TradeStation Adds Shiba Inu Support, Can Trade SHIB In An IRA

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Trading platform TradeStation has announced it will support Shiba Inu via its crypto brokerage service, while also allowing users to trade SHIB in an IRA

In a post made on Twitter, the platform revealed that SHIB was among the six new cryptocurrencies added to TradeStation. After the likes of BitStamp and Robinhood added SHIB, this is yet another listing for the cryptocurrency.

Here’s what TradeStation said about its latest addition.

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TradeStation Adds Shiba Inu

In a July 11 tweet, TradeStation revealed it added Polygon, Chainlink, Aave, Maker, Compound, and Shiba Inu to its brokerage.

“More crypto coins have arrived! Welcome 6 newly added coins to our crypto universe,” it said.

Explaining the choices, James Putra, the Vice President of Product Strategy at TradeStation Crypto said: "Each coin was chosen for our platform following a rigorous selection process, weighing customer demand and market sentiment."

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Using the SHIB/USDC trading pair, its users will be able to buy and trade SHIB on TradeStation. The minimum trade size is 100,000 SHIB - roughly $1.

However, while all other newly listed coins on TradeStation can be deposited and withdrawn, SHIB cannot. The platform’s FAQs state: “SHIB deposits and withdrawals are currently disabled.”

No reason is given for why SHIB is the only cryptocurrency not supported in this way.

Unlike many other platforms that accept SHIB, TradeStation is not an exchange, but a brokerage. This means it can use several exchanges to conduct its activity.

Similarly, SHIB bought or transferred to TradeStation is not held in a bespoke TradeStation wallet. Instead, it will use a multi-sig from third-party wallet provider BitGo to holder users’ cryptocurrency.

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Alongside its crypto-offerings, TradeStation supports more traditional financial services, including IRAs (Individual Retirement Accounts). Its crypto brokerage platform also offers Crypto IRAs, in which users can trade cryptocurrency, including SHIB.

With SHIB now firmly within the upper echelons of cryptocurrency, having recently jumped 50% in one week, there are few exchanges or cryptocurrency platforms that do not support SHIB. Indeed, many Shiba Inu holders are now instead requesting exchanges list their sister tokens - BONE and LEASH.

With new cryptocurrencies in the Shiba Inu ecosystem also set to launch pretty soon, such as TREAT token, it doesn’t seem the SHIB Army will pull back any time soon, either.