Interactive Brokers Expands Crypto Trading Features
The multinational brokerage firm has been actively expanding its crypto offerings worldwide
Source: DALL·E
key takeaways
- The company will receive a commission of 0.12%-0.18% on every transaction
- Clients can now trade LINK, MATIC, UNI and AAVE
Automated global electronic broker Interactive Brokers announced the expansion of its crypto trading features today. Additional coins including LINK, MATIC, UNI and AAVE have also been added.
Customers now have access to 24/7 trading through an enhanced web application available from Paxos Trust Company and can hold both USD and cryptocurrencies in their Paxos accounts.
Steve Sanders, executive vice president of marketing and product development at Interactive Brokers, said in a statement that these latest features would “give our clients a simple and low-cost way to access crypto markets at any time.”
Interactive Brokers customers who trade with Paxos will be paying a commission of 0.12%-0.18% of their trade value — with a minimum of $1.75 per order. The new offering is cheaper than a handful of other crypto exchanges including Coinbase and Gemini which both charge a 1.49% transaction fee for market orders.
“No added spreads, markups, or custody fees will be applied,” an Interactive Brokers spokesperson said in a statement.
This latest expansion will be available to a handful of institutional accounts and Interactive Broker customers in over 100 countries, including the US, with individual or joint accounts.
Interactive Brokers, a favorite of professional traders, provides automated trade execution and custody of securities, commodities and foreign exchange through its platform in over 150 markets worldwide. Headquartered in Greenwich, Connecticut, the company has almost 3,000 employees and has offices across the Americas, Europe and Asia.
The company first launched digital asset trading through Paxos in September 2021. Giving customers in the United States access to trading bitcoin, ether, litecoin and bitcoin cash.
Since then, the multinational brokerage firm has been actively expanding its services worldwide. Most recently it partnered with OSL, a digital asset platform based in Hong Kong regulated by the Securities and Futures Commission, to bring its virtual asset services to professional clients in the region — making its mark in a notoriously difficult market to break into.
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