Financial Advisors Managing $110 Trillion Can Now Offer Crypto Trading to Their Clients Through Interactive Brokers –

Registered investment advisors (RIAs) with approximately $110 trillion in assets under management can now offer their clients cryptocurrency trading through Interactive Brokers. RIAs manage portfolios of nearly 61 million clients.

Registered investment advisors can now offer cryptocurrencies to their clients

Global investment firm Interactive Brokers Group (Nasdaq: IBKR) announced on Monday the launch of cryptocurrency trading for registered investment advisors (RIAs) in the United States

This offering will enable RIAs to “trade and custody Bitcoin ( BTC ), ether ( ETH ), Litecoin ( LTC ) and Bitcoin Cash ( BCH ) through Paxos Trust Company on behalf of customers.” They will be able to manage their clients' crypto holdings alongside traditional investments, including stocks, options, futures, bonds, mutual funds and exchange traded funds (ETFs).

Nearly 14,000 investment advisers registered with the U.S. Securities and Exchange Commission (SEC) reported nearly 61 million clients in 2020, according to a joint study by the Investment Adviser Association and National Regulatory Services. Both figures are new highs for the industry. Additionally, the industry manages total assets of around $110 trillion.

The Interactive Brokers platform had approximately 1.33 million customer accounts and $330.6 billion in customer capital in the first quarter. Clients from over 200 countries and territories invest in stocks, options, futures, currencies, bonds and funds worldwide from a single integrated account.

Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers, commented:

Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has become increasingly common, and advisors may want to recommend cryptocurrency to their clients.

Cryptocurrency trading with Paxos on Interactive Brokers' RIA platform has commissions ranging from 0.12% to 0.18% of the trade value, depending on monthly volume, the company explained. Furthermore, the notice adds that there are no additional spreads, markups or custody fees.

The company noted that while the offering is initially only available to RIAs in the U.S., it plans to "introduce the service to financial advisors in other parts of the world in the future."

What do you think about RIAs being able to offer crypto trading to their clients through Interactive Brokers? Let us know in the comments section below.

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