Maverick FX rebrands as prop traders go crypto
“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.
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.