Interactive Brokers clients can now trade bitcoin, ethereum, litecoin, and bitcoin cash amid soaring demand for the assets, the company said Monday.
IBKR joins Robinhood as one of the only major brokerage firms to enable clients to invest directly in cryptocurrencies. Competitor brokers Fidelity and Charles Schwab currently don’t offer direct crypto trading on their platforms, but do offer access to related funds like bitcoin futures.
Interactive Brokers is launching the service with Paxos Trust Company, the blockchain firm that powered PayPal’s US cryptocurrency venture.
“While other crypto exchanges and brokers charge fees of 2.00% of trade value or more and add spreads or markups to the price, cryptocurrency trading with Paxos on Interactive Brokers’ platform has low commissions of just 0.12% – 0.18% of trade value, depending on monthly volume, with a USD 1.75 minimum per order. Plus, there are no added spreads, markups, or custody fees,” the company said.
In June, IBKR Chairman and founder Thomas Peterffy said that the firm will start trading crypto on its platform by the end of the summer.
The service is currently available to clients who are US residents with individual or joint accounts. Interactive Brokers said it plans to launch the crypto trading to international clients some time in the future.
Shares of IBKR slipped 0.5% Monday.