Interactive Brokers Founder Talks Crypto Trading On Platform, Crypto For Payments

Interactive Brokers Group Inc (NASDAQ: IBKR) announced the launch of cryptocurrency trading earlier this week.

The launch was in response to client demand, Interactive Brokers chairman and founder Thomas Peterffy said Thursday on CNBC's "TechCheck."

The company has been wanting to offer crypto on its platform "for quite some time," Peterffy said.

Interactive Brokers users are now able to trade Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC) and Bitcoin Cash (CRYPTO: BCH) with commission fees of 0.18%.

Interactive Brokers' commission fees are about half the fees charged by the company's next lowest competitor, Gemini, and about one-third of the fees charged by Coinbase Global Inc (NASDAQ: COIN), Peterffy told CNBC.

See Also: From Immigrant To Entrepreneur: How Thomas Peterffy Exemplifies The American Dream

Crypto For Payments? TechCheck co-host Carl Quintanilla asked Petterffy if he thinks cryptocurrencies make sense as payment methods following AMC Entertainment Holdings Inc's (NYSE: AMC) announcement that it will accept Bitcoin, Ethereum and Litecoin for online ticket and concession payments by the end of the year.

"To tell you frankly, it doesn't make sense to me," Peterffy responded.

The advantages of said cryptos over stable coins are not clear, he said, adding that stable coins remove the volatility from the equation and are equally as simple to use as some of the more volatile cryptocurrencies. 

"But you never know. I think there is a small chance that these cryptocurrencies could become very, very valuable and you don't want to not be exposed to them."

Peterffy told CNBC that he has held Bitcoin in his personal portfolio for the last three years.

Photo: WorldSpectrum from Pixabay.