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The US branch of the FTX exchange has expanded its range of services, offering its clients the opportunity to trade stocks and ETFs.
FTX US exchange president Brett Harrison has revealed that the offer will be open to citizens of all 50 states, including Puerto Rico and the US Virgin Islands, who can buy and sell shares of leading companies. such as Apple (AAPL), Tesla (TSLA) and Amazon (AMZN), as well as trade ETFs on the company’s website and by mobile app.
FTX Stocks is now live for US users!
Residents of all 50 states (yes, including NY!) as well as PR and USVI can sign up.
Trade hundreds of stocks and ETFs from both the web (https://t.co/dNB6shHp9j) and the FTX US Pro mobile app.
Feedback welcome! pic.twitter.com/hwzg2aTS0t
— Brett Harrison (@Brett_FTX) July 27, 2022
FTX US launched the first form of this service two months ago. However, for now, the option is only available to a select number of preferred customers. In June 2022, Mr. Harrison outlined the company’s long-term goals with the ambition of becoming an all-in-one investment platform, not just limited to crypto.
In addition to introducing securities trading functions, FTX US also aims to provide the first real-time 24/7 escrow service for futures contracts to US users. Mr. Harrison said:
“For most clearing houses today, margin is made once per day, five days per week. We’re proposing to do this real-time, every 30 seconds, 24/7, and that’s a new aspect of our app. “
While announcing plans for its stock trading offering, FTX said it would not receive payments under the PFOF model, which Robinhood has criticized. Basically, Payment For Order Flow (PFOF) is the compensation and benefits the brokerage firm receives for passing orders to different parties to execute a trade. Most investors always complain that PFOF only creates opportunistic and unfair conditions to the detriment of traders and retail traders.
Instead, FTX will route all trades directly through Nasdaq instead of a third-party market maker to increase transparency and ensure that users receive their shares at the right price. best possible.
However, it can be seen that the fact that FTX US is completely open to US users to interact with stock products at this time is a rather “subtle” action of the exchange.
Because in the past week, the global financial world seemed to be “troubled” by the event of raising interest rates from the Fed, but after the number was announced at 0.75%, US stocks and the crypto market amazing growth. Not only that, the excitement continued to show in the next day in the general market despite the US GDP in the second quarter of 2022 falling by 0.9%.
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