By Kevin Mwanza
Online retail brokerage firm Interactive Brokers Group has added digital assets to its offerings, launching a crypto trading platform that allows its clients to trade Bitcoin, Ethereum, Litecoin, and other altcoins at a much lower fee than its competitors.
Interactive Brokers partnered with Paxos Trust Company, a regulated provider of cryptocurrency services that also works with companies like PayPal on digital asset trading, to enable the crypto service.
It said it would charge between 0.12 percent and 0.18 percent in brokerage fees per transaction, depending on the monthly volume, which is lower than the 2 percent charged on other crypto exchanges.
“While other crypto exchanges and brokers charge fees of 2 percent of trade value or more and add spreads or markups to the price, cryptocurrency trading with Paxos on Interactive Brokers’ platform has low commissions of just 0.12-to 0.18 percent of trade value, depending on monthly volume, with a USD $1.75 minimum per order. Plus, there are no added spreads, markups, or custody fees,” the company said in a statement.