According to the "CNBC"

May 19, 2022

Thursday, Aug 18, 2022 - 10:18:12

Crypto exchange FTX U.S. gets into stock trading

Crypto exchange FTX U.S. gets into stock trading

This news has been received from: CNBC

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Sam Bankman-Fried, CEO of FTX US Derivatives, testifies during the House Agriculture Committee hearing titled Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models, in Longworth Building on Thursday, May 12, 2022.Tom Williams | CQ-Roll Call, Inc. | Getty Images

The U.S. affiliate of crypto exchange FTX said Thursday it plans to roll out zero-commission stock trading.

The new service was limited to a small number of U.S. users Thursday.

FTX U.S. made the announcement a week after the company's owner, Sam Bankman-Fried, acquired a minority stake in Robinhood and two days after Robinhood revealed plans for its own bigger push into crypto.

The news also comes as the S&P 500 teeters on the edge of a bear market. Stocks — and cryptocurrencies, by extension — have been in a brutal sell-off for most of this year. The Nasdaq Composite suffered its worst month in April since 2008.

FTX U.S. will offer no-fee brokerage accounts, commission-free trading and market and company data. Customers will have the option to fund their accounts with fiat-backed stablecoins like USDC in addition to normal dollar deposits through wire transfer, ACH or credit card. There will be no minimum required balances for customers to maintain.

"Our goal is to offer a holistic investing service for our customers across all asset classes," FTX US President Brett Harrison said in a news release Thursday. "We have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface."

The product, called FTX Stocks, will initially route orders through Nasdaq. The company said it will not receive any payment for order flow. The back-end payments that brokerages receive for directing clients' trades to market makers came under scrutiny as Robinhood brought more retail investors into the market.

"There is clear market demand for a new retail investment experience that offers full order routing transparency to customers and does not rely on payment for order flow," Harrison said. "As we grow the product offering and capabilities, we are excited to give our customers even greater choice for order execution, as well as the tools they need to make informed routing decisions."

Users will be able to trade some securities fractionally.

Other than Robinhood, FTX U.S. joins fintech brands like Square Cash App, SoFi and Public in offering trading in both stocks and crypto. Big crypto-native rivals like Coinbase and Binance do not offer stocks, with the latter ending its equities product last year.


News Source: CNBC

Tags: crypto exchange ftx retail investors stock trading our customers harrison said the company the product the product the company

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Discord Nitro gets CHEAP new plan – how to save money on monthly bills

DISCORD has launched a cheap new tier for its premium Nitro subscription.

Nitro gives users of the chat app bonus features – but it usually costs £9.99 / $9.99 a month.

1Discord Nitro doesn't come cheap – but Basic is far friendlier to the walletCredit: Discord

Now a cheaper version of the plan called Nitro Basic will slash that bill to just £2.99 / $2.49 a month for Brits, as revealed by TechRadar.

It comes at a great time as inflation soars and the UK endures a cost-of-living crisis.

Discord is normally free, but Nitro gives you access to some premium features.

The Nitro Basic plan includes four handy perks.

You can now upload files as large as 20MB.

There are special stickers to access, as well as a Nitro badge on your profile.

And you can use custom and animated emoji on Discord too.

If you pay for the full Nitro plan, you'll get 100MB uploads, HD video streaming and two server boosts – as well as the Nitro Basic features.

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It's currently only possible to subscribe on the desktop version of the app.

But it's expected that an iOS launch will arrive soon too.

Discord is one of the world's most popular chat apps.

It allows users to text, call and video chat with each other – and create Slack-style server communities.

These communities can be for friendship groups, shared hobbies or anything else.

Discord is particularly popular with gamers, and is widely used as an alternative to in-game voice chat systems.

The new Nitro Basic plan begins rolling out from August 18.

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