Interactive Brokers Debuts Crypto Trading For Customers
- Interactive Brokers has added access to 24/7 cryptocurrency trading to all its clients via an enhanced web application provided by Paxos Trust Company.
- Clients who want to manage the funding of their crypto accounts themselves can pre-fund their accounts at Paxos during regular United States banking hours.
American multinational automated electronic brokerage firm Interactive Brokers LLC has recently expanded its crypto offerings by introducing the ability for users to access 24/7 crypto trading via an enhanced web application from New York-based financial institution and technology firm Paxos Trust Company.
As per a recent announcement, Interactive Brokers clients who want to manage the funding of their crypto accounts themselves can pre-fund their accounts at Paxos during regular United States banking hours and then trade different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), around the clock.
Expanding crypto offerings
Interactive Broker’s new feature mainly lets clients trade digital assets 24/7 on their Paxos account, trade additional altcoins offered by Paxos, and hold both USD and crypto in their Paxos account, along with the accessibility of other order types.
EVP of Marketing and Product Development at the company, Steve Sanders, commented on the new feature launch by stating:
“This gives our clients a simple and low-cost way to access crypto markets at any time. With the added ability to pre-fund accounts, our clients have greater flexibility to react to market events and manage their cryptocurrency exposure.”
Moreover, Interactive Brokers went on to compare its trading fees with its rival crypto exchanges and brokers that charge around 2% of trade value as their fees. The company claims that it only asks crypto commissions of as low as 0.12% – 0.18% of trade value, depending on monthly volume, with a USD 1.75 minimum per order. Notably, the company has no hidden charges like added spreads, markups, and custody fees.
United States residents, along with clients of Interactive Brokers in more than 100 nations and certain institutional account types, are all eligible for the new crypto features. Additionally, Interactive Brokers clients have access to a single, unified platform where they may trade cryptocurrencies alongside stocks, bonds, options, futures, and ETFs.
What does Interactive Brokers offer?
Affiliates of the 1978-founded Interactive Brokers Group offer clients automated trade execution and custody of securities, commodities, and foreign exchange round-the-clock in more than 150 markets in a wide range of countries and currencies. It provides support for introducing brokers, financial advisers, hedge funds, proprietary trading groups, and individual investors.
According to the announcement, its trading platforms, including Trader Workstation, Client Portal, IBKR Mobile, and IBKR GlobalTrader, a new, simple mobile app from IBKR for trading international stocks, as well as the Paxos web application, all support cryptocurrency trading.