Brokerage firm Interactive Brokers Group (Nasdaq: IBKR) has launched cryptocurrency trading for Registered Investment Advisors (RIAs) in the US.
This will enable RIAs to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) via Paxos Trust Company, a regulated blockchain infrastructure platform, on behalf of their clients.
Now RIAs get to manage their client’s positions in the listed crypto assets along with stocks, options, futures, bonds, mutual funds, and ETFs – all in one place.
“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, the company’s EVP of Marketing and Product Development.
Currently, the service is only available to RIAs in the US, with plans to launch it to other parts of the world as well, in the future.
As of Sept. 30, Interactive Brokers had 1.54 million client accounts, representing an increase of 57% from the prior year and 3% higher than the month prior to that. The company also reported $353.8 billion in client equity, up 52% from the prior year.
Interactive Brokers will be charging commissions between 0.12% and 0.18% of RIA’s crypto trade value, depending on monthly volume with a $1.75 minimum per order. “There are no added spreads, markups, or custodial fees,” it said.
The post Interactive Brokers Launches Bitcoin, Ethereum, and Crypto Trading for RIAs in the US first appeared on BitcoinExchangeGuide.
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