Interactive Brokers shoppers can now commerce bitcoin, ethereum, litecoin, and bitcoin money amid hovering demand for the belongings, the corporate mentioned Monday.
IBKR joins Robinhood as one of many solely main brokerage corporations to allow shoppers to speculate immediately in cryptocurrencies. Competitor brokers Constancy and Charles Schwab presently do not supply direct crypto buying and selling on their platforms, however do supply entry to associated funds like bitcoin futures.
Interactive Brokers is launching the service with Paxos Belief Firm, the blockchain agency that powered PayPal’s US cryptocurrency venture.
“Whereas different crypto exchanges and brokers cost charges of two.00% of commerce worth or extra and add spreads or markups to the worth, cryptocurrency buying and selling with Paxos on Interactive Brokers’ platform has low commissions of simply 0.12% – 0.18% of commerce worth, relying on month-to-month quantity, with a USD 1.75 minimal per order. Plus, there are not any added spreads, markups, or custody charges,” the corporate mentioned.
In June, IBKR Chairman and founder Thomas Peterffy said that the firm will start trading crypto on its platform by the tip of the summer season.
The service is presently out there to shoppers who’re US residents with particular person or joint accounts. Interactive Brokers mentioned it plans to launch the crypto buying and selling to worldwide shoppers a while sooner or later.
Shares of IBKR slipped 0.5% Monday.