TradeStation Crypto Bows Out Of Spot Cryptocurrency Trading: What Investors Need To Know

by Murtuza Merchant, Benzinga Staff Writer
January 18, 2024 10:11 AM | 2 min read | Make a Comment
Zinger Key Points
  • Effective Feb. 22, 2024, TradeStation Crypto will cease all trading and withdrawals, halting new account and deposit processes.
  • TradeStation Securities remains unaffected by the crypto division's closure, continuing its trade in crypto-related securities and futures.

TradeStation Crypto, a subsidiary of TradeStation Group, on Thursday announced its decision to exit the spot cryptocurrency trading business, marking a notable shift in the company's focus and strategy in the digital asset space.

TradeStation, known for its electronic trading platform that caters to active traders and certain institutional investor markets, has been a significant player in the trading industry.

The company offers trading in stocks, futures, and options, and had expanded into cryptocurrency trading, aiming to provide a robust platform for crypto investors.

According to the announcement from TradeStation's Business Development Team, the company will immediately stop processing new account applications and customer deposits for its crypto division.

Also Read: Toshi, Coinbase's Meme Cat, Sparks Billion-Dollar Price Targets: 'Just Buy It And Forget It,' Exclaims Trader

Furthermore, all trading and withdrawals in customer accounts at TradeStation Crypto will be permanently suspended at 5 p.m. ET on Feb. 22, 2024.

The decision to exit the spot cryptocurrency trading business is confined to TradeStation Crypto and does not affect TradeStation Securities.

TradeStation Securities will continue to support offerings of listed futures, stocks, exchange-traded products (such as ETFs and ETNs), and stock options in tradeable crypto-related instruments on regulated securities and futures exchanges.

The company recently expanded its trading offerings to include Aave AAVE/USD, Compound COMP/USD, Chainlink LINK/USD, Polygon MATIC/USD, Maker MKR/USD, and Shiba Inu SHIB/USD.

These cryptocurrencies joined the lineup of Bitcoin BTC/USD, Bitcoin Cash BCH/USD, Ethereum ETH/USD, Litecoin LTC/USD, and USD Coin USDC/USD on the platform.

These six additional tokens are now accessible for trading through TradeStation Crypto's web and mobile applications, as well as through its comprehensive range of APIs, which encompasses both REST and FIX APIs.

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Posted In: CryptocurrencyNewsTop StoriesMarketscryptocurrency tradingDigital AssetsElectronic TradingSpot Cryptocurrency MarketStories That MatterTradeStation
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