Digital Assets: Interactive Brokers Launches Crypto Trading For Financial Advisers In The U.S.

October 19, 2021 | Digital Assets, News

Registered Investment Advisers (RIAs) can trade and custody cryptos on behalf of clients.

Interactive Brokers (NASDAQ: IB) has launched a crypto trading service for RIAs to manage clients’ crypto portfolios. Advisers can now trade and custody bitcoin (BTC), ethereum (ETH), litecoin (LTC) and bitcoin cash (BCH) via Paxos Trust Company on behalf of clients. These crypto assets can be traded off the same, single screen that displays stocks, options, futures, bonds, mutual funds and ETFs from all over the world. (Yahoo Finance)

“Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers. “Adding cryptocurrency trading underscores our ongoing dedication to providing advisors with the investment products and tools they need to successfully manage client portfolios and grow their businesses.”

The service is currently open only to US RIAs, but Interactive intends to extend it to other countries in the near future.

Brokerage and commissions

Interactive confirms that cryptocurrency trading with Paxos on the RIA 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.

Further, it does not apply any added spreads, markups, or custodial fees.

In comparison, other crypto exchanges and brokers charge fees as much as 2.00% of trade value or more and add spreads or markups to the price.

Regulated platform

Interactive offers crypto trading to clients and RIAs through Paxos Trust Company, a regulated blockchain infrastructure platform.

Paxos is regulated by the New York Department of Financial Services and became the first chartered trust company for digital assets in 2015.

Related Story: Interactive Brokers Offers Low-Fee Crypto Trading

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