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GREENWICH, Conn. - Interactive Brokers Group, Inc. (NASDAQ:IBKR), a global electronic broker with a market capitalization of $74.35 billion, has expanded its cryptocurrency trading services to include four additional digital assets. Clients can now trade Solana (SOL), Cardano (ADA), Ripple (XRP), and Dogecoin (DOGE) alongside existing offerings such as Bitcoin (BTC) and Ethereum (ETH). This move allows investors to manage a diversified portfolio of digital and traditional assets on a single platform. The company’s stock has demonstrated remarkable strength, posting a 63.79% return over the past year. According to InvestingPro analysis, the company appears slightly undervalued, suggesting potential upside for investors.
The newly added cryptocurrencies can be accessed by clients with an account at Zero Hash LLC, with Solana also available to those with an account at Paxos Trust Company. Interactive Brokers’ platform caters to a wide range of financial instruments, including stocks, options, futures, and more, across over 160 global markets. The integration of these cryptocurrencies aims to provide a seamless trading experience, enabling spot cryptocurrency positions and hedging with crypto futures, options, and ETFs. With a robust 17.65% revenue growth in the last twelve months and an impressive 90.65% gross profit margin, the company has demonstrated strong operational efficiency. InvestingPro subscribers can access over 10 additional key insights about IBKR’s financial health and growth prospects.
Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, stated that the inclusion of these tokens is part of the company’s commitment to offering a comprehensive trading experience. The platform is known for its competitive pricing, with cryptocurrency trading costs that are reportedly lower than those of leading exchanges and online brokers. Commissions vary based on monthly volume, ranging from 0.12% to 0.18% of trade value, with a minimum charge of $1.75 per order.
Interactive Brokers highlights several features for its crypto-trading clients, such as the ability to hold USD and cryptocurrencies in the same account, trade digital assets 24/7, place non-marketable limit orders, and withdraw cryptocurrencies to external wallets.
The availability of cryptocurrency trading services through Interactive Brokers is subject to eligibility and regional restrictions. The firm, which has been recognized for its technological advancements and automated trading execution, serves a diverse clientele, including individual investors, hedge funds, and financial advisors.
This expansion is a reflection of Interactive Brokers’ ongoing efforts to adapt to the evolving financial landscape and meet the growing demand for cryptocurrency trading options. The information for this article is based on a press release statement from Interactive Brokers Group, Inc.
In other recent news, Interactive Brokers Group, Inc. reported a significant surge in February trading activity, with a 48% year-over-year increase in Daily Average Revenue Trades (DARTs) reaching 3.617 million. Client equity rose to $587.8 billion, marking a 31% increase from the previous year. Barclays analysts maintained their Overweight rating on Interactive Brokers, affirming a price target of $231, highlighting the company’s strong account growth and positive trading trends. Additionally, Interactive Brokers introduced NSE IFSC Nifty 50 Index Futures on the Singapore Exchange, expanding access to India’s market for traders. Bank of America analysts expressed optimism for Interactive Brokers, listing it as a top Buy recommendation due to anticipated growth in cash sweep revenues and increased retail investor activity. In governance news, Interactive Brokers appointed Lori Conkling as an independent director, bringing extensive media industry experience to the board. Despite some declines in client margin and equity, Interactive Brokers observed an increase in cash balances, suggesting clients are retaining more liquidity. These developments reflect Interactive Brokers’ ongoing efforts to enhance its global offerings and strengthen its market position.
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