FTX US announced on Thursday that the company has launched an equity trading platform called FTX Stocks that will give US-based clients the ability to buy stocks and exchange-traded funds (ETFs). The launch is currently in a private beta phase for select US customers and shares can be purchased with fiat-backed stablecoins.
FTX US launches beta stock trading platform
US FTX clients phased in through the company’s private beta waitlist can now leverage the platform to buy stocks and ETFs. The company says the new feature offers hundreds of US-listed common stocks, stocks, and ETFs.
Additionally, FTX will initially route equity trading platform orders through the Nasdaq. The company also noted that some securities will be offered through fractional stock trading. Users can also purchase stocks, securities, and ETFs using a stablecoin such as USDC, credit card, wire transfer, or ACH transfer.
“Our goal is to provide a holistic investment service to our clients across all asset classes,” FTX US Chairman Brett Harrison said in a statement. “With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFT and traditional stock offerings through a seamless and intuitive user interface.”
The company will now compete with Robinhood, a financial services company that also provides its clients with cryptocurrencies, stocks and ETFs. Just as FTX US recently added stock options, Robinhood recently rolled out crypto asset services this year. The company’s latest FTX Stocks feature also follows FTX founder Sam Bankman-Fried, who bought nearly 8% of Robinhood stock.
Another similarity to Robinhood is that FTX US states that no fees will be taken from approved brokerage accounts. “FTX Stocks will offer its clients fee-free brokerage accounts, commission-free trading, open market data, and fundamental company data,” the company’s announcement on Thursday noted. “The company has further elected to eliminate required minimum client balances and tiered account systems common to retail equity trading platforms.”
What do you think of FTX US adding stock options to the platform? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.