FTX Crypto Exchange Is Getting Into Stock Trading
FTX US will provide stock trading services to its North American clients.
According to an announcement made by the company, crypto exchange FTX is expanding to stock trading.
The exchange’s stock trading service, FTX Stocks, will be available directly in the US trading app. It will include the trading of hundreds of US stocks and exchange-traded funds.
FTX Stocks is currently only available to a select few whitelisted clients for the US, but the exchange plans to roll out the feature to all its North American users by mid-summer. FTX will offer fractional shares, thus allowing traders to participate with no minimum account balance, and it plans to offer “no-fee brokerage accounts [and] commission-less trading.”
In its press release, FTX US President Brett Harrison said:
“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. There is clear market demand for a new retail investment experience that offers full order routing transparency to customers and does not rely on payment for order flow.”
The announcement follows the purchase of 7.6% of Robinhood stock by FTX CEO Sam Bankman-Fried.
Harrison said Robinhood’s core competencies are strikingly similar, although no merger is currently planned. The investment was passive, He told Decrypt, and FTX US is currently not trying to profit from its new Stocks service. Harrison said it will serve as a complement to the company’s main crypto offerings, while helping to attract and retain customers.
In the interview, Harrison remained confident that even in a bad market, US customers will continue trading stocks and cryptocurrencies. As such, the company’s long-term goal is to offer a diverse range of assets and a superior user interface.