Interactive Brokers launch crypto trading for financial advisors in the US

Steffy Bogdanova
October 19, 2021 9:25 am

Interactive Brokers Group has introduced cryptocurrency trading for Registered Investment Advisors (RIAs) in the US. The new service allows RIAs to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) via Paxos Trust Company on behalf of clients.

RIAs can now manage their client’s positions in stocks, options, futures, bonds, mutual funds and ETFs, but in cryptocurrency, as well. They can do all of that on a single platform with customizable reports.

Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, said:

Steve Sanders, Interactive Brokers

Steven Sanders
Source: LinkedIn

Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients. Adding cryptocurrency trading underscores our ongoing dedication to providing advisors with the investment products and tools they need to successfully manage client portfolios and grow their businesses.

Interactive Brokers

Commissions on crypto trading with Paxos on Interactive Brokers’ RIA platform can go as low as 0.12% – 0.18% of trade value, depending on monthly volume with a $1.75 minimum per order. Initially, the service will be available in the US, however the brokerage firm’s future plans include launching it for financial advisors in other parts of the world, as well.

RIAs on the Interactive brokers’ platform can also benefit from no ticket charges, no custodial fees, no minimums and no technology, software, platform or reporting fees.

Interactive Brokers recently reported its metrics and other financial information for September, showing a 16% jump in Daily Average Revenue Trades (DARTs) from the previous year.

LeapRate Analyst

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.
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