The FTX cryptocurrency exchange will soon allow traditional stock trading along with its crypto offers, the company said. in a press release (via: The Wall Street Journal:): The functionality is currently available to a limited number of users in the US, but it intends to make it available to more traders in the coming months.
FTX says it will offer commission-free trading with access to “hundreds of listed US securities,” including common stock and ETFs. It will allow customers to add money to their accounts via credit card deposits, ACH transfers and bank transfers. FTX also says it is the first exchange to allow users to finance their accounts with fiat-stable stablecoin such as the USDC. While the price of stable metals (in theory) should not fluctuate as much as other cryptocurrencies because they are related to a currency or commodity, the recent decline in the crypto market has left. some stablecoins fight.
FTX plans to place orders directly through the Nasdaq exchange for use instead Payment for order flow (PFOF) method used by Robinhood և other exchanges. PFOF involves brokers being reimbursed for sending orders to market makers, a process that critics say could cause a conflict of interest, because brokers may want to place orders with institutions that increase their profits. The practice is under control After the rise in GameStop shares which happened last year.
“With the launch of FTX Stocks, we have created a unified integrated platform for retailers that can easily trade crypto, NFT և traditional stock offerings through a transparent, intuitive interface,” said Brett Harrison, President of FTX USA. .
Robin Hood, Belonging to the block Cash attachment և: Public.com: it will allow users to trade stocks and cryptocurrencies. Putting FTX in the mix will allow it to compete directly with each platform. Earlier this month, FTX founder Sam Benkman-Fried revealed its acquisition of 7.6% stake in Robinhood, making him the third largest shareholder in the company. In Bankman-Fried’s 13D documents, he said he had no plans to acquire the company at this time, but since WSJ: notes that this type of horse is usually presented by an investor who wants to buy more shares of the company or implement a domain.
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