Online trading major Interactive Brokers (NASDAQ:IBKR) today announced the launch of UK cryptocurrency trading as a new addition to its platform.
Individual and institutional investor clients of Interactive Brokers (UK) Limited (IBUK), including financial advisors, can now trade crypto assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) side by side with the general public. range of investment products available through Interactive Brokers from a single platform.
Eligible IBUK clients can transact and view balances through a single platform that provides a unified view of their IBUK brokerage account and their Paxos Trust Company crypto account.
Customers benefit from the convenience of centralized cash management and can trade BTC, ETH, LTC and BCH plus stocks, options, futures, currencies, bonds, mutual funds, ETFs and more from one screen. This eliminates the need for investors to trade through different trading platforms and allows financial advisors to efficiently manage portfolios and allocate a percentage of client assets to cryptocurrencies.
“Interactive Brokers offers a broad selection of global investment products, sophisticated technology and competitive pricing,” said Gerald Perez, CEO of Interactive Brokers (UK) Limited. “The introduction of cryptocurrency trading gives UK customers increased flexibility to invest across markets and asset classes, while adding exposure to digital assets.”
Cryptocurrencies are denominated in USD on the Interactive Brokers platform and clients can convert GBP (or other currencies) to USD with margins as tight as 1/10 of PIP.
Cryptocurrency commissions for IBUK clients are a low 0.12% – 0.18% of transaction value, depending on monthly volume, with a minimum amount of USD 1.75 per order. In addition, clients are not charged additional spreads, markups or custody fees.
Interactive Brokers (UK) Limited is registered with the Financial Conduct Authority as a crypto-asset firm under the Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) Regulations 2017.
Crypto assets are not regulated in the UK and are not subject to the Financial Services Compensation Scheme (FSCS) or the Securities Investor Protection Corporation (SIPC). All exchange and custody services for IBUK clients in connection with the trading and holding of cryptocurrencies and other digital assets through IBKR platforms are provided by Paxos Trust Company (a New York limited trust company licensed by the Department of Financial Services of New York).