Interactive corridors (Nasdaq: NASDAQ:), a global automated electronic broker, today announced the launch of cryptocurrency trading in the United Kingdom 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) along with the wide range of investment products available through Interactive Brokers from a single unified platform. platform.
Eligible IBUK clients can transact and view balances through a single platform that provides a unified view of their IBUK securities brokerage account and their crypto account at Paxos Trust Company. Clients benefit from the convenience of centralized cash management and can trade BTC, ETH, LTC, and BCH, as well as stocks, options, futures, forex, bonds, mutual funds, ETFs, and more from a single screen. This eliminates the need for investors to trade across different trading platforms and allows financial advisors to efficiently manage portfolios and allocate a percentage of clients' assets to cryptocurrencies.
“Interactive Brokers offers a wide 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 clients greater flexibility to invest across all markets and asset classes, while also 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 spreads as tight as 1/10 of a PIP. As with any product on the Interactive Brokers platform that is denominated in a currency other than the currencies the client has in their account at that time:
Remove ads
.
- Customers with cash accounts can also take advantage of automatic currency conversion of their balances into pounds sterling or other currencies,1 while
- Clients with margin accounts can automatically borrow USD (or any currency needed to trade the product they wish to purchase) or can choose to convert currencies at Interactive Brokers' highly competitive rates.
Cryptocurrency fees for IBUK clients are as low as 0.12% to 0.18% of the trade value, depending on monthly volume, with a minimum of $1.75 per order. Additionally, clients are not charged additional spreads, margins or custody fees.
Interactive Brokers (UK) Limited is registered with the Financial Conduct Authority as a cryptoasset business under the Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) Regulations 2017. Cryptoassets are not regulated in the United Kingdom 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 cryptocurrency tokens and other digital asset tokens through the IBKR platforms are provided by Paxos Trust Company (a New York limited trust company licensed by the New York Department of Financial Services).
