Benzinga | Sep 14, 2021 06:50AM EDT

Interactive Brokers Launches Cryptocurrency Trading, Custody Via Paxos

Interactive Brokers Group Inc (NASDAQ:IBKR), a deep-discount electronic access broker for online equity, options, futures and forex trading, announced the launch of cryptocurrency trading.

What Happened: In offering both newer and experienced traders a unified gateway to markets, IBKR announced an addition to its cryptocurrency initiatives.

Starting Sept. 13, IBKR clients will be able to trade and custody Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC), and Bitcoin Cash (CRYPTO: BCH) via its relationship with Paxos Trust Company.

Additionally, while some of its competitors charge fees of 2.00% of trade value or higher, as well as add spreads and markups, IBKR charges low commissions of just 0.12%-0.18% of trade value, depending on monthly volume, alongside a $1.75 static fee.

"As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives," said Milan Galik, Chief Executive Officer of Interactive Brokers. "In giving our clients access to cryptocurrency trading, we recognize the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way."

See Also: How To Buy Cryptocurrencies

Why It Matters: IBKR is honing in on customer-driven innovation.

"People are interested in learning," IBKR EVP of Marketing and Product Development Steve Sanders said in an earlier conversation on catering to younger audiences that are more inclined to save and invest, rather than spend and borrow.

Today, Sanders adds, "access to cryptocurrency trading further delivers on our mission to provide active traders and sophisticated investors with powerful trading tools and a wide range of products at low cost."

To learn more about IBKR's cryptocurrency offer, click here.