Interactive Brokers, a multinational brokerage firm, has opened access to cryptocurrency trading for registered investment advisors (RIAs) in the US. The firm said in a press release the financial advisors can now trade and custody not only bitcoin (EXANTE: Bitcoin), but also ether (ETH), litecoin (LTC) and bitcoin cash (BCH) via Paxos Trust Company.
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"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, EVP of Marketing and Product Development at Interactive Brokers.
Interactive Brokers will charge RIAs commissions of 0.12%-0.18% of trade value, depending on monthly volume with a $1.75 minimum per order. Initially, the new service will only be available to RIAs in the US, with expanded access all over the world in the future.
The move comes just a month after Interactive Brokers launched its crypto services through a partnership with Paxos Trust Company. The firm now supports cryptocurrency alongside stocks, options, and other financial tools.
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