Interactive Brokers Group, has introduced cryptocurrency trading through the Paxos Trust Company. The global brokerage will enable clients to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Through Paxos, IBKR clients can trade crypto along with the other asset classes available on the Interactive Brokers platform. According to the official announcement, Paxos and Interactive Brokers offer trading for a low commissions of 0.12% – 0.18% of trade value, depending on monthly volume, with a $1.75 minimum per order. Moreover, there are no added spreads, markups, or custody fees.
Milan Galik, Chief Executive Officer of Interactive Brokers, commented:
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. 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.
Interactive Brokers’ new crypto offering allows traders to transact and view balances through a single platform that provides a unified view.
The brokerage’s clients can benefit from 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. The offering is initially available to US residents with individual or joint accounts, however, the company plans to make it available for additional client types, including Financial Advisors and clients in other parts of the world, in the future.
Steven Sanders, EVP of Marketing and Product Development at Interactive Brokers, said:
Steven Sanders Source: LinkedIn
Interactive Brokers remains committed to providing breadth of product globally, advanced technology and superior pricing. 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, added:
Charles Cascarilla Source: LinkedIn
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.
Regulated blockchain infrastructure platform, Paxos became the first chartered Trust company for digital assets in 2015, regulated by the New York Department of Financial Service. This protection provides security for customers and for assets to be held in bankruptcy remote, segregated accounts.
In July, Interactive Brokers introduced a new simple flat fee structure for stock trading in Europe and in May the company launched US Spot Gold Trading as step towards broadening its offerings of asset classes, allowing US clients to trade in spot gold in quantities as little as just one ounce.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.