Eligible clients of IBUK can transact and view balances through a single platform that provides a unified view of their IBUK securities brokerage account and their crypto account at Paxos Trust Company. Clients benefit from the convenience of centralized cash management and can trade BTC, ETH, LTC and BCH plus stocks, options, futures, currencies, bonds, mutual funds, ETFs, and more from a single screen. This eliminates the need for investors to trade through different trading platforms and allows financial advisers to efficiently manage portfolios and allocate a percentage of client assets to cryptocurrency.
“Interactive Brokers offers a wide selection of global investment products, sophisticated technology and competitive pricing,” said Gerald Perez, Chief Executive Officer at Interactive Brokers (U.K.) Limited. “Introducing cryptocurrency trading gives UK clients enhanced flexibility to invest across markets and asset classes while also adding exposure to digital assets.”
Cryptocurrencies are denominated in USD on Interactive Brokers’ platform, and clients can convert GBP (or other currencies) to USD with spreads as tight as 1/10 of a PIP. As with any product on the Interactive Brokers platform that is denominated in a currency different than the currencies a client holds in their account at the time:
Cryptocurrency commissions for IBUK clients are a low 0.12% – 0.18% of trade value, depending on monthly volume, with a USD 1.75 minimum per order. In addition, clients are not charged any added spreads, markups, or custody fees.
Interactive Brokers (U.K.) Limited is registered with the Financial Conduct Authority as a crypto assets firm under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Crypto assets are unregulated in the UK and are not subject to the Financial Services Compensation Scheme (FSCS) or the Securities Investor Protection Corporation (SIPC). All exchange and custody services for clients of IBUK in connection with trading and holding cryptocurrency tokens and other digital asset tokens through IBKR platforms are provided by Paxos Trust Company (a New York Limited Trust Company licensed by the New York Department of Financial Services).
Source: Cryptocurrency - investing.com
