The side entrance of the New York Stock Exchange and a street sign of Wall Street, October 11, 2013, New York City. Shutterstock
Cryptocurrency exchange FTX.US is expanding its range of services with the launch of a testing stock trading functionality for a handful of U.S. users, the company said in a press release on 19 May.
According to the announcement, the private beta of FTX Stocks will give a select number of U.S. customers access to stock trading services offered directly through the FTX.US trading app. The platform will enable these U.S. users to trade and invest in hundreds of U.S. exchange-listed shares, such as common stocks and exchange traded funds. The president of FTX.US, Brett Harrison, said in a statement:
“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.”
The company also noted that FTX Stocks will be the first platform of its kind to allow users to fund their accounts using fiat-pegged stablecoins like USDC, an alternative option made possible through a partnership with the FTX.US crypto exchange. The exchange further clarified that initially all orders will be routed through NASDAQ in order to ensure transparency and fair pricing.
In order to continue its mission to “democratize access to financial services”, FTX said its new platform will offer users no-fee brokerage accounts, commission-less trading, and free market data and company fundamental data. The company has also decided to eliminate the minimum required customer balance, as well as the tiered account system commonly used by retail stock trading platforms.