Crypto exchange platform FTX.US has added numerous stocks to its platform. This aims to expand its services to include mainstream assets apart from virtual currencies.
Meanwhile, FTX has been in the news lately, rescuing falling crypto firms. The platform even offered to help Voyager Digitals with withdrawals.
FTX.US Now Offers Stock Trading For US Users
The American branch of FTX has expanded its offering to include stocks. According to the announcement, users can trade popular stocks such as Apple (AAPL), Microsoft (MSFT), Tesla (TSLA), and others.
The President of FTX.US, Brett Harrison, made the announcement on Twitter. However, the feature is only available to American users living in the 50 states.
Additionally, those in New York can access the feature, although FTX.US does not offer crypto services there. Users can trade ETFs and stocks using the FTX.US pro mobile app and web.
Meanwhile, the crypto exchange started working on this plan a few months ago. In May, the platform began a pilot test on the project.
As of then, only a few individuals were allowed to take part in the test. However, it appears the firm is ready to try it out on a wider scale.
Furthermore, reports say the stock will function on a zero-commission model. This means that the exchange will not charge any commission on trades.
Also, customers will have access to accounts that have no brokerage fees. Harrison added that this would not be a profitable project for the company.
Harrison Says Funds Are Properly Insured
The president said the company’s goal is to provide its users with more services. Also, this would help to attract more users to the platform.
According to Harrison, the company listed actual shares on the exchange. This means they are not synthetic shares. However, it would allow users to use fractional shares.
Additionally, Harrison said the brokerage accounts are insured with SIPC. Also, the funds are sent into accounts that are insured by the FDIC. Meanwhile, the company said it would soon open the stock to all users.
During the crypto market crisis, the crypto platform FTX has been in the spotlight. This attention is due to its assistance to bankrupt crypto firms.
FTX has been on a rescue mission for troubled firms in the crypto industry. Besides, FTX.US has been on the lookout for possible acquisitions.
At the 2022 Davos event, the US affiliate said they are working to develop the first real-time 24H margin for futures. In most clearing houses, the margin for futures is done once every day.
