Crypto Exchange Platform, FTX Goes Into Stock Trading

Crypto Exchange Platform, FTX Goes Into Stock TradingCryptocurrency exchange FTX will soon allow for traditional stock trading in addition to its offerings, the company announced today. The functionality is currently available to a select number of users in the US only, but it’s aiming to roll it out globally in the near future.

FTX is offering commission-free trading with a wide range of US exchange-listed securities available including common stocks and ETFs. Customers can fund their accounts via credit card deposits, ACH transfers, wire transfers and USDC. While prices are theoretically stablecoins shouldn’t fluctuate as much in the face of the global market fluctuations.

FTX plans to route orders directly through the Nasdaq exchange, instead of the less efficient use of payment for order flow. With PFOF, brokerages can receive compensation from market makers for directing orders to specific institutions, which critics say could create a conflict of interest since brokers may want to direct orders towards companies which will increase their profits. The practice came under scrutiny following GameStop’s stock surge last year.

“After launching FTX Stocks, retail investors can now easily trade crypto, NFTs and traditional stocks with a user-friendly interface that is transparent and intuitive,” said US FTX President Brett Harrison in response to the new platform.

Robinhood, a company solely focused on investing, is also competing with FTX. In addition, the company Sam Bankman-Fried bought shares in earlier this month, made him its third largest investor on record. With a $1 billion valuation and expanding capabilities to compete with other technology companies, that’s not very surprising.


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