Interactive Brokers Launches Cryptocurrency Trading for Clients via Paxos –

Interactive Brokers, one of the largest online brokerage companies, today announced that it will offer cryptocurrency trading services in collaboration with Paxos. Users of the platform now have a full suite of cryptocurrency trading options, along with traditional trading offerings such as stocks and bonds. The company recognized the importance of digital assets for traders to help them achieve their financial goals.

Interactive Brokers debuts crypto trading

Interactive Brokers, an online brokerage with more than a million customers, has introduced Cryptocurrency to its suite of trading options, plans for which its CEO announced June again. Now users of the Interactive Brokers platform can trade against 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 customers with access to cryptocurrency trading, we recognize the need to meet the growing investor demand for convenient and cost-effective trading of cryptocurrencies among other asset classes.

The company wants to consolidate itself as the preferred broker to purchase cryptocurrencies with low fees. The company announced that 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, markups or custody fees. This could open the doors to a large number of investors who trust Interactive Brokers and who have not yet been exposed to these types of assets through traditional brokerage offerings.

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 trades from Interactive Brokers and other customers.

Charles Cascarilla, CEO and co-founder of Paxos, said:

Paxos provides the regulated blockchain infrastructure to ensure businesses can activate crypto securely and with reduced risk. Our collaboration with Interactive Brokers gives experienced investors quick and reliable access to the digital economy for the first time.

The company is now set up to become a complete rival to Robinhood, the no-fee financial platform, as it now offers a fully comparable stack of trading options.

What do you think about Interactive Brokers introducing cryptocurrency trading to their customers? Tell us in the comments section below.

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