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Unlike Robinhood, the exchange said it would not charge commission or trading fees.
Following a successful beta test, crypto exchange FTX US has opened its stock trading to all users across all states in the US. The company’s President Brett Harrison announced the launch in a tweet. The FTX US executive noted that the stock trading is open to “residents of all 50 states (yes, including NY!) as well as PR and USVI can sign up”.
As the stock trading is now open to all US residents, FTX US said interested persons could trade hundreds of stocks and exchange-traded funds. Harrison revealed that trading could be done online or via the FTX US Pro mobile app. In addition, FTX will allow its US customers to fund their accounts with USDC to trade the stocks.
FTX US started testing the stock trading feature in May. At the time, the company revealed that it would be conducting the test with selected US users. The President also said the goal was to provide a “holistic investing service” across different asset classes to consumers. The announcement was an indicator to FTX’s interest in serving the general investor community other than exclusive crypto lovers.
FTX US Expands Stock Trading Nationwide
Unlike Robinhood, the exchange said it would not charge commission or trading fees. It said it would not follow the payment for order flow used by Robinhood (NASDAQ: HOOD). Harrison also said in an interview:
“Our beta users were from a pool of existing FTX US crypto users. It will be very interesting when we open it to all to see how many FTX US users start to trade stocks, and to what it extent we will be able to bring new users.”
The crypto exchange has been putting things in order in anticipation of its stock trading. FTX US acquired stock-clearing company Embed Financial Technologies in June as part of its stock trading expansion. Embedded Financial Technologies specializes in providing white-label brokerage services and application programming interfaces (API). The technology company offers its services to registered investment advisors and broker-dealers.
Embed Founder and CEO Michael Giles stated that the company shares similar culture with FTX US. Giles noted that the combination of FTX US and Embed on the stock trading will bring securities and crypto solutions to customers.
“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,” Harrison added.