Interactive Brokers joins the crypto craze – sets to offer trading

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jun 9, 2021
  • Interactive Brokers will enable customers to trade cryptocurrencies on its platform by the end of the summer.
  • The brokerage firm has joined online stock trading app Robinhood that already allow crypto trading.
  • The company stated that the new feature will reduce the barriers traders face when trading cryptocurrencies.

Top brokerage firm Interactive Brokers announced it will start offering cryptocurrency trading by the end of the summer.

Based on a recent report by CNBC, the brokerage firm wants to offer crypto trading services to its customers.

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The chief executive officer of the firm Thomas Peterffy stated that the new feature is necessary to provide the services needed by its customers.

He stated that more clients are demanding such services and it’s the role of the firm to meet the demands of its customers. The company operates as one of the biggest online trading platforms in the US.

Cutting entry-level barriers

This move can also reduce the barriers newbie investors face when entering the crypto market. Peterffy also addressed some of the major issues facing the market, while stating that the company’s main goal is to keep its customers safe.

He pointed out,

The greatest hurdle is how do you keep your customers 100% safe.

Based on the CBNC report, Interactive Brokers has more than $330 billion in customer equity and 1.33 million registered customer accounts.

Building on previous projects

Interactive Brokers have always been active in the market. But his time it’s showing its intent to involved traders in the cryptocurrency market.

Last month, the company released Build 984 of its Trader Workstation (TWS) platform. The new feature provides updates on the latest symbols and informs traders why the companies are on the move. It enables the traders to make informed investment decisions about those stocks.

Interactive Brokers joins Robinhood

The recent decision to enable crypto trading on its platform will take it a step ahead of competitors. Presently, rivals such as Charles Schwab and Fidelity do not offer direct crypto trading on their platforms. However, they both offer some level of access to some crypto-related funds. But stock trading app Robinhood enabled crypto trades for users.

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