Chairman and CEO Thomas Peterffy says that “Interactive Brokers will start trading cryptocurrencies on its platform by the end of summer.”
Interactive Brokers is slated to start trading cryptocurrencies on its platform in the coming months. This e-broker with some of the most sophisticated clientele certainly was asking for crypto trading and they are ready to offer it to customers by the end of summer.
Retail and Institutional investors have poured into Bitcoin and other digital assets in 2021. Bitcoins price has soared from $9,000 to $34,000 above in June of 2020, whereas the price of Bitcoin has experienced volatility recently due to the Chain crackdown, Elon Musk and investors taking excessive risk.
Currently, Interactive Brokers offers the trading of bitcoin futures on its platform.
Interactive Brokers offering bitcoin trading will further lower the barrier to entry for individual investors to access the digital assets. However, the unregulated coins could pose safety risks to the established online brokers
The newly public company got its first sell rating on Wall Street from Raymond James on Wednesday on concerns about competition from the traditional brokerage firms. He mentioned “The vast majority of its revenues currently come from trading commissions and over and over again history has shown that brokerage and exchanges see excess profits competed away unless there is a structural barrier to entry,”
Coinbase is the world’s largest crypto exchange. Trading volumes totaled about $30 Billion in the first quarter of 2020. Coinbase was started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin.
As of the first quarter of 2021, Interactive Brokers had 1.33 million customer accounts and $330.6 billion in customer equity
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