IBKR Stock Gains After Company Opens Crypto Transfers For Its 4 Million Linked Accounts

• Interactive Brokers enabled direct crypto portfolio transfers for the first time.
• The firm said the feature lowers trading costs, with crypto fees ranging from 0.12% to 0.18%.
• Interactive Brokers shares rose more than 5% following the announcement. 

Interactive Brokers (IBKR), one of the world’s largest electronic brokers, announced on Wednesday that clients can now transfer their existing cryptocurrency holdings directly into their IBKR-linked crypto accounts, enabling trading without first liquidating assets.

IBKR shares rose by more than 5% following the announcement. The change lets investors manage both digital and traditional investments, such as stocks, options, futures, and bonds, on the same platform at lower trading costs.

On Stocktwits, retail sentiment around IBKR improved from ‘bearish’ to ‘bullish’ zone, while chatter levels moved to ‘extremely high’ from ‘normal’ over the past day. 

IBKR Allows Bitcoin, Ethereum Transfers Into Accounts

Interactive Brokers handles an average of 4.04 million daily average revenue trades (DARTs) and has over 4.6 million client accounts with more than $568 billion in customer equity across more than 160 global markets, according to reports.

The company said that trading cryptocurrencies on its platform costs between 0.12% and 0.18% per trade, much lower than the fees many crypto-native platforms charge, which can be as high as 2%.

“By enabling direct crypto portfolio transfers, we’re making it easy for traders to benefit from IBKR’s low-cost crypto trading and access global markets without managing multiple accounts,” CEO Milan Galik said.

Clients who meet the requirements can move Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other supported cryptocurrencies from external wallets or platforms into IBKR-linked accounts powered by Paxos or Zerohash (ZER).

Bitcoin's price was trading at $70,994, up by 1.6% over 24 hours. On Stocktwits, the retail sentiment around Bitcoin remained in the ‘bearish’ territory, while chatter levels around it stayed ‘low’ over the past day.

Solana's price was trading at $91.65, up by almost 2% over 24 hours. On Stocktwits, the retail sentiment around SOL remained in the ‘bearish’ territory, while chatter levels around it stayed ‘normal’ over the past day.

Ethereum's price was trading at $2,165, up over 1% over 24 hours. On Stocktwits, the retail sentiment around Ethereum remained in the ‘bearish’ territory, as chatter levels around it moved to ‘normal’ from ‘low’ over the past day.

Read also: ‘Just Buy BTC’: Willy Woo Explains How Hedge Funds Used A Hidden Trade To Beat Crypto Retail

For updates and corrections, email newsroom[at]stocktwits[dot]com.