Interactive Brokers Launches Crypto Trading Through Paxos
Customers in the United States can now trade and custody bitcoin, Ethereum, litecoin and bitcoin cash alongside traditional investments through Interactive Brokers.
key takeaways
- Interactive Brokers Group users in the US will be able to trade bitcoin, Ethereum, litecoin and bitcoin cash
- The online retail brokerage revealed plans to launch crypto trading in June
Interactive Brokers Group has launched digital asset trading through Paxos Trust Company, the online retail brokerage announced Monday.
Customers in the United States can now trade and custody bitcoin, Ethereum, litecoin and bitcoin cash in addition to traditional equities, bonds and exchange-traded funds.
“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 Milan Galik, CEO of Interactive Brokers, in a statement.
Commission fees will be between 0.12% and 0.18% of trade value, depending on monthly volume. The minimum order will be $1.75 and there are no added spreads, markups, or custody fees, Interactive Brokers said.
Interactive Brokers Chairman Thomas Peterffy revealed in June that the platform would launch cryptocurrency trading in coming months, citing growing investor demand for exposure to the asset class.
Interactive Brokers joins Robinhood in offering the service. Competitors Fidelity and Charles Schwab currently offer exposure to crypto futures products, but not the assets themselves.
“Interactive Brokers remains committed to providing breadth of product globally, advanced technology and superior pricing,” said Steven Sanders, EVP of marketing and product development at Interactive Brokers, in a statement. “Adding access to cryptocurrency trading further delivers on our mission to provide active traders and sophisticated investors with powerful trading tools and a wide range of products at low cost.”
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