Interactive Brokers, one of the largest online brokerage companies, today announced a partnership with Paxos to provide cryptocurrency trading services. Users of the platform now have a complete set of cryptocurrency trading options, as well as traditional trading products such as stocks and bonds. The company recognizes the importance of digital assets for traders to help them achieve their financial goals.
Interactive Brokers launches crypto trading for the first time
Interactive Brokers, an online brokerage company with more than 1 million customers, has introduced cryptocurrency to its suite of trading options, and its CEO announced the plan in June. Now, users of the Interactive Brokers platform will be able to trade different crypto assets: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. With this inclusion, Interactive Brokers recognizes the increasing importance of cryptocurrency asset classes for the diversification of today’s financial markets.
In response, the company’s CEO Milan Galik said:
When allowing our customers to trade cryptocurrencies, we recognize that we need to meet the growing investor demand, that is, to trade cryptocurrencies with other asset classes in a convenient and low-cost manner.
The company hopes to integrate to become the preferred broker for purchasing cryptocurrencies at low fees. The company announced that they only charge a maximum of 0.18% of the transaction value, and a minimum of $1.75 per order, with no increase in spreads, markups or custody fees. This can open the door to a large number of investors who trust Interactive Brokers, who have not yet accessed this asset through traditional brokerage products.
In order to achieve the goal of introducing cryptocurrency trading to its platform, the broker cooperated with Paxos, a cryptocurrency services company headquartered in New York. The solution used is called Paxos Crypto Brokerage, which enables the company to manage the volume and complexity of transactions from Interactive Brokers and other clients.
In response, Charles Cascarilla, CEO and co-founder of Paxos, said:
Paxos provides a regulated blockchain infrastructure to ensure that companies can safely enable encryption and reduce risks. Our partnership with Interactive Brokers enables experienced investors to quickly and reliably enter the digital economy for the first time.
The company is now configured as a complete competitor to Robinhood, a free financial platform, because it now offers a fully comparable trading options stack.
What do you think of Interactive Brokers’s introduction of cryptocurrency trading to customers? Tell us in the comments section below.
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