Understand at a glance

Product reviews from various companies

Which platform is more suitable for you

1. Ondo Finance

  • Positioning: Utilizing 'security tokenization' technology to directly inherit the liquidity of NASDAQ/NYSE, solving on-chain slippage and decoupling issues.

  • Current status of the product:

  • Mechanism: Inherit liquidity. When you place a buy order on-chain, Ondo's partner broker-dealers will instantly execute the trade on NASDAQ/NYSE, then mint tokens for you at T+0.

  • Advantages: You are essentially trading with the depth of the world's largest stock market, not just a small on-chain pool.

  • Result: Trading has slight slippage slightly higher than traditional broker execution prices, but orders are executed in real broker transactions; for some stock varieties, liquidity is insufficient, leading to liquidity fragmentation.

  • Fees:

    • Management Fee: The main cost on the BNB Chain is the gas fee.

    • Invisible Advantage: Saves slippage losses from large trades, which is more important than transaction fees for users with large amounts of capital.

  • Experience:

    • Advantages: 24/7 trading (which traditional US stocks cannot achieve), T+0 settlement, supports fractional purchases (e.g., buying 0.1 shares). Direct access to the depth of US stock broker transactions.

    • Threshold: Not open to US users, requires KYC through Kraken or supported wallets. Because it runs on Solana, trading speed is very fast.

2. xstock (Kraken xStocks)

  • Positioning: Tokenized stock service launched by leading exchanges (the xstock you mentioned is very likely referring to the xStocks service launched by Kraken).

  • Product Status: Allows users to trade US stock tokens on-chain (like Solana), which are 1:1 backed by real stocks held by regulated custodians.

  • Fees:

    • Trading Fee: 0 trading fee if you use USD or USDG (Kraken's stablecoin) for purchases. If using other assets, around 1% fee + spread.

  • Experience:

    • Advantages: 24/7 trading (which traditional US stocks cannot achieve), T+0 settlement, supports fractional purchases (e.g., buying 0.1 shares).

    • Threshold: Not open to US users, requires KYC through Kraken or supported wallets. Because it runs on Solana, trading speed is very fast.

3. StableStock

  • Overview: Focuses on TraDeFi (traditional finance + DeFi), partnering with licensed brokers to provide trading services.

  • Experience: No slippage in trading, execution prices are consistent with US stock brokers, suitable for large transactions, the best design for DeFi + US stocks, allowing for two-way arbitrage. Makes stocks as liquid and composable as stablecoins (e.g., using stock tokens for staking and lending), with more play options than simple stock trading, and also executed directly at the broker with prices consistent with the broker, but there are additional costs for currency conversion.

  • Fees: During the testing period, a 0 fee activity was launched, and the official version has fees higher than traditional brokers, with comprehensive fees similar to on-chain brokers, with the advantage of direct access to US stock brokers.

  • Disadvantages:Positioned similarly to other platforms, does not support 24/7 trading, no leverage, and small transactions are relatively expensive.

4. BiyaPay

  • Positioning: USDT deposit US and Hong Kong stock brokers/wallets.

  • Product Status: It resembles a combination of a 'payment gateway + broker'. You recharge USDT, and it helps you exchange it into USD/HKD, then you use this fiat currency to buy real stocks in its App.

  • Fees:

    • Trading Commission: **USDT->USD has no exchange loss,** minimum commission for a single transaction.

  • Experience:

    • AdvantagesSolves the pain point of not being able to deposit into US stock brokers without an overseas bank card. The App experience is close to traditional brokers (Futu, Tiger Brokers).

    • Disadvantages: As it is a centralized wallet model, there is platform risk for funds and regulatory risk.

5. MSX ( MyStonks)

These two belong to emerging on-chain native growth platforms.

  • Overview: Positioned as a decentralized RWA trading platform.

  • Experience: Currently in the early stage. Suitable for players familiar with DeFi operations (Metamask wallet connection).

  • Fees: Stock 0.3%, contract fee 0.045%.

  • Risks: Not fully decentralized, assets still on the platform, in-depth experience is acceptable, but there are platform betting risks and regulatory risks.

6. Trade.xyz

  • Positioning: Speculating on US stock price fluctuations with high leverage and low fees.

  • Product Status: Decentralized derivatives based on Hyperliquid. Offers extremely high capital efficiency and low trading fees, but comes with extremely high leverage liquidation risk, and no real stocks.

  • Fees:

    • Trading Fee Rate: Only one-tenth of the contract fee in growth mode, lowest fee.

    • Funding Fee Rate: Default 10%

  • Experience:

    • Advantages: Prices track US stocks, almost no slippage, leverage can be added.

    • Disadvantages: No real stocks, funding fees are not suitable for long-term holding.

Comprehensive Advice

  1. Want to trade US stocks seriously, but only have USDT:

    Suitable for BiyaPay (or similar crypto payment card + Interactive Brokers/Charles Schwab) and StableStock. This way, you hold real stocks, enjoy dividend rights and voting rights, but have to endure exchange rate erosion and centralized platform risks.

  2. Want to play on-chain, do not want KYC or wish to trade 24 hours, for non-large transactions:

    Recommended xStocks. This is currently a reliable, smooth (Solana chain) tokenized stock solution.

  3. Large capital is significant, looking for convenience:

    Ondo: Utilize its inherited liquidity to avoid slippage losses when making large purchases. Can be purchased directly in Binance wallet, enhancing convenience.

  4. Want to gamble for high returns/early dividends:

    Can try MSX or StableStock, these platforms are suitable for DeFi players, the projects are in the early stage, with opportunities for brand airdrops, but be sure to control the amount of invested funds to guard against project security issues.

  5. Traders pursuing capital efficiency and convenience:

    Can recommend using Trade.xyz, which has high leverageto speculate on US stock price fluctuations, extremely high capital efficiency and low trading fees, but with extremely high leverage liquidation risk and decoupling risk.