On Tuesday (August 9), global brokerage firm Interactive Brokers Group (Nasdaq: IBKR) announced that it is extending its crypto trading services.<\/p>\n
On 18 October 2021, Interactive Brokers announced \u201cits launch of cryptocurrency trading for Registered Investment Advisors (RIAs) in the U.S., enabling these RIAs to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) via Paxos Trust Company on behalf of clients.\u201d<\/p>\n
This meant that RIAs would be able to \u201cmanage their client\u2019s positions in cryptocurrency in addition to stocks, options, futures, bonds, mutual funds and ETFs from all over the world from a single screen, and all shown on one platform with customizable reports.\u201d<\/p>\n
According to the\u00a0press release, Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, had this to say:<\/p>\n
\u201cAllocating 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\u2026<\/em> 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.<\/em>\u201c<\/p>\n The press release also mentioned that crypto trading via Paxos on Interactive Brokers\u2019 RIA platform has commissions ranging between 0.12% and 0.18% of the trade value (the exact percentage depends on the monthly trading volume and the minimum commission is $1.75 per order) and that the platform had \u201cno added spreads, markups, or custodial fees.\u201d Interactive Brokers launched this service in the U.S., but said back then that it planned to launch it in other countries in the future.<\/p>\n Well, earlier today, the popular brokerage firm issued a press release to say that it was introducing \u201cthe ability for customers to access 24\/7 crypto trading through an enhanced web application available from Paxos Trust Company.\u201d It also mentioned that \u201cclients who elect to manage the funding of their crypto account themselves can pre-fund their crypto accounts at Paxos during regular US banking hours and then trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), plus additional coins around the clock.\u201d<\/p>\n Interactive Brokers\u2019 EVP of Marketing and Product Development\u00a0had this to say:<\/p>\n \u201cThis gives our clients a simple and low-cost way to access crypto markets at any time. With the added ability to pre-fund accounts, our clients have greater flexibility to react to market events and manage their cryptocurrency exposure.<\/em>\u201c<\/p>\n The new features allow their clients to \u201ctrade crypto 24\/7 in their Paxos account\u201d, \u201ctrade additional cryptocurrencies offered by Paxos, including BTC, ETH, LTC, BCH, plus several others\u201d, \u201chold both USD and crypto in their Paxos account\u201d, and \u201caccess additional order types in their Paxos account\u201d.<\/p>\n Lastly, Interactive Brokers\u2019s press release stated:<\/p>\n