Interactive Brokers has partnered with Paxos to provide access to cryptocurrency trading on its platform. What cryptos will customers be able to trade?
September 14, 2021, | AtoZ Markets – US trading giant Interactive Brokers has added four cryptocurrencies to its product line. The technical side of the issue will be handled by the Paxos Trust. The service is currently only available to US clients with individual and joint accounts.
However, the company announced that it will expand the geography and types of accounts.
The functionality will soon be available to other clients, including financial consultants.
What cryptos will customers be able to trade?
In the meantime, Interactive Brokers clients have gained access to trading four cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Unlike other brokers, where you have to pay a commission of 2% plus the spread for cryptocurrency trading, Interactive Brokers charges their clients 0.12% -0.18% of the transaction amount (but not less than $1.75 per order), depending on the monthly trading volume. In addition, the broker promises no spreads, markups or escrow fees.
“The integration of cryptocurrencies is in line with our mission to provide active traders and seasoned investors with powerful tools and a wide range of products at low prices,” the official statement said.
According to Milan Galik, director of Interactive Brokers, the company is responding to demand from customers who want to use cryptocurrencies to achieve their financial goals.
All assets – both digital and traditional – are available on one platform through a single interface. Thus, it is easier for traders to combine strategies, manage capital and control the account balance.
Paxos is a regulated blockchain infrastructure licensed by the New York City Financial Services Authority. According to Charles Cascarilla, CEO and co-founder of Paxos, the demand for access to cryptocurrencies through brokerage companies speaks of a shift in the financial industry.
“Through Paxos’s regulated blockchain infrastructure, companies are adding cryptocurrencies to their product lines safely and risk-free. Working with Interactive Brokers, savvy investors will have fast and reliable access to the digital economy,” he added.
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