- FTX will soon launch its stock trading services on its trading application.
- The services will be offered with zero commission and the requirement for a minimum balance has been eliminated.
The LUNA debacle caused a commotion in several crypto exchanges and many have already started planning to expand their services. On Thursday, one of the biggest crypto exchanges, FTX announced the launch of FTX stocks via a press release. This initiative is a collaboration between West Realm Shires Services and FTX Capital Markets.
US Customers have already enlisted themselves for the waitlist and the launch will be available only to those selected. It will be done in a private beta phase and users will be able to avail of the equities trading platform via the existing trading application. On a few selected securities, FTX will also offer fractional share trading.
Brett Harrison, the president of FTX US 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.”
The company already offers transparent trading and fair prices in the common and ETF stocks that it offers. It is willing to continue the same for stock trading. Therefore, for the initial days, the orders will be processed via Nasdaq. FTX has also said that it will not generate any revenue from the order flow.
The launch of this stock trading is one of its kind as the funding of retail brokerage accounts using stablecoins as USDC has never happened before. FTX will provide its customers with “no-fee brokerage accounts, commission-less trading, and free-market data and company fundamental data,” and the availability of a minimum balance is also not required.
“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. As we grow the product offering and capabilities, we are excited to give our customers even greater choice for order execution, as well as the tools they need to make informed routing decisions,” added Harrison.