Interactive Brokers launches cryptocurrency trading

by in Cryptocurrency News

Crypto trading

In late summer 2021, Interactive Brokers clients will be able to trade cryptocurrencies on the broker's platform.

“We have been asked about this, and we will fulfill this wish by the end of the summer,” said the head of the company, Thomas Peterffy.

The broker currently offers Bitcoin futures trading on CME.

CNBC sees the initiative as lowering the entry threshold into the cryptocurrency market for retail investors. The move will also increase competition for Bitcoin exchange Coinbase.

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The publication notes the risks of a new direction for the broker due to the status of the coins, which is uncertain from the point of view of the regulator.

According to Peterffy, the challenge for the company will be to ensure 100% safety of clients' assets.

As of the end of the first quarter of 2021, 1.33 million investors had opened accounts with Interactive Brokers, entrusting a total of $ 330.6 billion to the broker.

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Recall that Coinbase co-founder and head Brian Armstrong questioned the reduction in trading fees even in the medium term.

In May, Goldman Sachs analysts issued a buy recommendation for the securities of the largest US bitcoin exchange. According to their calculations, the target price of the shares is $306.