Key Points
- Interactive Brokers has introduced cryptocurrency trading services in the UK.
- Customers can now trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash alongside traditional investment products.
Interactive Brokers has officially announced the expansion of its services to include cryptocurrency trading in the UK. The company’s press release on May 15 confirmed that investors in the region can now trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) in addition to the firm’s traditional investment products.
UK Expansion of Crypto Trading
The company’s decision to extend crypto trading to UK customers comes five months after its collaboration with OSL Digital Securities (OSL) to offer crypto trading services to retail customers in Hong Kong.
Interactive Brokers began its foray into cryptocurrency in July 2021, initially focusing on retail investors. However, a few months after the initial launch, the company expanded trading to institutional customers.
The company is now extending its crypto services to UK customers, enabling them to participate in the growing digital economy. The new service is available to both retail and institutional customers of Interactive Brokers (U.K.) Limited (IBUK).
CEO of Interactive Brokers, Gerald Perez, stated that the introduction of cryptocurrency trading provides UK clients with enhanced flexibility to invest across markets and asset classes while also gaining exposure to digital assets.
Unified Platform for Traditional and Digital Assets
The company also revealed that eligible customers of IBUK can manage both their traditional securities and digital assets accounts opened at Paxos Trust Company through a single “unified platform”.
This unified platform allows users to access their crypto holdings along with other traditional assets such as stocks, derivatives, commodities, and foreign exchange products in one account. The platform is designed to provide a comprehensive overview of users’ accounts, including their holdings and transaction history, without the need to open multiple accounts on various platforms.
Interactive Brokers has also announced that British customers, including financial advisors, will enjoy low commission rates for digital asset trading on the unified platform. The fee ranges from 0.12% to 0.18% of the trade value, with a minimum fee of USD 1.75 per order with no added spreads, markups, or custody fees.
On the Interactive Brokers platform, cryptocurrencies are priced in USD. Therefore, during trading, users will have to convert their GBP or other currencies to USD with tight spreads, ensuring efficient currency exchange.
Interactive Brokers Limited is regulated in the UK by the country’s market watchdog, the Financial Conduct Authority (FCA). The company registered with the agency as a crypto assets firm in compliance with the Money Laundering, Terrorist Financing, and Transfer of Funds Acts of 2017.
