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Interactive Brokers Brings Cryptocurrency Trading to UK Clients — TradingView News
Interactive Brokers (Nasdaq: IBKR) has expanded its offering on its platform in the United Kingdom by launching cryptocurrency trading. Investors, both individual and institutional, signed up to the UK-based brokerage entity can now trade four cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Expanding Cryptocurrency Trading
Announced today (Wednesday), the US-based broker has introduced crypto services in partnership with Paxos, similar to its services in its home country. Although offered in partnership with a third-party cryptocurrency exchange, Interactive Brokers emphasized that its users can trade cryptocurrencies alongside instruments from other asset classes from the same brokerage account.
“The introduction of cryptocurrency trading gives UK clients greater flexibility to invest across markets and asset classes, while adding exposure to digital assets,” said Gerald Perez, CEO of the UK entity of Interactive Brokers.
Interactive Brokers isn’t the only broker expanding its crypto services. Robinhood also recently launched staking services under its crypto platform for its customers in Europe.
Low commissions
For cryptocurrency trades, Interactive Brokers promises a commission of between 0.12% and 0.18% of the trade value, with a minimum of $1.75 per order. He also clarified that no spreads, custodial fees or markups will be added.
He also pointed out that cryptocurrencies are denominated in USD on his platforms. However, it will allow its UK clients to convert GBP to USD with spreads as low as 1/10 of a pip.
Interactive Brokers is a popular brokerage brand with a global presence. The platform first offered cryptocurrency trading in September 2021, a service launched with its Paxos partnership. Last year it partnered with Zero Hash, a crypto infrastructure platform, to offer cryptocurrency trading and custody services. The Hong Kong-registered Interactive Brokers entity has also obtained a local license in the autonomous region to offer retail cryptocurrency trading.
In addition to its offerings with third-party crypto partners, the broker allows its clients to take exposure to Bitcoin by investing in Bitcoin exchange-traded funds (ETFs) approved by the U.S. Securities and Exchange Commission.
Meanwhile, Interactive Brokers’ total revenue increased 42% to $4.3 billion in 2023, which compared very favorably to IG’s 5% increase in its last fiscal year to 11% Saxo and Fidelity’s 12% increase.