The financial advisors will also enjoy the added benefit of access to bonds, ETFs, futures, mutual funds, options, and stocks in over 135 countries on the single platform.
A global brokerage firm, Interactive Brokers, on Monday, announced the launch of crypto trading for financial advisors in the United States. EVP of Marketing and Product Development at the firm, Steve Sanders, noted that it was common for advisors to allocate a portion of their clients’ investment to cryptocurrency as part of a well-diversified portfolio.
“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,” he noted. In addition, the company noted that the offering would be available in the United States alone initially. Subsequently, the brokerage firm hoped to launch in other parts of the world.
Perks of the Crypto Trading Option Provided by Interactive Brokers to Financial Advisors
On behalf of clients, registered investment advisors (RIAs) on the platform will be able to trade and custody four different cryptocurrencies. The currencies – Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) – will be tradable via the Paxos Trust Company.
The financial advisors will also enjoy the added benefit of access to bonds, ETFs, futures, mutual funds, options, and stocks in over 135 countries on the single platform.
By trading with Paxos, RIAs will enjoy low commissions of just 0.12% – 0.18% of trade value, depending on monthly volume with a USD 1.75 minimum per order. Also, there will be no added spreads, markups, or custodial fees. This is in stark contrast to what obtains in many other crypto exchanges. There, brokers charge as high as 2.00% and more of trade value. There are also added spreads and markups to the price.
Likewise, the platform has a free CRM and portfolio-building tool that the investors will enjoy. Also, US-based advisors will enjoy Debit Card and bill payment functions through the platform.
About Interactive Brokers
Interactive Broker has its headquarters in the United States. Consequently, it operates within the jurisdiction of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority. It provides automated trade execution and custody of securities, commodities, and foreign exchanges. The brokerage firm has about four decades of experience around the globe. As of Oct. 1, the firm reportedly had 1.54 million client accounts with $353.8 billion in equity.
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