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Interactive Brokers Launches Cryptocurrency Trading For UK Clients

By Business Wire

Business Wire
Overall Rating

Single View to Trade Crypto and Stocks, Options, Futures, Currencies, Bonds, Funds, ETFs and More

GREENWICH, Conn.--(BUSINESS WIRE)--Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, today announced the launch of cryptocurrency trading in the United Kingdom as a new addition to its platform. Individual and institutional investor clients of Interactive Brokers (U.K.) Limited (IBUK), including financial advisers, can now trade crypto assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) alongside the broad range of investment products available through Interactive Brokers from a single unified platform.

Eligible clients of IBUK can transact and view balances through a single platform that provides a unified view of their IBUK securities brokerage account and their crypto account at Paxos Trust Company. Clients benefit from the convenience of centralized cash management and can trade BTC, ETH, LTC and BCH plus stocks, options, futures, currencies, bonds, mutual funds, ETFs, and more from a single screen. This eliminates the need for investors to trade through different trading platforms and allows financial advisers to efficiently manage portfolios and allocate a percentage of client assets to cryptocurrency.

"Interactive Brokers offers a wide selection of global investment products, sophisticated technology and competitive pricing," said Gerald Perez, Chief Executive Officer at Interactive Brokers (U.K.) Limited. "Introducing cryptocurrency trading gives UK clients enhanced flexibility to invest across markets and asset classes while also adding exposure to digital assets.”

Cryptocurrencies are denominated in USD on Interactive Brokers’ platform, and clients can convert GBP (or other currencies) to USD with spreads as tight as 1/10 of a PIP. As with any product on the Interactive Brokers platform that is denominated in a currency different than the currencies a client holds in their account at the time:

  • clients with cash accounts can also take advantage of FX auto-conversion of their GBP or other currency balances,1 while
  • clients with margin accounts can either automatically borrow USD (or whatever currency is needed to trade the product they want to purchase) or can choose to convert currencies at Interactive Brokers’ highly competitive rates.

Cryptocurrency commissions for IBUK clients are a low 0.12% - 0.18% of trade value, depending on monthly volume, with a USD 1.75 minimum per order. In addition, clients are not charged any added spreads, markups, or custody fees.

Interactive Brokers (U.K.) Limited is registered with the Financial Conduct Authority as a crypto assets firm under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Crypto assets are unregulated in the UK and are not subject to the Financial Services Compensation Scheme (FSCS) or the Securities Investor Protection Corporation (SIPC). All exchange and custody services for clients of IBUK in connection with trading and holding cryptocurrency tokens and other digital asset tokens through IBKR platforms are provided by Paxos Trust Company (a New York Limited Trust Company licensed by the New York Department of Financial Services).

For more information about cryptocurrency trading, please visit: https://www.interactivebrokers.co.uk/en/trading/products-cryptocurrencies.php

1 IBUK is currently in the process of completing the rollout of FX auto-conversion to all cash-account clients. This feature is already available for standard individual accounts.

About Interactive Brokers Group, Inc.:

Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities, and foreign exchange around the clock on over 150 markets in numerous countries and currencies, from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation has enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. For the sixth consecutive year, Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its June 9, 2023, Best Online Brokers Review.

Contacts

Contacts for Interactive Brokers Group, Inc. Media: Katherine Ewert, media@ibkr.com

First published on Wed, May 15, 2024

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