Interactive Brokers, one of the largest online brokerage companies, announced today that it is offering cryptocurrency trading services in partnership with Paxos. Users of the platform now have a full suite of cryptocurrency trading options, along with traditional trading offerings like stocks and bonds. The company recognized the importance of digital assets for merchants to help them achieve their financial goals.
Interactive Brokers debuts crypto trading
Interactive Brokers, an online brokerage with more than one million customers, has introduced Cryptocurrency into its suite of trading options, plans its CEO announced back in June. Now users of the Interactive Brokers platform can trade for various crypto assets: Bitcoin, Ether, Litecoin and Bitcoin Cash. With this inclusion, Interactive Brokers recognizes the increasing importance of the cryptocurrency asset class for diversification in today’s financial market.
Milan Galik, CEO of the company, said:
By providing our clients with access to cryptocurrency trading, we recognize the need to meet the growing investor demand for convenient and affordable trading in cryptocurrencies among other asset classes.
The company aims to consolidate itself as the preferred broker to purchase cryptocurrencies at low fees. The company announced it would only collect a maximum of 0.18% of the trade value with a minimum of $ 1.75 per order with no additional spreads, surcharges, or custody fees. This could open the doors to a large number of investors who trust Interactive Brokers and who have not yet encountered these types of assets through traditional brokerage offers.
Paxos Powered Trades
To achieve its goal of bringing cryptocurrency trading to its platform, the brokerage in partnership with Paxos, a New York-based cryptocurrency services company. The solution used is called Paxos Crypto Brokerage, which allows the company to manage the volume and complexity of the trades from Interactive Brokers and other clients.
Charles Cascarilla, CEO and Co-Founder of Paxos said:
Paxos provides the regulated blockchain infrastructure to ensure that companies can activate crypto securely and with reduced risk. Our cooperation with Interactive Brokers gives experienced investors fast and reliable access to the digital economy for the first time.
The company is now configured to become a complete rival to Robinhood, the royalty-free financial platform, as it now offers a fully comparable stack of trading options.
What do you think of Interactive Brokers who are introducing cryptocurrency trading to their customers? Let us know in the comments section below.
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