Interactive Brokers expands crypto trading to include SOL, XRP, ADA and DOGE three years after launching the service
Interactive Brokers has added SOL, XRP, ADA and DOGE to its crypto trading platform in collaboration with Zero Hash and Paxos.
- Interactive Brokers has added SOL, XRP, ADA and DOGE to its crypto trading platform in collaboration with Zero Hash and Paxos.
- The new listings come some three and a half years after Interactive Brokers first launched its crypto trading services for BTC, ETH, LTC and BCH.
Global brokerage giant Interactive Brokers has added SOL, XRP, ADA and DOGE to its trading platform more than three years after the company first debuted its crypto services.
Eligible clients of Interactive Brokers' U.S. and UK entities can now trade these cryptocurrencies 24/7 using the same platform they use for stocks, options, futures, forex, bonds, mutual funds and other assets across more than 160 global markets, the firm said in a statement, enabling investors to take spot cryptocurrency positions and hedge their exposure using crypto futures, options and ETFs through a unified interface.
Interactive Brokers connects to infrastructure providers to enable cryptocurrency trading without directly handling the underlying blockchain infrastructure itself. SOL, ADA, XRP and DOGE are available to its clients with an account at Zero Hash, and SOL is also available to those with an account at Paxos, the firm explained. Paxos is a regulated financial institution offering stablecoins, tokenization and blockchain-based financial services. Zero Hash is a crypto asset infrastructure provider specializing in custody, settlement and clearing services for digital assets.
Notably, clients can also withdraw their crypto assets to an external wallet, with the inclusion of XRP, SOL and ADA matching cryptocurrencies identified by President Trump for a U.S. Digital Assets Stockpile alongside his proposed Bitcoin Strategic Reserve.
"Adding these new tokens gives our clients even more flexibility to diversify their portfolios and take advantage of opportunities across digital assets," Interactive Brokers EVP of Marketing and Product Development Steve Sanders said. "Combined with our low-cost structure and powerful trading tools, this expansion reflects our ongoing commitment to offering clients a comprehensive and efficient trading experience."
The firm claims to offer some of the lowest cryptocurrency trading costs in the industry, charging 0.12% to 0.18% of trade value as a commission with no added spreads, markups or custody fees — less than leading crypto exchanges and online brokers.
'You have to play the odds'
Interactive Brokers initially rolled out its crypto services in collaboration with Paxos in September 2021 as the prior bull market was heading toward its peak. The launch enabled clients to trade and custody BTC, ETH, LTC and BCH using its platform for the first time, though it had previously offered some customers access to CME's bitcoin futures contracts.
Founder and Chairman Thomas Peterffy founded Interactive Brokers in 1977 as a market maker before incorporating the firm into a broker-dealer in 1993. As of March 1, it reported equity capital of $16.6 billion as one of the largest electronic brokerages in the world. Peterffy was initially skeptical of cryptocurrencies but later admitted to having invested in digital assets because "you have to play the odds."
AUTHOR
James Hunt
James Hunt is a reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday.
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