Cryptocurrency News in Brief:
Customers of Interactive Brokers can trade cryptocurrencies with Paxos for just 0.12% to 0.18% of the trade value and $1.75 as the minimum order amount which is the lowest crypto trading fees. Moreover, there are no additional markups, spreads, or custody fees. The company’s trading platforms, including Trader Workstation, Client Portal, IBKR Mobile, IBKR GlobalTrader, IBKR’s mobile app for international stock trading, and the Paxos online application, all provide nonstop cryptocurrency trading.
Clients with individual, joint, or specific institutional accounts in the US, as well as clients in over 100 other countries, can access the new
crypto functionalities. IBKR’s entry into the digital asset market was significant because the company is known for catering to more affluent clients. The discount brokerage and Robinhood, a free app, are the only US brokers that provide direct trading in cryptocurrencies. Together, they have roughly 2 million accounts.
Thomas Peterffy, the chairman and founder of Interactive Brokers, disclosed that he had bought some cryptocurrencies.
The billionaire clarified that despite his uncertainty about the future of cryptocurrencies, his business must act because customers are showing great interest for services related to digital assets.
INTERACTIVE BROKERS (IBKR) Now Offering 24/7 Access To Cryptocurrency Trading
Interactive Brokers Group, Inc. (IBKR) has expanded access to cryptocurrency trading for its customers. The discount broker specifically extended trading hours to 24/7 so that its bitcoin products could be traded around-the-clock, even on weekends. The broker provides clients with low-cost cryptocurrency trading in cooperation with stablecoin issuer and New York-based exchange Paxos.
The adjustments made by Interactive Brokers assist in resolving some of the fundamental problems that have made it difficult for traders to have 24/7 access to cryptocurrency trading. In particular, the issue of carrying positions from one week to the next without weekend quotes is eliminated by the longer trading hours.
Interactive Brokers’ EVP of Marketing and Product Development Steve Sanders said that: “This allows our customers a quick and affordable method to enter the cryptocurrency markets whenever they want. Our clients now have more freedom to respond to market events and control their exposure to cryptocurrencies.”
