TradeStation Crypto, the digital asset-focused subsidiary of TradeStation Group, announced on Wednesday that it has obtained licenses in two more US states - South Dakota and Alaska - to offer crypto brokerage services.
The platform has already started to receive applications from residents of the two states to open their accounts.
With this addition, the platform has received some form of money transmitting license from 19 states in the United States and has begun to offer its digital asset brokerage services.
The crypto subsidiary of the platform is also pushing hard to enter all 50 states in the country with its services and also added four states to its offering last month.
Commenting on the development, James Putra, director of product strategy at TradeStation Crypto, said: “Last month we announced our crypto offering is available for traders across Illinois, Rhode Island, Washington, and Wisconsin. We’re excited that traders in South Dakota, Alaska and our long list of other states now have another way to participate in the cryptocurrency markets through a trusted and familiar brand.”
Being a broker in a crowed of exchanges
Unlike most of the brokers, TradeStation offers self-directed traders via its online brokerage model and aggregates multiple pools of Liquidity in a consolidated market data feed combined with an order-routing system.
As seen on its website, the platform offers trading services with five digital currencies - Bitcoin , Bitcoin Cash, Ethereum, Litecoin, and XRP. While there are five fiat-based pairs, two are crypto-to-crypto pairs - ETH/BTC and LTC/BTC.
Notably, to use TradeStation Crypto’s services, users also need a TradeStation Securities equities account as it has “an arrangement with TradeStation Securities so that the fiat needed for your crypto purchases can be transferred in from your TradeStation Securities equities account and the proceeds when you sell crypto in exchange for fiat can be transferred into your TradeStation Securities equities account.”
