Interactive Brokers launches cryptocurrency trading for UK clients

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Interactive brokers (Nasdaq: NASDAQ:), an automated global electronic broker, today announced the launch of cryptocurrency trading in the UK as a novel addition to its platform. Individual clients and institutional investors Interactive Brokers (UK) Limited (IBUK), including financial advisors, can now trade crypto assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), along with a wide range of investment products available through Interactive Brokers with one unified platform.

Eligible IBUK customers can transact and view balances through a single platform that provides a unified view of their IBUK brokerage account and crypto account with Paxos Trust Company. Customers enjoy the convenience of centralized cash management and can trade BTC, ETH, LTC and BCH, as well as stocks, options, futures, currencies, bonds, mutual funds, ETFs and more from a single screen. This eliminates the need for investors to trade through various trading platforms and allows financial advisors to efficiently manage portfolios and allocate a percentage of client assets to cryptocurrency.

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“Interactive Brokers offers a wide selection of global investment products, advanced technology and competitive pricing,” said Gerald Perez, CEO of Interactive Brokers (UK) Limited. “The introduction of cryptocurrency trading gives UK clients greater flexibility to invest across a range of markets and asset classes, while increasing their exposure to digital assets.”

On the Interactive Brokers platform, cryptocurrencies are denominated in USD and clients can convert GBP (or other currencies) to USD with spreads as tight as 1/10 PIP. As with any product on the Interactive Brokers platform that is denominated in a currency other than the currencies you currently have in your account:

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  • customers with cash accounts can also benefit from automatic currency conversion of their balances in GBP or other currencies1
  • customers with margin accounts can either automatically borrow USD (or any other currency needed to trade the product they wish to purchase), or they can choose to convert currencies at Interactive Brokers’ highly competitive rates.

Cryptocurrency commissions for IBUK clients are 0.12% – 0.18% of the transaction value, depending on monthly volume, with a minimum value of USD 1.75 per order. Additionally, customers are not charged any additional spreads, margins or storage fees.

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

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