After Robinhood started limiting trading of GME, a number of other exchanges have started offering these stocks. FTX is a crypto exchange, but it also lists a number of tokenised stocks. Basically this means you can trade stocks using crypto.
Trading Stocks on FTX
On FTX you can trade popular stocks like Apple, Tesla and you can also now trade GME, AMC, BB and NOK.
To trade stocks on FTX first you'll need to deposit USDC or another stable coin. You can also deposit crypto and then convert it into USD.
The good news is that USDC can easily be bought in Australia through CoinSpot. Here's a step by step guide to buying stocks through FTX:
- Sign up to FTX. Using this link will save you 5% on trading fees
- Sign up to CoinSpot.
- Buy USDC on Coinspot. You can deposit AUD using PayID or Bpay.
- Transfer USDC to FTX
- Trade stocks on FTX
As you can see it's a bit of a process. If you already own USDC or other stablecoins, then the process is much simpler. You can also deposit crypto like Bitcoin and then sell it for USD on FTX. I wouldn't recommend buying crypto through FTX as the fees are very high.
Remember the risks
Trading stocks is risky. Trading stocks through FTX is even riskier as you can trade using leverage. I would only recommend FTX to more advanced traders. If you're just looking to buy and hold GME or other US stocks, I would recommend using eToro or Stake. Both of those platforms allow you to buy and hold shares (not CFDs) and charge zero commissions.
Investing in GME and other stocks from WallStreetBets is risky. Never invest more than you can afford to lose.