Traditional brokerage platforms are starting to provide crypto trading services to their clients.
Interactive Brokers launches crypto trading services
Interactive Brokers announced earlier today that it would now allow its users to trade cryptocurrencies. This latest development comes after the brokerage platform partnered with Paxos Trust Company.
In a press release earlier today, Interactive Brokers said, “Interactive Brokers Group (Nasdaq: IBKR), a global brokerage firm, today 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. 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.”
Interactive Brokers intends to offer better services compared to the other brokerage platforms. It stated that crypto trading with Paxos on Interactive Brokers’ platform would come with low commissions of just 0.12% – 0.18% of trade value, depending on monthly volume, with a $1.75 minimum per order. Furthermore, there are no added spreads, markups, or custody fees.
More people are seeking access to cryptocurrencies
Milan Galik, Chief Executive Officer of Interactive Brokers, stated that launching cryptocurrency trading services is necessary for the broker as more retail and institutional investors seek access to the cryptocurrency space.
“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,” he added.
Interactive Brokers said it intends to introduce cryptocurrency trading to additional client types, including Financial Advisors and clients in other parts of the world, in the coming months and years.