Market Analysis Report (28 Jul 2022)

Cryptocurrency exchange FTX US is expanding its no-fee stock trading service to all of its users in the United States in a move meant to expand its customer base and increase assets under custody.

Brett Harrison, president of FTX US, was quoted saying that the beta users for the stock trading service were “from a pool of existing FTX US crypto users” and added 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 it extent we will be able to bring new users.”

FTX US is also planning to roll out options trading. The plan comes a week after Robinhood Markets launched options trading in cash accounts for eligible customers, saying it was one of the most requested features from advanced users.

FTX US’s equity trading service does not accept payment-for-order-flow, a controversial process in which firms pay for the right to execute orders coming from the platform’s retail users.

Source