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

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<