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Step by step: how to buy crypto on Interactive Brokers

1. Open the Client Portan on your IB account

Can you buy Bitcoin on Interactive Brokers - Open Client Portal

2. Look for the symbol search bar, and enter the product you are looking for

Can you buy Bitcoin on Interactive Brokers - Symbol search bar

3. Click on 'Buy', set your order types, quantity and so

Can you buy Bitcoin on Interactive Brokers? - Order panel

Interactive Brokers vs a crypto exchange

There are a number of key differences between Interactive Brokers and a crypto exchange service. Just to name a few:

  • A crypto exchange service is not regulated by financial authorities, it is still a fresh industry. Therefore, counterfeit actions can be more common, which is great decreases its safety
  • Interactive Brokers has just recently introduced "real" coins instead of ETNs and derivatives through PAXOS with limited. Usually, brokers don't provide "real" coins, whereas crypto services
  • Crypto service exchanges usually charge higher fees than brokers like Interactive Brokers
  • Withdrawal and deposit are much more expensive than at Interactive Brokers. Also, unused cash is not protected by crypto exchanges

 

What cryptocurrencies are available on Interactive Brokers?

IB is about to roll out "real" crypto trading on the platform. At the moment, they can be traded through PAXOS, an intermediary. 

The following cryptos are available: 

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin

More coins are expected to be added soon.

 

Interactive Brokers: further reading

Author of this article

Bence András Rózsa

Author of this article

Bence’s purpose is to help you to understand the logic behind financial services. In his master’s studies, he specialised in business economy and finance to be able to give you a clear picture of the brokerage world. Having reviewed multiple brokers and robo-advisor services, his goal will always be to guide you in the world of investing as it is.

Bence András Rózsa

Broker Analyst

Bence’s purpose is to help you to understand the logic behind financial services. In his master’s studies, he specialised in business economy and finance to be able to give you a clear picture of the brokerage world. Having reviewed multiple brokers and robo-advisor services, his goal will always be to guide you in the world of investing as it is.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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