As a researcher with experience in the financial industry, I’m excited about Interactive Brokers’ expansion of its cryptocurrency trading services to UK customers. Having followed the company’s crypto journey since last year, it’s impressive to see how they’ve been steadily increasing their offerings, first focusing on retail investors and then adding support for institutional clients in Hong Kong, and now extending it to the UK market.
On May 15, 2023, the company made an official announcement through a press release. They revealed their new capability to facilitate buying and selling of several cryptocurrencies, thereby broadening their business services. Investors in that region now have the opportunity to trade Bitcoin (BTC), Ethereum (Ether), Litecoin (LTC), Bitcoin Cash (BCH) alongside the conventional investment items provided by the company.
Interactive Brokers Extends Crypto Trading to UK Customers
Following the collaboration with OSL Digital Securities in November last year, we introduced crypto trading opportunities for retail clients in Hong Kong five months ago.
In July 2021, the company embarked on its cryptocurrency venture with a target market of retail investors. Yet, several months later, Institutional clients were welcomed to trade in this digital asset class by Interactive Brokers within the country.
Interactive Brokers (U.K.) Limited is expanding its cryptocurrency offerings to include customers based in the United Kingdom. This means that both individual and institutional investors in the U.K. can now take part in the growing crypto economy using this service.
“Gerald Perez, CEO of Interactive Brokers, announced the introduction of cryptocurrency trading for UK clients. This new feature allows investors to expand their investment opportunities across various markets and asset classes, as well as gain exposure to digital currencies.”
Customers of IBUK who meet the eligibility requirements can effortlessly handle their conventional securities and modern digital asset accounts, all in one place, using the “integrated platform” provided by Paxos Trust Company.
Users have the ability to manage and trade their cryptocurrencies alongside conventional assets like stocks, options, commodities, and currencies within a single, integrated platform.
The platform offers a convenient and consolidated view of users’ account information, encompassing their assets and past transactions, eliminating the need to access multiple accounts on different websites.
Low Commission Rates for British Customers
The company announced that trading digital assets on its unified platform would come with reduced commissions for British clients, including financial advisors.
The cost of using our service is between 0.12% and 0.18% of each transaction’s worth, while every order incurs a flat minimum fee of $1.75 without any additional spreads, markups, or custodian charges.
The move aims to provide transparent and cost-effective trading options for users in the region.
When conducting trades on the Interactive Brokers system, cryptocurrency values are denoted in US dollars. As a result, traders dealing in currencies like GBP must convert their funds into USD at competitive exchange rates, facilitating seamless and economical currency conversions during transactions.
When dealing with financial instruments priced in currencies other than the user’s account currency, there may be hidden costs in the form of conversion fees.
Simultaneously, Interactive Brokers Limited is overseen by the UK’s financial regulatory body, the Financial Conduct Authority (FCA).
The company officially signed up with the regulatory body in 2017 as a business dealing with cryptocurrencies, adhering to the Money Laundering, Anti-Terrorist Financing, and Fund Transfers Acts.
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2024-05-15 18:37