Global brokerage firm Interactive Brokers Group (IBKR) has partnered with the Paxos Trust Company to introduce cryptocurrency trading. According to a press release published on 13 September, IBKR clients will now be able to trade cryptocurrencies alongside other assets available on the platform.
Through Paxos, IBKR will enable clients to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Commissions will be as low as 0.12% to 0.18% of trade value depending on monthly volume, with a $1.75 minimum per order.
Charles Cascarilla, the CEO and Co-Founder of Paxos, said the company’s collaboration with IBKR will provide experienced investors with fast and reliable access to the digital economy. While the service will initially be available only to U.S. residents with individual or joint accounts, IBKR plans on launching crypto trading to other client types and locations in the near future.
“As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives,” said Milan Galik, Chief Executive Officer of Interactive Brokers. “In giving our clients access to cryptocurrency trading, we recognize the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way.”