FTX US announced on Thursday that the firm has launched an equities trading platform called FTX Stocks which will give U.S.-based customers the ability to purchase stocks and exchange-traded funds (ETFs). The launch is currently in a private beta phase for select U.S. customers and equities can be purchased with fiat-backed stablecoins.
FTX US Launches Beta Equities Trading Platform
FTX US customers phased in through the firm’s private beta waitlist can now leverage the platform to purchase stocks and ETFs. The company says the new feature offers hundreds of select U.S.-exchange-listed common stocks, securities, and ETFs.
Furthermore, FTX will initially route the equities trading platform orders through Nasdaq. The company also noted that select securities will be offered via fractional share trading. Users can also purchase the stocks, securities, and ETFs by using a stablecoin such as USDC, credit card, wire transfer or ACH transfer.
“Our goal is to offer a holistic investing service for our customers across all asset classes,” FTX US president Brett Harrison said in a statement. “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 will now be competing with the likes of Robinhood, a financial services company that also provides customers with cryptocurrencies, stocks, and ETFs. Much like FTX US recently adding stock purchasing options, Robinhood has recently rolled out crypto asset services this year. The latest FTX Stocks feature from the company also follows the FTX founder Sam Bankman-Fried purchasing close to 8% of Robinhood shares.
Another similarity to Robinhood is the fact FTX US says no fees will be taken from approved brokerage accounts. “FTX Stocks will offer its customers no-fee brokerage accounts, commission-less trading, and free-market data and company fundamental data,” the company’s announcement on Thursday notes. “The company further chose to eliminate minimum required customer balances and tiered account systems common among retail stock trading platforms.”
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