Any "broker-less" stock exchanges that accepts crypto payments and withdrawals?

Kong Hey Pakboy

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Quote from: Darker45 on July 13, 2021, 10:00:58 PM

You might want to check out Uphold and eToro. I also used to have an Abra wallet where you could also invest on stocks. And, just lately, Binance is also offering stock tokens representing shares of public companies.

I beg your pardon if this is not exactly what you are looking for. I haven't used some of these platforms myself but I encountered them countless of times. And if I am not mistaken, they're offering stocks on their platforms.

This is not a recommendation, though.

Does eToro have a crypto feature to buy stocks? I am using it but I don't see it anywhere. I think that there is no exchange that are currently doing what @Bitcoin_Arena is asking because my friends would probably be using it already if there's one already.

suchmoon

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https://bpip.org

Quote from: mk4 on July 15, 2021, 09:59:55 AM

If you don't mind, can you expound more on what your incident was? I'm personally a user of eToro, which I think is an example of what kind of broker you've described. I knew eToro isn't as "safe" compared to brokers such as Fidelity and Schwab, but being non-US my choices are really limited.

Long time ago I had a retirement account at some sketchy outfit. The name escapes me now, I think it had big words in it like "financial group" but I'm quite certain it was a strip mall storefront at best. Predictably it went out of business, I had to deal with SIPC, and it happened a few years after I had already quit the job so the employer refused to help at all.

Long story short, it took four years to get about 90% of my money back, mostly because I didn't have the statements after quitting - most recent 2-3 years or so - and the data that SIPC had didn't match what I thought I was owed.

mk4

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Paldo.io 🤖

Quote from: suchmoon on July 15, 2021, 07:40:02 AM

It needs to be noted that even using a traditional broker you don't really have the stocks in your name (at least in the US). The broker puts a record in their database assigning some stocks from their own pool to you (holding "in street name"). There is insurance if the broker goes bankrupt (SIPC covers up to $500k per individual IIRC) but filing the insurance claim depends on the broker database being available to prove that you own the stocks and/or you having the list of every trade you made. I learned that the hard way.

If you don't mind, can you expound more on what your incident was? I'm personally a user of eToro, which I think is an example of what kind of broker you've described. I knew eToro isn't as "safe" compared to brokers such as Fidelity and Schwab, but being non-US my choices are really limited.

suchmoon

legendary

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https://bpip.org

Quote from: magneto on July 15, 2021, 06:21:57 AM

Do note that your risks do increase quite substantially by going with these guys. Essentially, you are trusting these people to hold your funds custodially for you. They could be performing fractional reserve for their own profit (and they probably are), and you wouldn't know a thing about it until they go bankrupt with all your funds.

The legal waters here are murky and untrodden. If you were investing in stocks you might as well get things under your own name.

It needs to be noted that even using a traditional broker you don't really have the stocks in your name (at least in the US). The broker puts a record in their database assigning some stocks from their own pool to you (holding "in street name"). There is insurance if the broker goes bankrupt (SIPC covers up to $500k per individual IIRC) but filing the insurance claim depends on the broker database being available to prove that you own the stocks and/or you having the list of every trade you made. I learned that the hard way.

It is possible to actually register your holdings to your name but that might be costly and impede the ability to trade.

Having said that, I would still prefer to use an SIPC-insured broker and keep good records of my own, as opposed to some third-party that may or may not be insured and may or may not do a runner tomorrow.

magneto

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If by broker you mean any middleman, then no, there doesn't exist anything like that yet. DEX is not yet that advanced.

But yeah, FTX would be a good option if they don't constitute a "broker" in your mind. Uphold could also be a possibility.

Do note that your risks do increase quite substantially by going with these guys. Essentially, you are trusting these people to hold your funds custodially for you. They could be performing fractional reserve for their own profit (and they probably are), and you wouldn't know a thing about it until they go bankrupt with all your funds.

The legal waters here are murky and untrodden. If you were investing in stocks you might as well get things under your own name.

hugeblack

legendary

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eToro is old in this field and you can explore the things that you can do.
Unfortunately, stock trading needs some experience and is more related to your belief in the success of companies than technical analysis, so achieving imaginary profits in it is more difficult than the cryptocurrency market.
Note that some platforms offer what is known as tokenizing for a lot of stocks, but I do not recommend it to you, there is no control over these stocks and it is easy for platforms to deceive you.

Darker45

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You might want to check out Uphold and eToro. I also used to have an Abra wallet where you could also invest on stocks. And, just lately, Binance is also offering stock tokens representing shares of public companies.

I beg your pardon if this is not exactly what you are looking for. I haven't used some of these platforms myself but I encountered them countless of times. And if I am not mistaken, they're offering stocks on their platforms.

This is not a recommendation, though.

mk4

legendary

Activity: 2870

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Paldo.io 🤖

FTX(a cryptocurrency exchange) has these sort of "tokenized" stocks. Probably not something you would want to put money in in an investment perspective, but probably a good proxy for trading especially if you don't want like super strict stock broker-level regulations.

They still require KYC though, but definitely not as strict as stock exchanges as far as I know.

https://help.ftx.com/hc/en-us/articles/360051229472-Tokenized-Stocks

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Been trying to look at stock trading and the most annoying bit is the brokers. I am not comfortable with it. I have no experience with stocks, which is why I would like to know if there are stock exchanges that;
1. Are crypto friendly (Deposits and withdrawals possible)
2. Good for retail traders as well. Not just whales and institutions.
3. No broker bullshit.

Or just a good crypto exchange where one can have access to trade some stocks too?

Topic: Any "broker-less" stock exchanges that accepts crypto payments and withdrawals? (Read 145 times)