrencies. Only 13% of Generation Z currently own digital assets but their age range (ages 9 to 26) are just beginning their asset-producing years.

By the time Generation Alpha (ages 1 to 8) are in the position to begin conducting commerce, working, and investing, they will adopt the use of cryptocurrencies as a fait accompli, according to Maverick Trading’s strategic thesis.

Darren Fischer, Chief Executive Officer at Maverick Trading, commented: “There were two driving forces behind this decision. The first were inquiries and requests to trade cryptos from our existing traders. The second force was that this is simply where the market is going and as a top prop firm, we’re going to be along for the ride if not leading the pack.”

Robb Reinhold, founder and head trader of Maverick Trading, added: “At the outset, our traders will be permitted to trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. As more brands of crypto become accepted and adopted, our traders will be able to trade them as well.

FinanceFeeds webinar: Expert panel to discuss market data for multi-asset brokerages  

Going Crypto amid consistent price discovery

Robb Reinhold further explained the reason why now is a good time to adopt crypto into their trading portfolios and price discovery has much to do with it.

“Cryptos are finally coming out what we called their ‘Wild West’ period. Prior to now, cryptos lacked consistent price discovery – unless you were wired in to all the crypto exchanges, you never really knew if you were getting the best bid or best ask. Concurrent with that were extremely wide bid/ask spreads and high commissions. This is all being reined in now and manageable from a risk management perspective.”

Darren Fischer stressed that the adoption of cryptocurrency trading would not impact the firm’s traditional FX trading as traders will still be able to trade fiat currency pairs, with a focus on the major eight currencies.  “In the end, these are still currency crosses. Instead of Euro to Yen, it’s just Bitcoin compared to the US Dollar.”

Maverick has expanded its Currencies Qualification Program to include sections specific to cryptocurrencies. “While trading is trading, there are some aspects of trading cryptos that traders need to understand and take into account. We’re confident that the additional material we provide our traders will set them up for success in the crypto realm”, Reinhold explained.

 

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<