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Interactive Brokers launches cryptocurrency trading for UK customers
Single view to trade cryptocurrencies and stocks, options, futures, currencies, bonds, funds, ETFs and more
GREENWICH, Conn., May 15, 2024–(COMMERCIAL WIRE)–Interactive brokers (Nasdaq: IBKR), 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) alongside the wide range of investment products available through Interactive Brokers from one single unified tool. platform.
Eligible IBUK customers can transact and view balances through a single platform that provides a unified view of their IBUK stock brokerage account and their crypto account at Paxos Trust Company. Clients benefit from the convenience of centralized liquidity management and can trade BTC, ETH, LTC and BCH as well as stocks, options, futures, currencies, 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 client assets into cryptocurrency.
“Interactive Brokers offers a broad selection of global investment products, sophisticated technology and competitive pricing,” said Gerald Perez, managing director of Interactive Brokers (UK) Limited. “The introduction of cryptocurrency trading gives UK clients greater flexibility to invest across different markets and asset classes, whilst adding exposure to digital assets.”
Cryptocurrencies are denominated in USD on the Interactive Brokers platform and clients can convert GBP (or other currencies) into USD with spreads as low as 1/10 of a PIP. As with any product on the Interactive Brokers platform denominated in a currency other than those the client currently holds in their account:
Cryptocurrency fees for IBUK customers are 0.12% – 0.18% of trade value, depending on monthly volume, with a minimum of $1.75 per order. Additionally, clients are not charged additional spreads, markups or custodial fees.
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Interactive Brokers (UK) Limited is registered with the Financial Conduct Authority as a cryptocurrency company under the Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) Regulations 2017. Cryptocurrencies are not regulated in the Kingdom United and are not subject to the Financial Services Compensation Scheme (FSCS) or the Securities Investor Protection Corporation (SIPC). All trading and custody services for IBUK clients in connection with the trading and holding of cryptocurrency tokens and other digital asset tokens via the IBKR platforms are provided by Paxos Trust Company (a New York limited trust company licensed by the Department of New York Financial Services).
For more information on cryptocurrency trading, visit: https://www.interactivebrokers.co.uk/it/trading/prodotti-cryptovalute.php
1 IBUK is currently completing the rollout of automatic FX conversion to all customers with cash accounts. This functionality is already available for standard individual accounts.
About Interactive Brokers Group, Inc.:
Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities and foreign exchange around the clock on more than 150 markets in numerous countries and currencies, from a single, unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our forty years of focus on technology and automation has allowed us to equip our clients with a unique and sophisticated platform to manage their investment portfolios. We are committed to providing our clients with execution pricing and trading tools, advantageous risk and portfolio management, research facilities and investment products, all at little or no cost, enabling them to achieve superior investment returns. For the sixth consecutive year, Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its June 9, 2023, Best Online Brokers review.
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Contacts
Interactive Brokers Group, Inc. Media Contact: Katherine Ewert, media@ibkr.com