Interactive Brokers Group Inc. has naked intends to begin offering encryption through brokerage in the coming months.

“Customers are asking for it, and we expect to be ready to offer it to them by the end of the summer,” said Thomas Peterffy, president and founder of Interactive Brokers, at the Piper Sandler Global Exchange & FinTech conference on Wednesday. June 9.

Although Peterffy did not specify what cryptographic funds the currency company intends to provide, the New York-based brokerage firm began offering Bitcoin futures trading on its platform in December 2017.

While competing with brokerage firms such as Charles Schwab and Loyalty do not offer direct cryptocurrency trading on their platforms, they offer some access to some related funds. However, the Robinhood stock trading app offers cryptocurrency trading.

Coinbase Global, the world’s largest cryptocurrency, is one of the largest trading platforms used by several investors to access digital coins. Recently, however, the public company received its first sale rating from Raymond James Investment Bank in Wall Street, Florida, based on competition from traditional brokerage firms.

Raymond James ’investment bank recently launched Coinbase’s COIN stock and gave it a“ underperformance ”rating because it was suspected that competition would drive its transaction-based profits.

Interactive brokers offering Bitcoin trading continue to lower barriers to access to digital coins for retail investors. But unregulated coins can pose security risks to incumbent online brokers.

Peterffy acknowledged that the biggest challenge to offering cryptocurrency trading was to make sure the company kept its customers ’digital coins safe.

“The biggest hurdle is how to keep your customers 100% safe. How do you make 100% sure that no one will steal your coins even though they can’t be traced? We’ll learn more about it by opening a business at the end of the summer,” Peterffy said.

Interactive brokers had $ 330.6 billion in customer capital and 1.33 million customer accounts as of the first quarter of 2021.

Forex trading in cryptocurrency

The foreign exchange market is the most liquid and largest in the world. It is a truly global foreign exchange market that is open 24 hours a day, every week, everywhere and at hand because it can be traded directly through intermediaries. There are a large number of market players in the market.

Cryptocurrencies such as Bitcoin have added a new dimension to currency exchange. Several Forex brokers like eToro, IG, City Index, Interactive Brokers and others are started Acceptance of Bitcoin for currency exchange in recent years. Some brokers accept several other cryptocurrencies.

A significant advantage of forex trading with cryptocurrencies is that the cryptocurrency is not pegged to a central bank. There are no macroeconomic issues in cryptographic assets, such as country-specific inflation or interest rates and a major geopolitical impact.

Many brokers are willing to offer encryption because such transactions have no geographical boundaries and attract new customers.

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