Morgan Stanley Launches E*Trade Cryptocurrency Trading Pilot
- Morgan Stanley’s E*Trade platform now offers cryptocurrency trading with a fee of just 50 basis points per transaction.
- This pricing undercuts major competitors like Coinbase, Robinhood, and Charles Schwab.
- The pilot is currently available to select clients, with plans for broader access to E*Trade’s 8.6 million users later this year.
- In April, Morgan Stanley launched a spot Bitcoin ETF that saw $30.6 million in inflows on its first day of trading.
- Other financial institutions are also entering the crypto space, including Charles Schwab and Goldman Sachs with their own offerings.
Morgan Stanley’s move into cryptocurrency trading reflects a growing trend among Wall Street firms to compete for retail trading revenue in the digital asset space. The competitive fee structure aims to attract clients away from established exchanges and fintech platforms.
With its low transaction fees, Morgan Stanley seeks to position itself as a significant player in the evolving crypto market, especially following the successful launch of its Bitcoin ETF that garnered substantial initial interest.(Source)
