American Financial Services firm Fidelity Investments is launching Fidelity Crypto to offer its customers retail Ethereum and Bitcoin trading.
Fidelity investment extends cryptocurrency trading services to retail investors
After years of serving institutional investors, Fidelity Investments, an American multinational financial services corporation, has taken another giant step towards providing cryptocurrency products for its customers. Today November 29, 2022, the firm announced the launching of Fidelity Crypto, a new cryptocurrency retail service for individual investors.
According to Fidelity Investments, over 40 million Fidelity Investment customers can now access cryptocurrency services under its new initiative. As revealed, Fidelity Investments will offer its customers the chance to trade Ethereum (ETH) and Bitcoin (BTC), allowing them to use the two tokens for online payments and access blockchain-based products.
In addition to ETH and BTC trading, the FinTech platform is also offering another notable crypto option for users: the sale of Bitcoin and Ethereum for Fiat. Further, the firm will charge up to 1% on every trading activity and allow users to trade for as low as $1.
Fidelity crypto’s major drawback
While Fidelity crypto offers users several interesting values, there are certain limitations also. A major setback for the innovation is that users cannot send or receive Ethereum and Bitcoin. Fidelity Investment users can only buy and sell tokens on its platform. Also, traders must pay up to 1% on every transaction and trade for as little as $1.
On the brighter side, Fidelity is offering free crypto training. In its press release, the firm stated, “to help you make sense of the world of crypto, the Fidelity Investments® App will have a unique learning experience. Easily access a growing library of on-demand education and market insights.”
“What’s more, when you open a Fidelity Crypto account, you get the same institutional-level security Fidelity Digital Assets℠ has been offering to its customers since 2018.” Fidelity Investments added.
Fidelity responds to calls for retail crypto trading services
Speaking on the new development, Fidelity Investments asserted that its new move has come in response to its users’ call for retail crypto trading services and an extension to individual investors. The firm first announced it was launching commission-free retail crypto trading for Bitcoin and Ether on Nov. 3.
Via a tweet, Fidelity invited its users to get on its crypto trading wait-list
“Get on the early-access list to trade bitcoin and ethereum and discover educational resources that make crypto a lot less cryptic.” The firm tweeted
Also, the new move follows that of Binance and Robinhood, making Fidelity Investments the third company to offer a commission-free cryptocurrency trading service. Gradually, a zero-fee trading commission is gaining more relevance in the industry, making it a trend cryptocurrency exchanges are willing to adopt to attract new users.