Interactive Brokers Group, Inc. (NASDAQ:IBKR) launched a cryptocurrency trading service for local registered investment advisors to trade and custody cryptocurrencies.
What Happened: According to a Monday announcement, Interactive Brokers Group will allow registered investment advisors to trade and custody Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC) and Bitcoin Cash (CRYPTO: BCH).
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The report follows a recent announcement the Chicago-based stock exchange, The Small Exchange — which is backed by Citadel Securities, Jump Capital, Interactive Brokers Group and Peak6 Investments — has launched cryptocurrency futures.
The service will be powered by the broker's partners and major crypto services firm Paxos Trust Company, which will be tasked with managing the digital assets of the customers.
Crypto trading with Interactive Brokers will feature commissions ranging from 0.12% to 0.18% of the trade's value depending on monthly volume with a minimum fee per order of $1.75.
"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, executive vice president of marketing and product development at Interactive Brokers Group.
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