Interactive Brokers (IBKR) has launched a low-fee cryptocurrency trading platform, in partnership with Paxos Trust Company, a regulated blockchain infrastructure platform.
Clients will be able to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash, along with stocks, options, futures, bonds, mutual funds, and ETFs. At present, the platform is available to clients in the U.S. that hold individual or joint accounts.
The fees charged would be as low as 0.12% of trade value, depending on monthly volume, with a $1.75 minimum per order. The company said there would be no added spreads, markups, or custody fees. (See Interactive Brokers stock charts on TipRanks)
Interactive Brokers CEO Milan Galik said, “In giving our clients access to cryptocurrency trading, we recognize the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way.”
Two months ago, Jefferies analyst Daniel Fannon assigned a Buy rating on the stock, and decreased his price target to $75 from $80. The new price target implies 20.6% upside potential from current levels.
Based on two Buys and one Hold, the stock has a Moderate Buy consensus rating. The average Interactive Brokers price target of $81 implies 30.3% upside potential.
TipRanks data shows that financial blogger opinions are 100% Bullish on IBKR, compared to a sector average of 72%.
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