🔥 Comparison of 6 major stock trading platforms in the crypto world, how to use them smoothly?

Question

More and more encryption trading platforms are bringing "US stocks" onto the chain, allowing trading of US stocks 24/7 with just stablecoins. This is particularly appealing during the ongoing rise in the popularity of US stocks.🤔 Therefore, we have sorted out the mechanisms of six popular platforms for US stocks, how to smoothly participate, and how to avoid risks?👇 Welcome to read!

1/8 ⭐️ Comparison of Mainstream Encryption Platform US Stock Trading Models Currently, there are three main models for on-chain US stock trading: Third-party issuance: Tokens issued by regulated issuers that are 1:1 pegged to real stocks, deployed on public chains, and traded on multiple exchanges (typical platforms: Kraken, Bybit, Gate, etc.). Licensed brokers issue on-chain: Stock tokens are directly issued by licensed brokers and real stocks are custodied, achieving the full process of issuance, clearing, and settlement on-chain (typical platform: Robinhood). This model has higher technical and regulatory thresholds, and currently only a few large brokers can attempt it. Contracts for Difference (CFD): The exchange offers US stock CFD products, which are essentially contract trades that use margin such as USDT to reflect the price fluctuations of US stocks. Users do not need to hold actual stocks and can leverage to go long or short on US stock market trends. The trading experience is similar to futures contracts, making it suitable for short-term speculation. Next, we will compare several representative coin circle US stock trading platforms. 2/8 ⭐️ Backed Finance Backed Finance currently offers on-chain tokenized securities services covering global blue-chip stocks through two major product lines — xStocks and bTokens. All tokens are backed by 1:1 physical assets. When users purchase tokens, Backed synchronously buys and custodies the corresponding US stocks off-chain as collateral. Users can not only hold Backed US stock tokens to gain price appreciation, but also earn additional income by providing liquidity (LP) and earning transaction fees. However, it is important to note that before providing liquidity, bToken needs to be wrapped into wbToken (wrapped token). This is because the original token (bToken) may automatically adjust its balance due to corporate actions (such as dividends or stock splits), while the wrapped token has a fixed quantity, making it more suitable for LP and avoiding confusion or losses caused by changes in token supply. User Guide:

Go to the Backed Finance official website and access the DeFi dashboard.
Use stablecoin to purchase the corresponding US stock tokens on the DEX. For tokens that support the Wrapped version, the official website provides a "Wrap" feature.
In the liquidity interface, provide LP liquidity for the selected trading pair and earn transaction fee income. Trading hours: 7×24 hours trading 3/8 ⭐️ MyStonks More than 100 stock tokens are now available. When users buy, the platform will mint tokens 1:1 and send them to the user's wallet. When selling, the tokens are converted to US stocks and returned as stablecoin, all executed by smart contracts and Chainlink oracles, with a 0.3% fee. This means that when users buy and sell US stock tokens on the platform, MyStonks will also buy and sell the corresponding US stocks 1:1 off-chain, with all tokens fully backed by real stocks custodied by Fidelity. User Guide:
Open the MyStonks official website, connect to your on-chain wallet, and complete KYC as prompted.
Ensure that there are stablecoins such as USDT in the wallet, select the stock token (such as Google), enter the purchase amount and confirm the transaction, and the same applies for selling. Trading time: synchronized with US stocks 4/8 ⭐️ Bybit By launching the xStocks product provided by Backed Finance, each token is backed 1:1 by real US stocks (held by regulatory agencies), deployed on the Solana blockchain, and supports 24/7 trading and on-chain settlement. User Guide:
Recharge USDT and other stablecoins on the Bybit App.
Enter the "Trading - Spot - Stocks Area", select the stock token you want to buy (e.g., TSLA), enter the amount and place an order to buy. Selling is the same. Trading hours: 7×24 hours trading 5/8 ⭐️ Gate The prominent feature of Gate's US stock tokenization is its pioneering perpetual contracts for US stocks, launching the "xStocks" US stock zone, which supports spot and derivatives trading of real stock tokens. The underlying mechanism is similar to Bybit, where tokens are backed 1:1 by real stocks held in custody, and all listed tokens correspond to publicly traded stocks, with full asset collateral. User Guide:
Recharge USDT and other stablecoins on the Gate App.
Enter the "Trading - Spot - xStocks Zone" or "Trading - Contract - xStocks Zone" Spot: Choose stock tokens (e.g., AAPLX) and buy with USDT. Contract: Open the perpetual contract section, select the underlying asset (such as TSLA perpetual), adjust the leverage, and open a long/short position. Trading hours: 7×24 hours trading 6/8 ⭐️ Kraken The Kraken mode is similar to Bybit, where the tokens are backed 1:1 by actual stocks held in custody. Kraken serves as the access platform providing matching services, and only offers spot coin trading. User Guide:
Deposit USDT and other stablecoins on Kraken.
Search for US stock tokens (such as TSLA) on the trading page and buy at market price or limit order. Trading hours: 7×24 hours trading 7/8 ⭐️ Robinhood Directly issue on-chain stock tokens using a broker license, with over 200 US stock and ETF tokens launched on the European market, available for trading 7×24 hours. In the future, a proprietary L2 "Robinhood Chain" will be launched to achieve full-process on-chain integration of issuance, clearing, and settlement. User Guide: KYC only supports identities from Europe and America. Trading hours: 7×24 hours trading 8/8 ⭐️ Risk Warning for Retail Investors Using On-Chain US Stock Platform
Understand the product types: First, it is important to understand the nature of the products offered by different platforms. For example, physically-backed stock tokens represent on-chain certificates that hold custodial actual stocks, while contracts for difference are merely leveraged bets on the price fluctuations of stocks and do not provide any equity rights. Choose the appropriate trading tools based on your own needs and risk preferences.
Issues with Trading Time: Although most on-chain US stocks can be traded 24/7, market liquidity may decrease after traditional US stock market hours, which could lead to price deviations from the closing prices of US stocks, as well as potential slippage and volatility risks. Therefore, it is advisable to avoid taking large positions during significant news releases when the traditional market has not yet opened.
Liquidity Risk: The overall market value and trading depth of on-chain US stock tokens are still limited. Avoid investing a large amount of funds all at once, pay attention to market depth and trading volume, and if necessary, trade in batches.
Voting Rights: Currently, tokenized stocks only track prices and do not provide voting rights. Update:
Robinhood's "stock tokens" are compliant derivatives provided by Robinhood Europe, where users purchase contracts that track the prices of U.S. stocks rather than directly holding actual shares or on-chain tokens. They are only available to European users, and U.S. users cannot participate.
Some platforms advertise trading 7 days a week, but currently only operate on business days. For example, Robinhood supports 5x24 hours trading, and the official plan is to expand to 7x24 hours trading in the future. Kraken's stock tokens currently also only support 5x24 hours trading.