In Brief:
- Interactive Brokers Group launches crypto trading services in the U.S.
- RIAs will be able to trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for their clients.
- Interactive Brokers’ crypto trading is offered through Paxos Blockchain platform.
Interactive Brokers Group, a leading global brokerage firm, announced its initiation of crypto trading services for Registered Investment Advisors (RIAs) in the U.S.
RIAs in the U.S. will now be able to trade and custody cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for their clients. The crypto trading will be done through the Paxos Trust company, on behalf of the clients.
Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers stated, “Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients.”
“Adding cryptocurrency trading underscores our ongoing dedication to providing advisors with the investment products and tools they need to successfully manage client portfolios and grow their businesses,” Sanders further added.
With other crypto platforms charging fees with trade value as high as 2%, the Interactive Brokers RIA platform offers low commissions.
Their platform offers commissions of 0.12% – 0.18% of trade value, depending on monthly volume with a $1.75 minimum per order with no extra custodial fees.
Recently with the launch of crypto trading by public.com in the U.S., the number of platforms launching crypto trading for users has been increasing day by day.
Interactive Brokers Group is scheming to launch crypto trading soon for multiple other financial advisors all around the world.
