The short answer
Crypto.com Tokenized Stocks, Kraken xStocks, and OKX Unified Tokenized Stocks all provide stock- or ETF-linked price exposure, fractional access, and trading beyond standard U.S. market hours. None of the three is the same as holding a share in a traditional brokerage account. You generally do not become the registered shareholder, receive voting rights, or gain a direct claim on the underlying company.
The important differences are the legal instrument, issuer, fee path, regional eligibility, onchain withdrawal support, corporate-action treatment, and liquidity when U.S. exchanges are closed.
| Feature | Crypto.com Tokenized Stocks | Kraken xStocks | OKX Unified Tokenized Stocks |
|---|---|---|---|
| Product structure | Derivative contract represented by a token | Tokenized debt instrument issued by Backed | Third-party tokens represented in unified share-equivalent units |
| Direct share ownership | No | No | No |
| Stated minimum | From $1 | From $1 | Market-specific minimum shown in the account |
| Trading hours | Generally 24/7, subject to suspensions | Ten named assets 24/7; most others 24/5 | 24/7 |
| Onchain withdrawal | Depends on product and jurisdiction | Solana, Ethereum, TON, and Ink | Supported assets convert back to the underlying onchain token |
| Shareholder rights | No direct voting rights | No voting rights; dividend economics reflected by rebase | No direct voting rights; issuer mechanism handles corporate actions |
| Availability | Account and jurisdiction dependent | Not available in the U.S., UK, Canada, Australia, and restricted regions | Account, region, and eligibility dependent |
Crypto.com: simple app access, jurisdiction-specific contracts
Crypto.com launched Tokenized Stocks in June 2026 and expanded the product to eligible EEA users in August. Its official materials advertise access from $1, generally 24/7 trading, immediate settlement, and 1:1 collateralization with underlying shares.
The product document is more important than the headline. It describes each Tokenized Stock as a derivative contract with the issuing company. The holder receives price exposure but does not own the underlying share or receive shareholder voting rights. The issuer can also differ by jurisdiction: the general product document identifies Foris Capital MU Limited, while the EEA material identifies Foris Capital CY Limited.
Crypto.com advertises zero commission, but its product document still refers to applicable fees when a position is closed. A zero commission label does not remove spread, currency-conversion, off-hours liquidity, or counterparty costs. Stocks Earn rewards of up to 4% p.a. are also subject to asset, account, and jurisdictional eligibility and should not be confused with a guaranteed stock dividend.
Kraken xStocks: transparent fee paths and asset-specific hours
Kraken xStocks are issued by Backed Assets (JE) Limited. Kraken describes them as onchain tokens backed 1:1 by the referenced stock or ETF held in regulated custody. They are not shares in the underlying company and do not provide voting rights. The economic benefit of dividends is reflected through a rebasing mechanism rather than a direct cash dividend.
Kraken's current FAQ says TSLAx, QQQx, SPYx, NVDAx, CRCLx, AAPLx, HOODx, MSTRx, GLDx, and GOOGLx trade 24/7 on Kraken Pro. Other xStocks generally trade 24/5. Once withdrawn to a compatible self-custody wallet, xStocks can move and trade onchain around the clock, subject to the external venue's liquidity.
The fee depends on the route:
- Kraken Pro xStocks order book: currently a
-0.02%maker rebate and0.10%taker fee. - Kraken purchases with USD or USDG: advertised with no trading fee, but a spread may be included.
- xStocks conversions: a fixed 1% trading fee is listed in Kraken's FAQ.
Those routes should not be quoted as if they were the same transaction. xStocks are also unavailable to clients in the United States, United Kingdom, Canada, Australia, and prohibited regions. Eligibility elsewhere still depends on the verified account.
OKX: 90 Buy/Sell and Convert assets after the September expansion
OKX represents supported third-party tokenized stocks as Unified Tokenized Stocks with share-equivalent tickers such as xAAPL. Its current documentation says the platform supports xStocks issued by Backed and may add other issuers later.
On September 10, 2026, OKX added 20 USDC spot pairs and expanded Buy/Sell and Convert support to 90 tokenized equity assets. Unified Tokenized Stocks trade 24/7, and supported assets can be deposited or withdrawn on supported networks.
An OKX share-equivalent balance does not always equal the number of onchain tokens. OKX applies an issuer-provided multiplier when converting between the platform unit and the underlying token. That multiplier can change to reflect dividend reinvestment, stock splits, reverse splits, management fees, and other corporate actions.
Like the other two products, OKX Unified Tokenized Stocks provide economic exposure rather than direct ownership or voting rights. When U.S. markets are closed, liquidity may be lower, spreads may widen, and the tokenized price may move away from the underlying stock's last exchange-traded price.
Account links for all three platforms
Check residency, KYC, and product eligibility before funding an account. A referral link does not guarantee product access or a promotional reward.
How to choose
Choose only after the product appears in your verified account. A country not appearing on a prohibited list does not guarantee that every account in that country is eligible.
- Start with Crypto.com if the priority is a simple in-app fractional purchase, then compare the live quote and your jurisdiction's product document.
- Start with Kraken Pro if transparent order-book pricing or withdrawing xStocks to self-custody matters most.
- Start with OKX if breadth of supported assets, spot markets, or Convert access matters most.
Do not open all three without a reason. More accounts create more KYC records, tax exports, security settings, and transfer routes to manage.
The main off-hours risk is execution quality
Twenty-four-hour access does not create twenty-four-hour liquidity in the underlying U.S. stock market. Outside regular hours, users may encounter:
- Wider bid-ask spreads.
- Thin order books and larger price impact.
- Prices that differ from the underlying stock's last exchange print.
- Fast repricing when the U.S. market reopens.
- Trading suspensions during corporate actions, exchange halts, or pricing disruptions.
A limit order can control the worst acceptable price, although it may not execute. A market order prioritizes execution and can be costly in a thin market.
Official sources
- Crypto.com Tokenized Stocks launch
- Crypto.com Tokenized Stocks product description
- Crypto.com Tokenized Stocks for EEA users
- Kraken xStocks FAQ
- Kraken xStocks assets and regional availability
- Kraken xStocks fee schedule
- OKX Unified Tokenized Stocks guide
- OKX September 2026 expansion to 20 spot pairs and 90 assets
FAQ
Are tokenized stocks the same as owning stocks?
No. All three products provide economic exposure to stocks or ETFs without making the customer the registered owner of the underlying share.
Can tokenized stocks really trade 24/7?
Crypto.com and OKX generally advertise 24/7 access. Kraken currently lists ten xStocks as 24/7 on Kraken Pro, while most other xStocks trade 24/5. Any platform can suspend trading for corporate actions, market halts, technical issues, or pricing problems.
Does zero commission mean zero cost?
No. Spread, currency conversion, platform pricing, network fees, and issuer-level costs can still affect the result.
Which platform has the most tokenized stocks?
OKX announced Buy/Sell and Convert support for 90 tokenized equity assets on September 10, 2026. The number visible to an individual user can still vary by region and account eligibility.
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