Crypto trading without commissions? Fidelity delivers
Fidelity Investment will launch a new crypto trading product for retail investors in the US. The firm has launched new products and offerings to offer its clients exposure to Bitcoin and crypto across multiple options.
According to a report from CNBC, the firm will launch a commission-free crypto trading product. To that end, the $9.9 trillion in assets under management (AUM) company opened early access via a waiting list.
The crypto trading product will give users exposure to Bitcoin and Ethereum. The offering will break down educational barriers for people to invest in digital assets with a “name you can trust,” according to the official website.
In a statement shared with CNBC, a Fidelity spokesperson said the following about the product and the interest in digital assets despite the continued downtrend:
Where our customers invest is more important than ever. A meaningful portion of Fidelity clients are already interested in and own crypto. We give them tools to support their choices so they can benefit from Fidelity’s education, research and technology.
Crypto trading with no commission and no complexity?
Fidelity’s crypto division will launch the crypto trading product under Fidelity’s crypto division, called Fidelity Crypto. As mentioned, the product will operate under a commission-free scheme. The firm will require a spread of 1% to execute trades on its platforms.
In addition, the company will give users access to teaching material via a learning centre. Like Robinhood and Binance.US, Fidelity will enable customers to buy crypto and stocks.
Fidelity wrote about their new product:
Cryptocurrency research by Fidelity Digital Assets led to industry-leading solutions in securing and trading digital assets. Top institutions worldwide rely on their expertise to provide safe, reliable support. When you use Fidelity Crypto, you gain access to the same powerful insights to help you take on this seismic shift in finance.
Tearing down barriers to access to Crypto
The new product will be available for 36 of the 50 states in the United States. In addition to crypto trading services, the platform will provide customers with access to custody services. Customers using the Fidelity Investment app, available for Android and iOS, can access it.
Customers can buy and sell Bitcoin and Ethereum for as little as $1. The firm may expand its crypto product to offer other cryptocurrencies, but it will stick with BTC and ETH because they are “the top cryptocurrencies by market cap.”
According to Fidelity Crypto’s website, there is no official launch date for the product. Users will have different wait times “based on multiple factors.” The firm added:
We do not have an exact date for when you will get access from the early access list (…). Your Fidelity Crypto invite will be sent to you based on a number of factors, including the time you signed up, your state eligibility, and your mobile phone’s operating system to make setup smooth.
