Interactive Brokers has announced that clients can now withdraw crypto assets from their Paxos account to an external wallet. This can be done through the Paxos app.
Currently, withdrawals from a Paxos account are limited to $5,000 per day.
The transaction fee, or gas fee, when withdrawing funds to an external wallet is set by the Paxos protocol. It is automatically deducted during the transfer, i.e., the amount minus commissions is withdrawn to the external address. This method works for any crypto asset.
Paxos undertakes to process withdrawal requests as quickly as possible. The speed of processing is affected by factors such as the size of the withdrawal amount, the type of token, and the congestion of the blockchain network, but in general, many transactions can be completed within a few hours.
Nevertheless, Interactive Brokers cautions that cryptocurrency trading is a risky way to earn money and is recommended for those with a high tolerance for stress and the ability to absorb financial losses.
Interactive Brokers LLC is a member of the NFA and is subject to regulatory oversight and inspection by the NFA. Interactive Brokers provides its clients with a wide range of services that enable them to invest and actively trade. However, despite the absence of a minimum deposit, the company focuses on servicing professional traders.
Also read: The Bank of Spain has registered eToro as a Virtual Asset Services Provider.
