On April 2, FTX US announced the launch of a stock trading platform called FTX Stocks, which offers U.S. customers the ability to buy stocks and exchange-traded funds (ETFs). The platform is currently in private beta testing for select U.S. customers, and stocks can be purchased in fiat Stablecoin.
FTX US launches beta platform for stock trading
FTX US has introduced a private beta version of the platform that can now be used to buy stocks and ETFs. According to the company, the new feature allows customers to choose from hundreds of common stocks, securities and ETFs listed on U.S. exchanges.
In addition, FTX will initially place orders on its stock trading platform through NASDAQ. It also states that some securities will be offered in fractional shares. Users will also be able to purchase stocks, securities and ETFs for stable coins such as USDC, credit cards, bank transfers and ACH transfers.
“Our goal is to provide our customers with comprehensive investment services across all asset classes,” said Brett Harrison, president of FTX US, in a statement.” With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade cryptocurrencies, NFTs and traditional stocks with a transparent and intuitive user interface.”
The company will now compete with Robinhood, which is also a financial services company that offers cryptocurrencies, stocks and ETFs to its customers; just as FTX US recently added the ability to buy stocks, Robinhood this year launched cryptocurrency. recently deployed asset services. FTX Stocks’ latest announcement follows FTX founder Sam Bankman-Fried’s purchase of nearly 8% of Robinhood’s stock.
Another similarity to Robinhood is that FTX US says it takes no commissions from approved brokerage accounts.” FTX Stocks offers customers commission-free brokerage accounts, commission-free trading, free market data and underlying company data,” the company said in an announcement Thursday.” In addition, the company has decided to forgo the minimum required customer balance and tiered account system common on retail stock trading platforms.”
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