The interactive broker now offers 24/7 access to crypto trading

Interactive Brokers Group, Inc. (NASDAQ: IBKR ) has expanded access to cryptocurrency trading for its customers. In particular, the discount broker has extended its trading hours.

Prior to that, cryptocurrency traders at Interactive Brokers had their contracts expire every Friday, and these were rolled over to the following week. This is established to prevent gaps that may arise when IBKR trading is closed outside trading hours to reflect price changes by clients.

The broker has partnered with Paxos, a New York-based exchange and stablecoin issuer, to offer its customers low-cost cryptocurrency trading.

The changes implemented by interactive brokers help address some of the fundamental issues that have made it challenging for traders to access cryptocurrency trading around the clock. That is, the extended trading hours eliminate the problem of carrying positions from one week to another weekend without getting quotes.

“This gives our clients an easy and inexpensive way to access the crypto markets at any time. With the added ability to pre-fund accounts, our clients have more flexibility to respond to market events and manage their cryptocurrency exposure,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers.

IBKR charges low fees on crypto trading

Constant cryptocurrency trading is available through the company’s trading platforms, namely Trader Workstation, Client Portal, IBKR Mobile and IBKR GlobalTrader, the IBKR mobile app for global stock trading, as well as the Paxos web app. The new crypto features are available to US residents and customers in more than 100 countries with individual or joint accounts, as well as certain types of institutional accounts.

Through Paxos, clients of interactive brokers can trade kriptovalyutnyh with commissions of 0.12% – 0.18% of the trading price, with a minimum of $1.75 per order. Plus, there are no added spreads, markups or maintenance fees.

IBKR’s entry into the digital asset space was noteworthy because the company has a reputation for serving more sophisticated clients. The discount brokerage, which counts nearly 2 million accounts, has joined the no-fee app Robinhood, the only U.S. brokerage offering direct trading on cryptocurrencies.

Interactive Brokers founder and chairman Thomas Peterffy revealed that he has bought some cryptocurrencies. However, the billionaire said that he is not sure about the future of crypto, but his company should enter as customers are increasingly showing interest in the services of digital assets.

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