Interactive Brokers launches cryptocurrency trading service for US financial advisors
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Answer Interactive Brokers launches cryptocurrency trading service for US financial advisors
Interactive Brokers LLC announced Monday that it has officially launched cryptocurrency trading for financial advisors, known as Registered Investment Advisors (RIA), in the USA.
According to the press release, RIA is now able to trade and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash on behalf of clients via the Paxos platform.
Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers commented:
It is becoming more and more common to allocate a small percentage of assets to cryptocurrencies as part of a well-diversified portfolio, and advisors may want to recommend cryptocurrencies to their clients.
The addition of cryptocurrency trading underscores our ongoing commitment to providing advisors with the investment products and tools they need to successfully manage clients’ portfolios and grow their businesses.Read:Find out the amount of Ethereum deposited in the Ethereum 2.0 deposit contracts!
The possibility of RIA dealing with cryptocurrency via Interactive Brokers was announced a month after the launch of the US-listed brokerage offering cryptocurrency trading services.
Last September, the company said that trading cryptocurrencies on the platform will have a commission of between 0.12% and 0.18% of the traded value, depending on the monthly volume.
Although the service is only available in the US, Interactive Brokers has hinted at plans to roll out the service to financial advisors globally.
The brokerage firm recently released its monthly brokerage metrics for September 2021, reporting an increase in Average Daily Revenue Trades (DART) increased by 16% compared to last year’s figure.
Additionally, end customer equity was $353.8 billion, up 52% from the same period last year and down 3% from the previous month.
During the report published in August, Interactive Brokers saw 2.170 million DARTs for the period, which is 24% higher than the 2020 numbers, and 8% lower than July.Read:FTX CEO Reacts to Binance’s Recent Sale of Cryptocurrency FTT
Additionally, the company reported 329 computed average annual DART per client account in August.
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