News
Interactive Brokers launches cryptocurrency trading in the UK
Electronic trading giant Interactive Brokers (NASDAQ:IBKR) today 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 broad market range of investment products available through Interactive Brokers from one unified 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.
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.
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.
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 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).