The extension of its cryptocurrency trading tools was today announced by automated worldwide electronic broker Interactive Brokers. Additionally, new coins have been added, including LINK, MATIC, UNI, and AAVE.
Customers can now hold both USD and cryptocurrencies in their Paxos accounts and have access to 24/7 trading via an upgraded online application provided by Paxos Trust Company.
These newest tools will “provide our clients a straightforward and low-cost option to access crypto markets at any time,” said Steve Sanders, executive vice president of marketing and product development at Interactive Brokers.
Customers of Interactive Brokers that trade with Paxos will pay a commission that ranges from 0.12% to 0.1% of the trade value, with a minimum charge of $1.75 per order. The new service is more affordable than a few existing cryptocurrency exchanges, such as Coinbase and Gemini, which both impose a transaction fee of 1.49% for market orders.
No additional spreads, markups, or custodial costs will be charged, according to a statement from an Interactive Brokers representative.
A small number of institutional accounts and Interactive Broker clients with individual or joint accounts in more than 100 countries, including the US, will have access to this most recent extension.
Interactive Brokers’ platform offers automated transaction execution
In more than 150 markets globally, Interactive Brokers’ platform offers automated transaction execution and custody of stocks, commodities, and foreign exchange, making it a popular among professional traders. Nearly 3,000 people work for the corporation, which has locations all throughout the Americas, Europe, and Asia in addition to its headquarters in Greenwich, Connecticut.
In September 2021, the company first started trading digital assets on Paxos. allowing users in the US to trade bitcoin cash, ether, litecoin, and other cryptocurrencies.
The multinational brokerage organization has since been actively growing its services on a global scale. Most recently, it collaborated with OSL, a Hong Kong-based digital asset platform governed by the Securities and Futures Commission, to offer its virtual asset services to business clients in the area, building a name for itself in a notoriously challenging industry to penetrate.
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