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FTX.US, the U.S. affiliate of crypto exchange FTX, has launched its much-awaited zero-commission stock trading to all U.S. users to expand its customer base.
FTX.US Opens Stock Trading To All 50 States
According to a recent tweet from FTX.US President Brett Harrison, the company has opened its stock trading to users in all 50 American states. He added that the users can now trade hundreds of stocks and exchange-traded funds, either online or through the FTX.US Pro mobile app. https://twitter.com/Brett_FTX/status/1552329303353950208 FTX.US piloted the feature to a select group of customers in May without disclosing when it would expand to include more states. It plans to offer no-fee brokerage accounts, commission-free trading, and market and company data. Thus, it would not charge fees or monetize trades in a way similar to Robinhood, which got heavily criticized for its business model. The exchange has already listed numerous blue-chip stocks immediately available for trading, which include Tesla Inc., Microsoft Corporation, and Apple Inc. Commenting on the development, Brett Harrison, president of FTX US, told Bloomberg:
"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 extent we will be able to bring new users."
The product, called FTX Stocks, will initially route orders to Nasdaq through its clearing firm, Embed. In June, FTX.US acquired the stock-clearing company to provide its application programming interface (API) and brokerage services to the platform.