Interactive Brokers launches cryptocurrency trading

Crypto Coins

Interactive Brokers Group has said it has launched low-fee cryptocurrency trading on its platform, making it the latest online retail brokerage to add digital assets to its offerings.

US clients of the brokerage will now be able to trade and custody bitcoin, ethereum, litecoin and bitcoin cash alongside stocks, options, futures, bonds, mutual funds and exchange-traded funds, the company said.

“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 CEO Milan Galik.

Chairman Thomas Peterffy said in June that Interactive Brokers, which caters to active traders and sophisticated investors, would launch trading in cryptocurrencies by the end of the summer as the nascent asset class becomes more mainstream.

Other brokers, including Robinhood Markets Inc and TradeStation also provide cryptocurrency trading, while Charles Schwab Corp and Fidelity currently offer access to bitcoin futures.

Crypto-trading commissions at Interactive Brokers will be 0.12% to 0.18% of trade value, depending on monthly volume, with no added spreads, mark-ups, or custody fees, the New York-based company said.

Interactive Brokers said it partnered with Paxos Trust Company, a regulated provider of cryptocurrency services that also works with companies like PayPal on digital asset trading, to enable the new service.

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The team at Platform Executive hope you have enjoyed the ‘Interactive Brokers launches cryptocurrency trading‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Jan Wolfe and Mike Scarcella.

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