Interactive Brokers expands crypto trading capabilities

by Arthur · August 9, 2022

The company will receive a commission of 0.12%-0.18% on each transaction
Customers can now trade LINK, MATIC, UNI and AAVE

Automated global electronic broker Interactive Brokers announced the expansion of its crypto trading capabilities today. Additional coins including LINK, MATIC, UNI and AAVE have also been added.

Clients now have access to 24/7 trading through an enhanced online application available from Paxos Trust Company and can hold both USD and cryptocurrencies in their Paxos accounts.

Steve Sanders, executive vice president of marketing and product development at Interactive Brokers, said in a statement that these latest features will “give our customers an easy and affordable way to access crypto markets at any time.”

Interactive Brokers clients trading with Paxos will pay a commission of 0.12%-0.18% of their trade value – with a minimum of $1.75 per order. The new offering is cheaper than a handful of other crypto exchanges including Coinbase and Gemini which both charge a 1.49% transaction fee for market orders.

“No additional spreads, markups or custodial fees will be applied,” an Interactive Brokers spokesperson said in a statement.

This latest expansion will be available to a handful of institutional accounts and Interactive Broker customers in over 100 countries, including the United States, with individual or joint accounts.

A favorite among professional traders, Interactive Brokers offers automated trading and custody of securities, commodities and currencies through its platform in over 150 markets worldwide. Headquartered in Greenwich, Connecticut, the company has nearly 3,000 employees and offices across the Americas, Europe and Asia.

The company first launched digital asset trading through Paxos in September 2021. Gives customers in the US access to trade bitcoin, ether, litecoin and bitcoin cash.

Since then, the multinational brokerage firm has been actively expanding its services worldwide. Most recently, it partnered with OSL, a Hong Kong-based digital asset platform regulated by the Securities and Futures Commission, to bring its virtual asset services to professional clients in the region – making a mark in a notoriously difficult market to break into.

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Bessie Liu

Blockwork

Journalist

Bessie is a New York-based crypto reporter who previously worked as a technology journalist for The Org. She completed her master’s degree in journalism at New York University after working as a management consultant for over two years. Bessie is originally from Melbourne, Australia. You can contact Bessie at [email protected]