Markets
Interactive Brokers launches crypto trading for UK customers
Interactive Brokers, an automated global electronic broker, has announced the launch of cryptocurrency trading in the UK 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 a single unified platform.
Eligible IBUK clients can transact and view their 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 enjoy 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 much more from a single screen. This eliminates the need for investors to trade through different trading platforms and allows financial advisors to efficiently manage portfolios and allocate a percentage of clients’ assets to cryptocurrency.
“Interactive Brokers offers a broad selection of global investment products, sophisticated technology and competitive pricing,” said Gerald Perez, Chairman and CEO of Interactive Brokers (UK) Limited. “The introduction of cryptocurrency trading provides UK clients with greater flexibility to invest across markets and asset classes while adding exposure to digital assets.”
Cryptocurrencies are denominated in USD on 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 denominated in a currency different from those a client holds in their account at that time:
- Customers with cash accounts can also benefit from automatic currency conversion of their balances in GBP or other currencies,1 while
- Customers with margin accounts can either automatically borrow US dollars (or any other currency needed to trade the product they wish to purchase) or choose to convert currencies at Interactive Brokers’ very competitive rates.
Cryptocurrency commissions for IBUK customers range from 0.12% to 0.18% of the transaction value, depending on monthly volume, with a minimum of $1.75 per order. Additionally, clients are not charged any spreads, markups, or additional custody fees.
Interactive Brokers (UK) Limited is registered with the Financial Conduct Authority as a crypto assets company under the Anti-Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) Regulations 2017 . Crypto assets are not regulated in the UK 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 relating to 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 liability trust company licensed by the New York Department of Financial Services).
Source: Interactive Brokers
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