Interactive Brokers Group Introduces Cryptocurrency Trading Through Paxos
September 13, 2021 at 10:00 am EDT
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Interactive Brokers Group 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. 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. 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 Group, Inc. is an automated global electronic broker. The Company custody and service accounts for hedge and mutual funds, exchange-traded funds (ETFs), registered investment advisors, proprietary trading groups, introducing brokers and individual investors. It specializes in routing orders and executing and processing trades in stocks, options, futures, foreign exchange instruments (forex), bonds, mutual funds, ETFs, and precious metals on more than 150 electronic exchanges and market centers. In addition, its customers can use it trading platform to trade certain cryptocurrencies through third-party cryptocurrency service providers that execute, clear and custody the cryptocurrencies. Its key product offerings include IBKR Pro, IBKR Lite, and IBKR Universal Account. IBKRPro offers the lowest cost access to stocks, options, futures, forex, bonds, mutual funds, precious metals, and cryptocurrencies from a single unified platform with no added spreads.