The United States-based subsidiary of global cryptocurrency trading platform FTX is launching a stock trading platform to allow investors to trade cryptocurrencies alongside stocks.
FTX Debuts Stock Trading in the U.S.
West Realm Shires Services, the owner and operator of FTX U.S, announced on May 19th the upcoming launch of ‘FTX Stocks’, a stock trading service offered directly through the FTX U.S. trading app.
FTX Stocks aims to offer investors a full suite of asset class options in a one-stop investment shop. As part of a statement, FTX U.S. President Brett Harrison outlined:
“With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings.”
FTX to Offer Commission-Free Trading for Stocks
The beta launch of FTX Stocks will be made available to select U.S. customers, who will be chosen from a waitlist. FTX further disclosed that all trades on FTX Stocks will be free.
The exchange will also charge no fees for brokerage accounts, and no minimum balances will be required to operate an account.
On the other hand, the platform will require its users to fund their accounts with stablecoins like Circle’s USDC, Binance’s Binance USD (BUSD), and Tether’s hugely popular USDT.
On the Flipside
- The launch of FTX Stocks comes after the company invested in New York-based stock exchange IEX, and acquired a 7% stake in popular trading app Robinhood (NASDAQ:HOOD).
Why You Should Care
Following the complete rollout of FTX Stocks, all U.S. users will have full access to investments in hundreds of stocks and ETFs.