FTX US Introduces Stock Trading In the United States
The United States, the most considered heart of many cooperates globally, does push many entities to employ outstanding ideas to elevate their business on the competitive ground. FTX US, an American subsidiary of a global crypto Exchange extends tricks in elevating itself in the growing crypto industry in the region.
Recently, FTX US launched commission-free stock trading services to all customers in the United States. At first, the service was only available to clients who initially logged in to trade cryptocurrencies. However, the current policy allows all clients from the 50 US states to access the service.
The move to introduce the service mainly targets the expansion of the company’s customer base and widens the asset coverage.
“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 President of FTX US, Brett Harrison told Bloomberg in an interview.
FTX US is currently offering Apple, Microsoft, Tesla, Amazon, Meta, and Paypal, among other 50 stocks of American companies that are highly in demand. The brokerage also offers trading with US-listed stocks, exchange-traded funds (ETFs), and depository receipts.
The Exchange plans to offer options trading in the future though they did not disclose a particular time to launch the service.
The Bounding Competition
Months ago, Sam Bankman-Fried, CEO and Founder of FTX secured a 7.6 percent stake in Robinhood. Besides the thriving mode of Robinhood and its majesty ruling in the crypto economy, the company is taking a sinking angle.
However, the claims of FTX US merging with Robinhood were speculations as the company confirmed. Bankman-Fried added that no such moves were in discussion between the two platforms.
In the meantime, FTX US acquired Embed Financial Technologies, the Main Company of the clearing firm, Embed Clearing, a step taken to strengthen its position in the stock trading sector.