FTX US Launches Zero-Commission Equities Trading Platform
May 19, 2022
FTX US introduced on Thursday that the agency has launched an equities buying and selling platform referred to as FTX Stocks which can give U.S.-based prospects the power to buy shares and exchange-traded funds (ETFs). The launch is presently in a personal beta part for choose U.S. prospects and equities may be bought with fiat-backed stablecoins.
FTX US Launches Beta Equities Trading Platform
FTX US prospects phased in by way of the agency’s non-public beta waitlist can now leverage the platform to buy shares and ETFs. The firm says the brand new characteristic affords lots of of choose U.S.-exchange-listed widespread shares, securities, and ETFs.
Furthermore, FTX will initially route the equities buying and selling platform orders by way of Nasdaq. The firm additionally famous that choose securities will probably be supplied by way of fractional share buying and selling. Users can even buy the shares, securities, and ETFs through the use of a stablecoin corresponding to USDC, bank card, wire switch or ACH switch.
“Our aim is to supply a holistic investing service for our prospects throughout all asset lessons,” FTX US president Brett Harrison stated in an announcement. “With the launch of FTX Stocks, we have now created a single built-in platform for retail traders to simply commerce crypto, NFTs, and conventional inventory choices by way of a clear and intuitive person interface.”
The firm will now be competing with the likes of Robinhood, a monetary providers firm that additionally supplies prospects with cryptocurrencies, shares, and ETFs. Much like FTX US just lately including inventory buying choices, Robinhood has just lately rolled out crypto asset providers this 12 months. The newest FTX Stocks characteristic from the corporate additionally follows the FTX founder Sam Bankman-Fried buying shut to eight% of Robinhood shares.
Another similarity to Robinhood is the very fact FTX US says no charges will probably be taken from accredited brokerage accounts. “FTX Stocks will supply its prospects no-fee brokerage accounts, commission-less buying and selling, and free-market information and firm elementary information,” the corporate’s announcement on Thursday notes. “The firm additional selected to eradicate minimal required buyer balances and tiered account programs widespread amongst retail inventory buying and selling platforms.”
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