FTX US Now Launches Its Own Stock Trading Called ‘FTX Stocks’

FTX US Now Launches Its Own Stock Trading Called ‘FTX Stocks’

FTX’s new growth demonstrates the company’s desire to attract not just crypto investors, but also traditional finance investors.

With the debut of its new stock-trading service for a limited number of users in the country, the cryptocurrency exchange FTX is going old school. The new offering will be made available through FTX Capital Markets, a FINRA registered broker-dealer.

The platform intends to expand its capabilities to all US users in the next months, according to the official release. Users will be able to trade and invest in hundreds of US exchange-listed assets, including common stocks and exchange-traded funds, through FTX Stocks.

To begin, all orders will be handled through Nasdaq in order to guarantee “transparent trade execution and fair pricing.” There will be no commissions on stock trading, and FTX Stocks will not be paid for order flow. A few securities will also be offered for fractional share trading. The firm will accept “fiat-backed stablecoins” like USDC as payment for stock purchases.

FTX’s latest growth shows the company’s desire to not just attract crypto investors, but also traditional finance investors, even if it means entering a more tightly regulated market. The fundamental aim, according to President Brett Harrison, is to provide consumers with every investment service under the sun.

“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.”

Its move into the stock market comes only days after CEO Sam Bankman-Fried was discovered to have purchased a 7.6% interest in online trading platform Robinhood. The executive clarified that he has no intention of influencing the latter’s management or direction, but that he sees the ownership as an investment.

The Commodities Futures Trading Commission (CFTC) has received a formal request from FTX US to amend its existing non-intermediated model for cryptocurrency derivatives, allowing the platform to bypass the financial organizations that now facilitate such trading. The application is now being reviewed by the authorities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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