Maverick FX Transforms to Maverick Currencies

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Jan 03, 2022, 08:21 ET

SALT LAKE CITY, Jan. 3, 2022 /PRNewswire/ -- Maverick FX, the foreign currency trading division of the top proprietary trading firm, Maverick Trading, announced that it will be operating under the name Maverick Currencies effective January 1^st, 2022. This strategic move comes in concert with the firm permissioning its traders to trade cryptocurrencies. Previously, Maverick Trading had authorized its traders to trade Bitcoin futures and futures options in its Stock/Options division.

Maverick Trading's CEO, Darren Fischer commented at length: "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."

In researching this expansion, the firm uncovered that 49% of the Millennial generation own cryptocurrencies. While only 13% of Generation Z currently own cryptocurrencies, their age range (ages 9 to 26) are just beginning their asset-producing years. Maverick Trading's strategic thesis is that 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.

Maverick Trading Founder and Head Trader, Robb Reinhold, discussed what types of cryptocurrencies its traders would be permitted to trade: "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."

When asked about the timing of this initiative, Reinhold explained, "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."

Fischer stressed that the adoption of cryptocurrency trading would not impact the firFXm's traditional FX trading. Traders will still be able to trade currency pairs, focusing on the Major Eight currencies in addition to the ability to trade cryptocurrencies. He stated, "In the end, these are still currency crosses. Instead of Euro to Yen, it's just Bitcoin compared to the US Dollar."

In light of the additional trading permissions, the firm has expanded its Currencies Qualification Program to include sections specific to cryptocurrencies. Reinhold explained, "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."

About Maverick Currencies: Maverick Currencies is the currency trading division of the premier proprietary trading firm, Maverick Trading. For more information on Maverick Currencies, go to:

www.maverickcurrencies.com

Media Contact:
Joe Jensen
+1-801-618-1941
[email protected]

SOURCE Maverick Trading