Interactive Brokers launches cryptocurrency buying and selling

NEW YORK (Reuters) – Interactive Brokers Group on Monday mentioned it launched low-fee cryptocurrency buying and selling on its platform, making it the most recent on-line retail brokerage so as to add digital property to its choices.

U.S. purchasers of the brokerage will now be capable to commerce and custody bitcoin, ethereum, litecoin and bitcoin money alongside shares, choices, futures, bonds, mutual funds and exchange-traded funds, the corporate mentioned.

“As monetary markets evolve, subtle particular person and institutional traders are more and more searching for out allocations to digital currencies as a way of attaining their monetary goals,” mentioned Chief Govt Officer Milan Galik.

Chairman Thomas Peterffy mentioned in June that Interactive Brokers, which caters to lively merchants and complicated traders, would launch buying and selling in cryptocurrencies by the top of the summer season because the nascent asset class turns into extra mainstream.

Different brokers, together with Robinhood Markets Inc and TradeStation additionally present cryptocurrency buying and selling, whereas Charles Schwab Corp and Constancy at present supply entry to bitcoin futures.

Crypto-trading commissions at Interactive Brokers might be 0.12% to 0.18% of commerce worth, relying on month-to-month quantity, with no added spreads, markups, or custody charges, the New York-based firm mentioned.

Interactive Brokers mentioned it partnered with Paxos Belief Firm, a regulated supplier of cryptocurrency companies that additionally works with firms like PayPal on digital asset buying and selling, to allow the brand new service.

(Reporting by John McCrank; Modifying by Marguerita Choy)