Bitcoin [BTC] futures trading to be regulated, says TD Ameritrade’s Steve Quirk

Recently, Steve Quirk, TD Ameritrade’s Executive Vice President of Trading and Education, in an interview with CNBC Fast Money spoke about the future of the trading environment. He further spoke about whether using Ameritrade was an ideal way to trade Bitcoin [BTC], Bitcoin futures and the cost of trading Bitcoin Futures.

Steve was asked whether it would be a seamless experience for an Ameritrade account holder to trade Bitcoin or Bitcoin futures on the new platform. Steve stated:

“that’s what we are working towards”

He further added that from a market side, ErisX had the biggest players in the Bitcoin space. This includes well-established players like DRW and Virtue. Cboe Global Markets introduced Bitcoin Futures in December but those contracts only allowed traders to bet on the future price movements of Bitcoin without giving access to the cryptocurrency itself. Steve stated:

“what we’re bringing to the table as a strategic investor and an advisor is a pretty deep understanding of our 11 million plus retail clients and an understanding of what they look for when it comes to a product”

He also spoke about the trading environment and how it would look like within the next year. According to Steve, investors wanted to access the cryptocurrency markets, but they wanted to enter it in a regulated manner. He added that ErisX’s futures contract would fit the role perfectly. Furthermore, the futures offered on this platform would be available to the wide range of customers of TD Ameritrade. Steve stated:

“Our clients are looking for access to a regulated space and they want to do it all within their TD Ameritrade account where they have access to all the other asset classes that they trade today”

Steve further spoke about the cost of a trade. He stated that they would be offered at no extra cost to the consumer and would be priced identical to other futures.

WeCrypto a cryptocurrency enthusiast stated:

“TD Ameritrade said they understand their customer. Many of us left them to go to @CoinbasePro. A year later they got the message. A little slow for being well-educated people”

A major competition to TD Ameritrade would be Bakkt, a cryptocurrency platform which was recently announced by the New York Stock Exchange’s Intercontinental Exchange [ICE]. Bakkt is set to be launched the coming month and they have also announced a physically delivered Bitcoin futures contract.

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