Interactive Brokers Group, Inc. [NASDAQ: IBKR] has successfully launched cryptocurrency trading through Paxos Trust Company. Paxos Trust Company will allow the clients to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Interactive Brokers remains focused on offering a breadth of products worldwide, sophisticated technology, and superior pricing.
Paxos is a standardized blockchain infrastructure platform. It has gained recognition as the first chartered Trust firm for digital assets in 2015, controlled by the New York Department of Financial Services. By launching an advanced and low-cost platform, the firm has fulfilled its commitment to offer cryptocurrency trading services.
Furthermore, IBKR clients will be allowed to trade cryptocurrency through Paxos together with other asset classes offered on the Interactive Brokers platform making a unified customer experience. It has been disclosed that other crypto exchanges and brokers collect fees of 2.00% of trade value or more and add spreads or markups to the price, cryptocurrency trading with Paxos on Interactive Brokers’ platform has low commissions of only 0.12% – 0.18% of trade value.
In addition to this, trading cryptocurrency and other asset classes used to require investors to use several trading platforms from different brokers and exchanges. On the other hand, Interactive Brokers’ cryptocurrency offering enables investors to trade and view balances through a single platform that offers a consolidated view. The customers of Interactive Brokers utilize the convenience of centralized cash management and can trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash plus stocks, options, futures, bonds, mutual funds, and ETFs from a single screen.