The US arm of well-known crypto exchange FTX, FTX US, has confirmed via a press release that it will allow users on the platform to trade stocks and exchange-traded funds (ETFs) listed in the United States. This is the first crypto exchange to confirm such an offering which might open the platform to new users.
Trade stocks on FTX US
As per the official press release from West Realm Shires Services and FTX Capital Markets, the launch of FTX Stocks has been confirmed. However, the feature will only be available to a selected number of users chosen from the waiting list as the launch will commence in a private beta phase on the FTX US platform.
The platform will feature hundreds of US exchange-listed securities, i.e., common stocks as well as ETFs. Thus, users will get access to other options within the application. Initially, all the orders will be routed through NASDAQ for transparency reasons and for fair pricing of the securities.
“Our goal is to offer a holistic investing service for our customers across all asset classes. 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,” said the President of the US arm of FTX, Brett Harrison.
Users will be able to trade these securities with “no-fee brokerage accounts, commission-less trading, and free-market data and company fundamental data” and also trade fractional shares of selected securities. With the launch of FTX Stocks and its integration with the platform, the firm plans to eliminate minimum required customer balances and tiered account systems.
Interestingly, the co-founder of FTX, Sam Bankman-Fried, had also recently acquired a 7% stake in Robinhood, a platform known for providing commission-free investment services.