UX, the world’s largest cryptocurrency exchange, would open up an opportunity for the traders to do stock trading in the different American States, including the United States Virgin Islands and Puerto Rico. The announcement was recently made on Twitter by FTX president Brett Harrison.
The FTX.US stock trading Application was launched as a beta version in May 2022. Since then, many selected customers have been trading stocks with zero brokerage fees and commission fees on the platform. The clearing company, NASDAQ, will receive all trades executed on FTX US at first. Also, the company won’t receive the cash order flow payments for the users.
Crypto Exchange FTX.US Allows Nationwide Stock Trading FTX
After concluding on rollouts of stock trading features, FTX plans to integrate Options Trading into the FTX Application. The FTX president Brett Harrison made this announcement a few days ago but hasn’t disclosed the timeline for launching an options trading facility.
Further, Harrison said, “ With the launch of Stocks trading, they have built a one-stop solution application for the retail investors and traders to trade different asset classes like Stocks, NFTs and Crypto through an intuitive and easy to use user interface.”
- FTX users would be able to trade various stocks and ETFs( Engineer Traded Funds) through a mobile application or the FTX web Application.
- The FTX US experimented with this feature on trial to select a few customers. No fee was charged on any stock trade like Robinhood ( the company criticized the payment order flow model).
- FTX.US will use the Application Programming Interface (API) offered by their newly acquired company, Embed Financial Technologies. Also, the acquired company would provide brokerage services to the FTX Users.
- Retail Investors would be able to fund their brokerage accounts through fiat-backed stablecoins like USDC and UST( Terra ).
They have listed various popular stocks such as Apple Inc (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOGL), and Microsoft(NASDAQ: MSFT).
Options Trading Could Be The feature
According to many trading gurus, FTX will most certainly lose money on stock trades at first. But it also aims to recover losses by offering services like crypto trading to several financial companies and brokers.
A few months back, FTX partnered with the IEX stock Exchange for digital securities. This partnership aims to offer users services to buy, sell, or trade digital asset securities. FTX US CEO believes investing in IEX would create tremendous opportunities for them. With this investment, they aim to be one of the innovative and most trusted companies for equality markets.
The US Affiliate of FTX is one of the fastest-growing crypto exchanges. In Q1 2022, they have secured funding of USD 400 million from Singapore’s Temasek Holdings and SoftBank Group Corporation Japan. This led the total valuation of the firm to be USD 8 Billion. FTX US aims to be a one-stop solution for all types of investments for retail investors by offering 24/7 margins to the Users for Futures trading.