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tZERO Review
tZERO runs an SEC registered trading system for tokenised securities. It grew out of Overstock.com and now counts Intercontinental Exchange as a backer.
Min Deposit
N/A
Spreads From
Not applicable, tZERO is not a forex or CFD broker
Max Leverage
Not applicable, no retail margin forex or CFD trading is offered
Platforms
N/A
Pros
- Backed by Intercontinental Exchange, the owner of the New York Stock Exchange, since 2022
- Runs two separate SEC registered broker dealers with active FINRA membership
- Early mover in tokenised securities, including a recent digital asset custody approval
- Keeps launching new products in 2026, including a Web3 secondary trading marketplace
Cons
- SEC fined tZERO ATS $800,000 in 2022 over Form ATS disclosure failures
- Currently in a patent lawsuit with rival tokenisation platform Securitize
- No simple public sign up, most access runs through a participating broker dealer
- Ownership history is complex, spanning Overstock, Pelion, and ICE stakes
tZERO began inside Overstock.com through its Medici Ventures unit around 2014, built to trade tokenised securities on the blockchain. Overstock restructured its stake in 2021, and in 2022 Intercontinental Exchange, the owner of the New York Stock Exchange, joined as a significant minority investor.
The group runs tZERO Securities and tZERO Digital Asset Securities, both SEC registered broker dealers and FINRA members based in Jersey City, New Jersey. Its alternative trading system lists tokenised shares and other digital securities, and it recently added custody approval and a private marketplace for Web3 secondary trades.
In 2022, the SEC fined tZERO ATS $800,000 for failing to properly update its Form ATS disclosures and written access standards. More recently, tZERO has been in a patent dispute with rival platform Securitize over tokenisation technology. There is no simple public retail sign up, access mostly runs through participating broker dealers.
Max Leverage
Not applicable, no retail margin forex or CFD trading is offered
Spreads From
Not applicable, tZERO is not a forex or CFD broker
Regulators
- SEC (USA)
- FINRA
