Interactive Brokers Group recently said that it had launched its low-fee crypto trading on its platform. It is the latest ever online retail brokerage that has added digital assets to its offerings.
U.S clients of this brokerage will now be able to trade the and custody cryptocurrency like bitcoin, bitcoin, Ethereum, and bitcoin cash. They can also trade with stocks, futures, and bonds, options, mutual funds, and exchange-traded funds with this new crypto trading service.
“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 Chief Executive Officer Milan Galik.
In June, chairman Thomas Peterfly said that Interactive Brokers work to offer services to active traders and sophisticated investors. It will launch its trading in cryptocurrencies during the middle of this year. Their moves come after the centering of nascent assets as the mainstream ones.
Other brokers include TradeStation and Robinhood Markets Inc who also offer cryptocurrency trading. On the other hand, Charles Schwab Corp and Fidelity offer access to bitcoin futures.
At Interactive Brokers, the crypto-trading commissions will be 0.12% to 0.18% of the trading value. It will be based on the monthly volume, excluding the spreads, custody fees, and markups.
Interactive Brokers has partnered with Paxos Trust Company which is a regulated crypto service provider. Paxos Trust also works with companies like PayPal on its digital asset trading to enable the latest service.
Hopefully, this crypto trading service will offer the existing and new customers of the company to gain better access to trading-related tasks. Also, it will help better the individual and institutional investors who are thinking to gain better access and management of their financial objectives. Thus the company is hoping to succeed with its new initiative, which can ultimately strengthen its expansion.