U.S.-based financial advisers with Interactive Brokers are now able to recommend cryptocurrency investments to their clients.
Brokerage firm Interactive Brokers Group is allowing investment advisers registered with the company to trade four cryptocurrencies.
In a Monday announcement, Interactive Brokers said its Registered Investment Advisers would be able to trade and custody Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) for clients using Paxos Trust Company. The firm reported this service was currently available only for its advisers in the United States but it plans to launch crypto trading for global clients in the future.
“Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients,” said Interactive Brokers executive vice president of marketing and product development Steve Sanders.
With headquarters in the United States, Interactive Brokers falls under the purview of regulators, including the Securities and Exchange Commission and the Financial Industry Regulatory Authority. As of Oct. 1, the firm reported 1.54 million client accounts with $353.8 billion in equity.