FTX US, a U.S.-based equity trading platform, announced Thursday the launch of FTX stocks. It will enable customers with U.S. addresses to trade stocks and ETFs. The beta launch of FTX Stocks is in private for selected U.S. customers. Equity can be purchased using fiat-backed stabilizecoins.
FTX US Launches Beta Equities Trading Platform
FTX US customers phased in through the firm’s private beta waitlist can now leverage the platform to purchase stocks and ETFs. According to the company, this new feature will allow customers to access hundreds of U.S. exchange-listed securities and common stocks as well as ETFs.
FTX will route orders from its equities trading platform through Nasdaq in the beginning. The company noted that certain securities would be available via fractional shares trading. The stablecoin USDC can be used to purchase securities and stocks.
“Our goal is to offer a holistic investing service for our customers across all asset classes,” FTX US president 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, NFTs, and traditional stock offerings through a transparent and intuitive user interface.”
Robinhood is a financial service company which also offers cryptocurrencies, stocks and ETFs to its customers. Robinhood recently launched crypto asset services, much like FTX US which recently added stock buying options. The company’s latest FTX Stocks feature follows Sam Bankman-Fried, a founder of FTX who purchased close to 8% Robinhood shares.
A similarity with Robinhood lies in the fact that FTX US states no brokerage fees will be charged to approved accounts. “FTX Stocks will offer its customers no-fee brokerage accounts, commission-less trading, and free-market data and company fundamental data,” the company’s announcement on Thursday notes. “The company further chose to eliminate minimum required customer balances and tiered account systems common among retail stock trading platforms.”
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