Prop trading firm Maven has launched a new brand called WenCrypto that deals exclusively in crypto trading.
The company lets traders take two different challenges, with funded accounts that range in size from $5k to $100k.
A third account type is going to be launched soon.
Traders can access Bitcoin or Ethereum with leverage of 5:1 or alt coins with leverage of 2:1.
The new brand is being run via the prop firm’s entity in St Lucia. Most prop firms set up in the country so they can access MetaTrader products.
It’s unclear why the firm decided to launch a crypto-focused prop but it may be for a mix of regulatory, branding, and risk-based reasons.
A lot of crypto traders do not ‘like’ the feeling they are trading CFDs. With regard to risk, adding crypto products, particularly extremely volatile alt-coins, to a regular prop offering may mean you end up hurting your business as a whole.
