“Cryptocurrencies are finally showing up for what we have called the ‘Wild West’ period. Before now, cryptocurrencies lacked consistent price discovery – unless you were connected to all the crypto exchanges, you wouldn’t really know if you were getting the best offer or the best demand.”
Maverick FX has rebranded to Maverick Currencies as the forex trading division of the private trading company, Maverick Trading, has allowed traders to trade in cryptocurrencies.
Maverick Trading had previously allowed its traders to trade bitcoin futures and futures options in the stock/options section.
New generations will adopt cryptocurrency as a just fait accompli
According to Maverick, 49% of millennials own cryptocurrency. Only 13% of Generation Z currently own digital assets, but the age group (9 to 26 years old) is just beginning its asset-producing years.
By the time Generation Alpha (ages 1 to 8) are in a position to start trading, working and investing, they will embrace the use of cryptocurrencies as a de-facto, according to Maverick Trading’s strategic thesis.
Darren Fisher, CEO of Maverick Trading commented: “There were two driving forces behind this decision. The first was inquiries and requests for cryptocurrency trading from our existing traders. The second strength was that this is simply where the market is headed, and as a major support company, we’d be all the way to it if we didn’t top the pack.”
Rob Reinhold, founder and lead trader of Maverick Trading added: “Initially, our traders will be allowed to trade in Bitcoin, Bitcoin Cash, Ethereum and Litecoin. As more brands of cryptocurrency are accepted and approved, our traders will be able to trade them as well.
FinanceFeeds Webinar: Expert Panel Discussing Market Data for Multi-Asset Brokerages
Going to Crypto amidst constant price discovery
Rob Reinhold further explained why now is a good time to adopt crypto in their trading wallets and that price discovery has a lot to do with it.
“Cryptocurrencies are finally showing what we have called the ‘Wild West’ period. Before now, cryptocurrencies lacked consistent price discovery – unless you were connected to all the crypto exchanges, you wouldn’t really know if you were getting the best offer or the best demand. In conjunction With that said, the bid/ask spreads were too wide and the commissions high. All this is now curbed and can be controlled from a risk management perspective.”
Darren Fisher stressed that the adoption of cryptocurrency trading will not affect the company’s traditional forex trading as traders will still be able to trade fiat currency pairs, with an emphasis on the eight major currencies. “At the end of the day, these are still currency pairs. Instead of the euro versus the yen, it’s just bitcoin compared to the US dollar.”
Maverick has expanded the coin qualification program to include cryptocurrency divisions. “While trading, there are some aspects of cryptocurrency trading that traders need to understand and take into consideration. The additional materials we provide our traders with will prepare them for success in the crypto world,” Reinhold explained.