Interactive Brokers LLC (NASDAQ : IBKR), announced Monday the official launch its cryptocurrency trading services through Paxos. Paxos is a blockchain infrastructure platform. According to the press release the brokerage’s clients can now trade and custody assets such as Bitcoin (BTC), Ethereum(ETH), Litecoin [LTC] and Bitcoin Cash (BCH).
According to the firm, crypto trading on the platform will have commissions ranging from 0.12% to 0.18% of trade value depending on monthly volume. As financial markets change, sophisticated investors and institutional investors are seeking allocations to digital currencies in order to achieve their financial goals. We recognize that cryptocurrency trading is a growing demand from investors and offer our clients the opportunity to do so.
The brokerage listed in the US stated that the minimum order fee would be $1.75. This clarifies that there won’t be spreads, markups or other costs associated custody. The financial industry is changing because of consumer interest in digital assets and trusted intermediaries. Paxos offers a regulated blockchain infrastructure that allows enterprises to enable crypto with less risk and safety. Interactive Brokers is our partner, allowing experienced investors fast and reliable access to the digital market for the first-time,” Charles Cascarilla (CEO, Co-Founder) of Paxos stated in the announcement.
Finance Magnates reported that Interactive Brokers offered some tips during the Piper Sandler Global Exchange & FinTech conference in June regarding the possibility of launching a crypto trading platform within its platform. Although this is the US-listed brokerage firm’s inception, trading Bitcoin futures has been available on the platform since the beginning.
However, Charles Schwab and Fidelity are the main competitors that offer crypto trading. Both offer access to crypto-related funds.