Interactive Brokers adds SafetyPay for Latin America deposits

Greenwich, Connecticut - Interactive Brokers Group Inc., a major player in the financial services industry, has announced a new partnership with Paysafe's SafetyPay to provide a convenient funding option for clients in Latin America. The collaboration will allow eligible clients in the region to deposit funds directly into their Interactive Brokers accounts using local currencies, bypassing the need for traditional bank wires or other international transfer methods.

This move aims to streamline the account funding process before clients can begin trading across a wide range of financial instruments on the broker's platform.

The service, which is currently in its beta phase, will initially be available to eligible clients in Latin America, who can now easily transfer funds from their personal bank accounts in local currencies. Once the accounts are funded through SafetyPay, clients will have access to a comprehensive suite of trading products, including stocks, options, futures, currencies, bonds, and funds, across more than 170 global markets.

Interactive Brokers' platform offers automated trade execution and custody services for securities, commodities, foreign exchange, and prediction markets, serving a diverse clientele that includes individual investors, hedge funds, proprietary trading groups, financial advisors, and introducing brokers.

Milan Galik, the Chief Executive Officer of Interactive Brokers, emphasized the importance of simplicity in the account funding process, stating, "Funding an account should be straightforward." SafetyPay's integration into Interactive Brokers' service offerings demonstrates the company's commitment to improving the client experience in different regions by providing local funding solutions.

The firm has expressed its intention to continue expanding its local payment options to cater to the evolving needs of its clients across various global markets.