Interactive Brokers Group, a global brokerage firm, announces its launch of cryptocurrency trading, enabling clients to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) via Paxos Trust Company.
https://twitter.com/IBKR/status/1437430884454502403
Through Paxos, IBKR clients will be able to trade cryptocurrency alongside other asset classes available on the Interactive Brokers platform creating a unified customer experience. While other crypto exchanges and brokers charge fees of 2.00% of trade value or more and add spreads or markups to the price, cryptocurrency trading with Paxos on Interactive Brokers’ platform has low commissions of just 0.12% – 0.18% of trade value, depending on monthly volume, with a USD 1.75 minimum per order. Plus, there are no added spreads, markups, or custody fees.
“As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives,” said Milan Galik, Chief Executive Officer of Interactive Brokers. “In giving our clients access to cryptocurrency trading, we recognize the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way.”
Trading cryptocurrency and other asset classes previously required investors to use multiple trading platforms from different brokers and exchanges. Interactive Brokers’ cryptocurrency offering, however, allows investors to transact and view balances through a single platform that provides a unified view.
Interactive Brokers’ clients benefit from the convenience of centralized cash management and can trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash plus stocks, options, futures, bonds, mutual funds and ETFs from a single screen. While initially available to clients that are U.S. residents with individual or joint accounts, Interactive Brokers plans to launch cryptocurrency trading to additional client types, including Financial Advisors and clients in other parts of the world, in the future.
“Interactive Brokers remains committed to providing breadth of product globally, advanced technology and superior pricing,” said Steven Sanders, EVP of Marketing and Product Development at Interactive Brokers. “Adding access to cryptocurrency trading further delivers on our mission to provide active traders and sophisticated investors with powerful trading tools and a wide range of products at low cost.”
Charles Cascarilla, CEO and Co-Founder of Paxos, commented, “Consumer interest in accessing digital assets through trusted intermediaries is driving a shift in the financial industry. Paxos provides the regulated blockchain infrastructure to ensure enterprises can enable crypto safely and with reduced risk. Our collaboration with Interactive Brokers allows experienced investors to have fast, reliable access to the digital economy for the first time.”
Paxos is a regulated blockchain infrastructure platform. It became the first chartered Trust company for digital assets in 2015, regulated by the New York Department of Financial Services. This oversight helps protect consumers and provides for assets to be held in bankruptcy remote, segregated accounts.
Source: Interactive Brokers
