Interactive Brokers announced the launch of cryptocurrency trading via Paxos Trust Company, which is going to provide a unique user experience on its trading platform. The list of cryptocurrencies available for trading consists of the most popular assets on the market: Ethereum, Bitcoin, Litecoin and Bitcoin Cash. According to the report, the fee is going to be set at 0.12% depending on the monthly trading volume of an account.
The chief executive officer of Interactive Brokers stated that the company's clients and other individual investors are constantly looking forward to allocating their funds into digital currencies in order to achieve their financial objectives. By partnering up with Paxos, the company satisfies the increasing demand to trade and invest in cryptocurrencies in addition to traditional financial assets.
Cryptocurrency trading became a fine addition to the wide range of financial products that Interactive Brokers offers: stocks, options, futures, bonds, mutual funds and ETFs. After implementation of digital assets, the company's client will be able to trade every financial product from one screen. The new option will be available to only U.S. residents with individual or joint accounts. In the future, the company plans to offer cryptocurrency trading for additional client types.
Paxos is one of the first regulated blockchain platforms that works under the supervision of the New York Department of Financial Services as a trust. An additional layer of regulation provides more protection to customers.
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