Interactive Brokers (Nasdaq: IBKR), a leading global electronic broker, has unveiled its latest offering in the United Kingdom with the introduction of cryptocurrency trading on its platform. This expansion allows both individual and institutional investors, including financial advisers, associated with Interactive Brokers (U.K.) Limited (IBUK), to engage in the trading of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) alongside a diverse array of investment products accessible through Interactive Brokers’ unified platform.
Gerald Perez, Chief Executive Officer at Interactive Brokers (U.K) Limited, commented on the significance of this move, stating, “Introducing cryptocurrency trading gives UK clients enhanced flexibility to invest across markets and asset classes while also adding exposure to digital assets.”
Eligible clients of IBUK can now seamlessly transact and monitor balances through a unified platform, providing a consolidated view of their IBUK securities brokerage account and their crypto account at Paxos Trust Company. This integrated approach simplifies cash management for clients, who can now trade BTC, ETH, LTC, and BCH, in addition to stocks, options, futures, currencies, bonds, mutual funds, ETFs, and more, all from a single interface. This eliminates the hassle of navigating through multiple trading platforms and empowers financial advisers to efficiently manage portfolios, including allocating a portion of client assets to cryptocurrency investments.
Gerald Perez further emphasized Interactive Brokers’ commitment to providing diverse investment opportunities and cutting-edge technology, stating, “Interactive Brokers offers a wide selection of global investment products, sophisticated technology, and competitive pricing.”
On the Interactive Brokers platform, cryptocurrencies are denominated in USD, allowing clients to convert GBP or other currencies to USD with spreads as tight as 1/10 of a PIP. Clients with cash accounts can also benefit from FX auto-conversion of their GBP or other currency balances, while those with margin accounts have the option to automatically borrow USD or choose to convert currencies at Interactive Brokers’ highly competitive rates.
For IBUK clients, cryptocurrency commissions are attractively priced at 0.12% – 0.18% of trade value, depending on monthly volume, with a minimum of USD 1.75 per order. Notably, clients incur no additional spreads, markups, or custody fees.
Interactive Brokers (U.K.) Limited operates under the regulatory purview of the Financial Conduct Authority as a crypto assets firm, adhering to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. It’s important to note that cryptocurrencies remain unregulated in the UK and are not covered by the Financial Services Compensation Scheme (FSCS) or the Securities Investor Protection Corporation (SIPC). Exchange and custody services for IBUK clients engaged in cryptocurrency trading are facilitated by Paxos Trust Company, a licensed New York Limited Trust Company regulated by the New York Department of Financial Services.
For additional details regarding cryptocurrency trading, interested parties are encouraged to visit: Interactive Brokers Cryptocurrency Trading
