Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Clients have the option to hold both USD and crypto in their Paxos account, and also access additional order types.
Interactive Brokers, an automated global electronic broker has announced that it is expanding its crypto trading features today. This means customers will have 24/7 access to trade the existing digital assets like Bitcoin as well as LINK, MATIC, UNI, and AAVE which were just added. According to Steve Sanders, executive vice president of marketing and product development at Interactive Brokers, the latest addition will make it easier for clients to access the crypto market at any time without incurring much cost.
“With the added ability to pre-fund accounts, our clients have greater flexibility to react to market events and manage their cryptocurrency exposure,” he said.
The report also mentions that customers would enjoy an enhanced web application which is available from Paxos Trust Company. It is important to note that clients have the option to manage the funding of their crypto accounts. In this case, they can re-fund their Paxos account and directly trade on all the existing assets.
“With the added ability to pre-fund accounts, our clients have greater flexibility to react to market events and manage their cryptocurrency exposure,” the company tweeted.
In addition, clients have the option to hold both USD and crypto in their Paxos account, and also access additional order types.
The company further clarified that the newly added features will be available to residents in the US. Its customers spread across over 100 countries holding joint or individual accounts as well as certain types of institutional accounts can also access the new features. This means they can trade both crypto and “stocks, options, futures, bonds, and funds on a single unified platform”.
The platform claims to be one of the less costly brokers among the various trading websites. As captured on the website, Interactive Brokers customers pay just 0.12% – 0.18% of trade value when trading with Paxos. In comparison, other crypto exchanges and brokers pay trading fees as high as 2% of trade value.
The company launched its first digital trading through Paxos in 2021. This gave access to customers based in the US and has since then expanded to become a multinational brokerage firm. It recently partnered with crypto exchange OSL, a Hong Kong-based digital asset platform to expand its services to clients within the region.
“We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments,” wrote Interactive Brokers.