Interactive Brokers Group, Inc. (NASDAQ: IBKR) has widened access to cryptocurrency trading for its clients. Specifically, the discount broker extended trading hours for its cryptocurrency products to be traded 24/7, including on the weekends.
Before that, cryptocurrency traders at Interactive Brokers were having their contracts expire each week on Friday, and these were rolled over to the next week. This was instituted to prevent potential gaps that could be incurred by clients to reflect price changes while IBKR trading was closed outside of trading hours.
The broker offers low-cost cryptocurrency trading to its clients via partnership with New York-based exchange and stablecoin issuer, Paxos.
The changes applied by Interactive Brokers help resolve some of the underlying issues that have made it challenging for traders to have access to cryptocurrency trading around the clock. Namely, the extended trading hours eliminate the inconvenience of carrying positions from one week to the next without weekend quotes.
“This gives our clients a simple and low-cost way to access crypto markets at any time. With the added ability to pre-fund accounts, our clients have greater flexibility to react to market events and manage their cryptocurrency exposure,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers.
IBKR charge low fees on crypto trading
Non-stop cryptocurrency trading is available via the company’s trading platforms, including Trader Workstation, Client Portal, IBKR Mobile, and IBKR GlobalTrader, IBKR’s mobile app for global stock trading, as well as through the Paxos web application. The new crypto features are available to US residents and clients in over 100 countries with individual or joint accounts, as well as certain types of institutional accounts.
Through Paxos, Interactive Brokers clients are able to trade cryptocurrency at a commissions of just 0.12% – 0.18% of trade value, with a $1.75 minimum per order. Plus, there are no added spreads, markups, or custody fees.
IBKR’s foray into the digital asset space was noteworthy due to the firm’s reputation for serving more sophisticated clients. The discount brokerage, which counts nearly 2 million accounts, joined the no-fee app Robinhood as the only US brokers offering direct trading in cryptocurrencies.
The founder and chairman of Interactive Brokers, Thomas Peterffy, revealed that he purchased some cryptocurrencies. However, the billionaire explained that he is unsure of crypto future, but his company has to step in as clients are showing a growing demand for digital assets services.