FTX US, the American branch of the global cryptocurrency exchange FTXhas rolled out commission-free stock trading for all clients in the United States.
FTX.US widened its horizons to include equities.
The cryptocurrency exchange has announced that customers can now trade top tier stocks such as Tesla (TSLA)Apple (AAPL) and Microsoft (MSFT).
The president of FTX.USBrett Harrison, broke the news on Twitter, saying the feature is now available for users in the United States. He noted that residents of all 50 US states will have access to the new service, including New York, a jurisdiction where FTX.US does not offer cryptocurrency services.
According to the tweet: “Trade hundreds of shares andAND F both web and mobile app FTX.US Professional”.
The project to launch stock market options did not come out of nowhere since it had been in the making for several months. In May, the exchange launched a pilot program that will only allow selected people to participate, without revealing a date for the full launch.
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No commission billing
In addition, FTX said stock trading will leverage a commission-free business model charged for transactions. Additionally, clients can have brokerage accounts for free.
“To begin with, it’s not going to be a profitable business for us,” Harrison said. “Our goal is to be able to add this additional service for our customers to strengthen our existing business.”
Harrison clarified on Twitter that stocks listed on the platform are real stocks, not synthetic stocks. In addition, clients will be entitled to options on fractional shares. Brokerage accounts are insured by SIPCwhile cash is “managed in accounts insured by the FDIC in its partner banks. Over the next few days, the service will be available to regular app users, the team said.
However, FTX US does not stop there. The platform provides further options trading offerings. However, it did not provide any details on when it will launch this service. FTX and its American subsidiary are in the spotlight for their activities during the winter crypto. FTX rescued struggling businesses in space. Among others, FTX.US said that he was looking for acquisitions.
Bonus: French advertising regulations prohibited crypto advertising during the French Grand Prix.