Author: Changan | Biteye Content Team

Recently, cross-border investment in US stocks has once again been thrust into the spotlight.

On the one hand, regulators are continuing to crack down on overseas brokerages operating businesses to domestic users, with platforms such as Futu and Tiger Brokers previously being penalized for related issues. For ordinary users, the traditional online brokerage route for investing in US stocks is becoming increasingly uncertain.

However, the pent-up demand from global users for allocating assets to US stocks has not disappeared. This "demand spillover" has fueled a new wave of cryptocurrency exchanges (CEXs) collectively launching US stock products.

This round of CEXs entering the US stock market is not simply about adding a few more trading categories, but a war centered on stablecoins to seize the primary entry point for global users' asset allocation.

This article will analyze the similarities, differences, advantages, and disadvantages of mainstream CEX US stock products from four core dimensions: target coverage, liquidity depth, fee structure, and dividend rights.

1️⃣Binance: Stocks & ETFs, integrate US stock trading into your Binance account system.

Binance has chosen a structure of "Binance front-end entry + Nest Trading Limited securities service support + Alpaca Securities execution and custody".

Simply put, users submit stock trading orders through their Binance accounts, but Binance is not the party directly executing, clearing, or holding the stocks.

This securities trading service is supported by Nest Trading Limited. Nest Trading Limited acts as an introducing broker, responsible for receiving user orders and forwarding them to the executing broker.

The entity truly responsible for the underlying order execution, clearing, settlement, and securities custody is Alpaca Securities LLC, a licensed brokerage firm in the United States. Alpaca Securities is a member of FINRA and SIPC, and users' stock orders enter the US stock market through it.

Target:

Binance Stock Trading currently supports 7,000+ listed stocks and ETFs.

In terms of asset coverage, Binance doesn't just offer a few popular US stocks; it's more like a comprehensive gateway to US stocks and ETFs. Users can access blue-chip stocks, ETFs, and many more US-listed assets through Binance.

cost:

Binance does not charge commissions for stock trading, but that does not mean it is completely cost-free.

According to Binance, transactions will incur a platform fee:

For transactions of $350 or less, the minimum platform fee is $0.35.
For transactions exceeding $350, the minimum platform fee is waived, but a spread of 0.1% will be charged, rounded up to two decimal places.

In addition, some ADR assets may incur ADR fees, typically ranging from $0.01 to $0.03 per share. Binance currently does not charge account maintenance fees, idle fees, or stock custody fees, but other costs such as currency conversion fees, regulatory fees, and dividend taxes may still apply.

Is there a dividend?

Users are the beneficial owners of the shares they purchase, and therefore, where applicable, they can receive dividends and participate in rights and interests related to shareholding, such as dividends, stock splits, and stock consolidation.

However, the timing of dividend payments, tax deduction methods, and whether users in different regions enjoy the same processing rules are still subject to Binance's securities trading rules.

evaluate:

Binance Stock is a US stock trading platform that brings US stock trading closer to standardized securities trading products.

Its entry threshold is relatively low, with a minimum of $5 required to start trading, and it also supports partial stock fractional trading. For users who already hold USDC, USDT/U, and BNB on Binance, the path to transferring funds into US stocks is more convenient.

However, Binance's fee structure differs from other platforms. It emphasizes zero commission, but the actual costs are reflected in the minimum platform fee, spreads, ADR fees, and other possible external charges.

Overall, Binance is more like embedding a US stock trading module with USDC as the settlement core within an exchange account. Its advantages lie in the coverage of underlying assets and account access, but the final user experience depends on the regional availability, trading hours, spreads, and actual settlement rules.

2️⃣ Bitget: From Price Exposure to rToken "Real US Stock Market Backing"

The Bitget / Reality product suite is more like a structure of "real securities backing + rToken on-chain credentials + Bitget distribution and trading".

After a user purchases rTokens using stablecoins, Reality will purchase the corresponding underlying US stocks or ETFs through licensed brokers and issue the corresponding rTokens. Each rToken is backed by real underlying securities; users hold on-chain asset certificates, not original stocks directly in a traditional brokerage account.

In this architecture, Bitget Exchange primarily serves as the transaction gateway and distribution channel, providing liquidity and user reach for rToken; Bitget Wallet acts as the wallet gateway, allowing users to access and hold rToken on-chain.

Regarding the underlying asset custody, Reality's documentation indicates that the underlying assets are custodied by Alpaca Securities LLC. Alpaca is a FINRA-registered and SIPC-insured U.S. broker-dealer. In terms of transparency, Reality commissioned The Network Firm to provide an independent reserve certification report to verify whether the rTokens in circulation are backed by genuine underlying securities under regulated custody.

Target:

Bitget already has US stock-related products, including stock tokens and stock perpetual contracts. The difference with Reality/rToken is that it doesn't simply add more US stock trading pairs, but aims to upgrade US stock tokens from price tracking tools into on-chain credentials backed by real assets.

Reality plans to start with 100 actively traded assets and expand to 1,000+ in the future, covering stocks, ETFs, funds, and commodities.

This shows that Bitget is not just launching a few popular US stock trading pairs, but rather aims to make Reality a systematic RWA asset gateway.

depth:

Reality boasts 24/7/5 minting, low transaction latency, and 1:1 support, emphasizing its connection to traditional US stock market liquidity through Bitget's trading infrastructure and licensed brokers. Compared to synthetic US stocks that rely solely on on-chain AMMs or platform-internal market makers, this design theoretically provides a closer experience to real US stock trading.

cost:

According to the Reality documentation, the settlement price of rToken assets is the actual price paid or received, and Reality itself does not charge any additional platform fees.

When users buy or sell rTokens, the cost mainly depends on the transaction price of the underlying asset and the gas fees payable for on-chain transactions.

However, rToken can also be traded on secondary trading platforms such as exchanges, with specific prices and fees determined by each platform.

For reference, Bitget's default fee rate for both pending orders and takers is 0.1%.

Is there a dividend?

Dividends are a key difference between Reality and regular synthetic US stocks.

According to Reality's official website, corporate actions such as dividends, stock splits, and mergers and acquisitions are automatically processed on-chain, and dividends are paid to users' wallets in the form of stablecoins. This means that rToken not only tracks stock prices but also attempts to map corporate actions involving real stock holdings onto the blockchain.

However, having dividend mapping does not equate to users directly possessing full shareholder status. Users hold rTokens, not the original shares in a traditional brokerage account. Therefore, voting rights, shareholder rights, and investor protection mechanisms cannot be simply equated with Futu, Tiger, or IBKR.

evaluate:

The significance of Bitget / Reality is not simply to allow users to buy US stocks on CEXs, but to attempt to combine stablecoins, US stock exposure, dividend mapping, and on-chain credentials.

Its advantage lies in its more complete product design: it has a clear plan for expanding its underlying assets, supports USDT/USDC purchases, and incorporates dividends and corporate actions into its mechanism design. If rToken can subsequently integrate margin trading, lending, or strategy trading, it may further improve capital utilization.

However, restraint is necessary at this stage. Reality has not yet officially launched, and the number of assets, 24-hour trading volume, true market depth, slippage, and dividend payment experience all need to be verified.

Therefore, it's more appropriate to view it as a noteworthy new US stock token solution rather than an existing mature US stock trading platform.

3️⃣Gate: Trade real US stocks on CEXs using USDT

Gate also launched its stock trading service today. Users can access the stock trading portal within the Gate App and transfer USDT to their stock accounts. After placing an order, Gate connects to the US stock market through partner licensed US brokers. Users are buying and selling stocks and ETF assets, not stock tokens or price-mapped products.

In this structure, Gate is primarily responsible for the front-end entry point, account display, USDT fund transfers, and user trading experience. Partner brokerages are responsible for the underlying US stock trading execution, asset custody, and handling matters such as cash dividends, stock dividends, stock splits, and stock consolidation.

Target:

Gate supports 10,000+ stocks and ETFs and will continue to expand to cover major US exchanges such as NYSE, Nasdaq, NYSE Arca, NYSE American, and BATS.

In terms of the number of underlying assets, Gate.io has a clear advantage. It doesn't just support a few popular US stocks, but rather offers asset coverage closer to that of traditional brokerages. In addition to large-cap tech stocks, users can also access a wider range of industry stocks and mainstream ETFs.

However, the specific stocks that can be traded, and whether users in different regions can see the stock entry, still need to be determined by the actual display within the Gate App.

depth:

According to Gate's official introduction, Gate Stock provides stock trading services through licensed U.S. brokers and connects to the U.S. stock market. Users buy and sell stock assets, not stock tokens or synthetic price exposure.

This means that its liquidity does not rely on on-chain AMMs, nor does it involve the platform issuing a token and then making its own market. Instead, it accesses the US securities market through compliant brokers.

However, Gate's announcement has not yet disclosed specific 24-hour trading volume, order depth, average spread, and slippage data. At this stage, it can be determined that its liquidity source is closer to the traditional US stock market, but the actual trading experience will depend on real-world trading conditions.

cost:

Gate's stock transaction fees are aligned with Gate's cryptocurrency spot rates, and VIP levels enjoy the same fee discounts. Fees are charged based on the transaction amount and the corresponding rate; specific deductions are subject to transaction records and fund flows.

For example, for a regular VIP0 user, the Gate spot base rate is 0.1% for maker and 0.1% for taker.

Is there a dividend?

Gate's stock supports the company's actions.

If a user experiences cash dividends, stock dividends, stock splits, or stock consolidation during the holding period, Gate will process these events and credit them to the user's account in accordance with the user's holding rules.

Cash dividends will be distributed in USDT; stock dividends will increase the number of shares held proportionally; and stock splits or consolidations will be automatically adjusted by the platform.

evaluate:

Gate.com stock trading is now available on Android, but not yet on iOS or web.

Its positioning is quite clear: it's not a tokenized product of US stocks, but rather an integration of real US stock trading services within a centralized exchange (CEX). For cryptocurrency users, it lowers the barrier to entry for investing in US stocks and ETFs.

4️⃣MEXC: RealStocks, trade real US stocks with USDT

MEXC's US stock product is called RealStocks, and the platform's model is also a combination of CEX as the front-end entry point and a regulated brokerage firm.

RealStocks is backed by a separate securities services entity: VistaMX Markets Limited.

Users trade US stocks using USDT in their MEXC accounts. VistaMX Markets Limited handles this securities service and acts as an intermediary broker, connecting user orders to the execution broker, custodian, exchange, clearing and settlement system.

Target:

MEXC RealStocks targets real US stock assets, allowing users to participate in trading of US-listed company stocks and ETFs through the platform.

Based on the current page display, RealStocks has listed over 100 assets, covering individual US stocks and mainstream ETFs. For example, the page shows technology stocks, semiconductor-related companies, and ETFs such as SPY and QQQ.

depth:

MEXC RealStocks is backed by regulated brokers and market infrastructure, with the goal of giving users access to the real U.S. stock market, rather than price exposure generated internally by the platform.

The official statement also mentioned that RealStocks' trading experience will be as close as possible to spot trading, reducing the learning cost for crypto users entering the US stock market.

The MEXC Stocks feature is now available, but users in mainland China cannot complete KYC (Know Your Customer) procedures and therefore cannot see the actual trading activity.

cost:

MEXC has launched a limited-time 0 platform fee promotion for RealStocks.

Following the event, RealStocks has not yet officially disclosed its platform fees. For reference, MEXC spot trading currently charges 0% for maker and 0.05% for taker.

Is there a dividend?

MEXC RealStocks allows eligible users to participate in the profit distribution of the underlying company.

The official introduction states that users are purchasing real shares of US-listed companies and can enjoy the rights and benefits associated with stock ownership, including gains from price fluctuations and dividends from shareholder equity.

However, the method of dividend payment, the payment period, tax deductions, and whether users in different regions have the same rights are still subject to the MEXC product rules and the actual account display.

evaluate:

The most direct attraction of MEXC RealStocks is its relatively low initial cost barrier.

RealStocks is currently offering a limited-time 0 platform fee promotion, coupled with a USDT deposit option, making it even cheaper for users trying US stock trading for the first time. This low-cost trial is very attractive to many crypto users who just want to experience US stocks with small amounts or temporarily participate in hot US stock sectors like AI, semiconductors, and electric vehicles.

However, MEXC RealStocks is only available to users in certain compliant regions and does not support users in mainland China.

🏁In conclusion: The blurring of asset boundaries, the ultimate evolution of CEXs

From the heavy investment by Bitget, Gate, and MEXC to the frequent forays of industry giant Binance into the US stock market and RWA, the collective entry of CEXs into the US stock market has evolved into an industry trend.

On the surface, this simply means the platform has added another trading category. Users can use USDT/USDC to buy US stocks and ETFs, and even participate in dividends, which seems to be just bringing some of the functions of traditional brokerages into the exchange.

But looking deeper, this is actually a change in the boundaries of CEX assets.

In the past, exchanges primarily served Crypto assets: spot, futures, wealth management, and new coin trading.

Now that US stocks are entering the same account system, it means that CEX is trying to move from a "crypto asset trading platform" to a "global asset allocation portal".

When users already hold USDT/USDC, US stock trading no longer necessarily requires going through the traditional brokerage, bank deposit, and currency exchange process. Instead, it can be directly embedded in the exchange account, and stablecoins are becoming a bridge connecting Crypto and TradeFi assets.

Its significance goes beyond simply giving users another place to buy US stocks; it's about expanding the range of assets on exchanges from crypto to traditional assets such as stocks and ETFs.

In the future, CEXs may not only trade cryptocurrencies, but also an increasing number of assets from global markets. This paradigm shift has only just begun.

A whale deposited 3.82 million GRASS tokens into an exchange and held them for a year, incurring a loss of $4.22 million.

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