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Interactive Brokers Launches Cryptocurrency Trading for RIAs in the U.S

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2 months ago

On Monday (October 18), global brokerage firm Interactive Brokers Group (Nasdaq: IBKR) announced “its 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.”

This means RIAs will be able to “manage their client’s 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.”

According to the press release, Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, had this to say:

“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…

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“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.“

Crypto Trading via Paxos on Interactive Brokers’ 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). Furthermore, this platform has “no added spreads, markups, or custodial fees.”

Interactive Brokers is starting this service in the U.S., but plans to launch it in other countries in the future.

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